Corporate results : Sasbadi, Freight Management, Amway, Utusan and Willowglen

Sasbadi inks MOU with China’s publisher 
Sasbadi Holdings Group Bhd has signed a Memorandum of Understanding (MoU) with Chinese publisher, the People’s Education Press, for the development of a special education teaching materials to be used by special education schools in Malaysia and situational english learning programme to be used by learners in China. In a filing exchange yesterday, the educational materials publisher noted the special education teaching materials initiative aims to bring quality educational materials that are suitable and thoughtful to the learning needs of differently-abled children, whereas the situational english language learning programme aims to expand Sasbadi’s homegrown english context to be used by learners in China. 

Freight Management 4Q net profit drops 74% , declares 2.5 sen dividend 
Freight Management Holdings Bhd’s net profit for the fourth quarter (4Q) ended June 30, 2019 declined 74.28% year-on-year (YoY) to RM1.07 million from RM4.07 million recorded in the previous corresponding quarter, due to impairment of its assets and higher losses from its tug and barge services. Revenue for the period rose 11% YoY to RM142.96 million, its exchange filing yesterday noted. Freight Management declared a second interim dividend of 2.5 sen per share, to be paid on Nov 15, 2019.

Amway’s 2Q profit surges on growth of ABOs
Amway Malaysia Holdings Bhd’s net profit in the second quarter (2Q) ended June 30, 2019, more than double to RM18.5 million from RM7.46 million registered in the corresponding quarter last year as revenue climbed 1.3% YoY to RM231 million driven by positive Amway Business Owner (ABO) momentum as a result of its sales and marketing plans. For the first six months period, net profit increased by 88.5% YoY to RM29.1 million contributed by higher sales and lower import cost primarily attributed to favorable foreign exchange. The company, in its exchange filing yesterday, noted it will continue to focus on strategies to implement various sales and marketing initiatives, as well as ABO experience-related infrastructure to support ABOs. Amway announced a second single tier interim dividend of five sen for the financial year ending Dec 31, 2019, payable on Sept 26, 2019. Meanwhile, it announced the resignation of Mohammad Hussin as a non independent and non executive director due to change of director representative of Permodalan Nasional Bhd (PNB). Amway also announced the appointment of Aida Md Daud as a non independent and non executive director. She is a senior VP of Human Capital Division of PNB. 

Utusan confirms price hikes for Utusan M’sia and Kosmo!
Utusan Melayu (M) Bhd confirmed price hikes for its newspaper publications Utusan Malaysia and Kosmo! while denying reports it is to cease printing and operations. In an exchange filing yesterday, the loss-making media group said the price of its flagship newspaper Utusan Malaysia will be increased from RM1.50 to RM2 per copy, while Kosmo! will be sold at RM1.50 per copy from RM1 previously. The price hikes will be effective on Aug 23 and Aug 25 this month respectively. Utusan also denied rumours it is to cease its printing and operations. Its shares closed 14.3% or one sen lower at six sen yesterday after the media group announced its shares will be suspended on Aug 28 this year and will be delisted from the main market of the local bourse if the company fails to submit an appeal to Bursa Malaysia Securities Bhd. Utusan failed to regularise its financial condition a year after slipping into Practice Note 17 (PN17) status on defaulted repayments owed to banks.

Willowglen bags RM6m job from Singapore’s firm 
Willowglen MSC Bhd has secured a RM6.34 million contract from a Singapore company, INCSYS Pte Ltd, for the supply, installation, testing and commissioning of an integrated security and surveillance system. The contract will commence on Aug 19, 2019 and will be completed by Jan 12, 2022, Willowglen noted in an exchange filing on Tuesday.