Corporate results: Pintaras Jaya, Kejuruteraan Asastera, TPC Plus, Magni-Tech Industries, Gamuda and Minho

Pintaras Jaya secures piling contracts in Singapore worth RM80m

Pintaras Jaya Bhd’s unit in Singapore, Pintary International Pte Ltd, through its wholly-owned subsidiary Pintary Foundations Pte Ltd, has secured three piling contracts worth SGD26 million (RM80 million) from an undisclosed client. In an exchange filing yesterday, Pintaras noted the projects are to commence in October with a duration of four to seven months to complete. The awards brings the total cumulative contracts secured to 13, worth SGD107 million (RM327 million). .

Kejuruteraan Asastera bags contract in Thailand 

Kejuruteraan Asastera Bhd through its unit, KAB Technologies Bhd, has inked an agreement with Energy Optimization (Thailand) Co Ltd to undertake chiller optimization works for Robinson Department Stores located in Central Grand Rama 9 and Robinson Lifestyle Prachinburi, in Thailand. In a filing exchange yesterday, KAB noted the RM293,408 contract shall be completed within 120 days after the agreement date. 

TPC Plus unit charged under Price Control and Anti-Profiteering Act 

TPC Plus Bhd’s unit, Teck Ping Chan Agriculture Sdn Bhd (TPCA), has received two summons, both dated Aug 28, 2019 to appear in the Melaka Magistrate Court on Oct 1, 2019 in relation to being charged under Section 14 (1) of the Price Control and Anti-Profiteering Act 2011. For the first charge, TPCA was alleged to have marked-up the price of Grade A eggs by 29.33% from 26.92% to 56.25%, while the second charge, TPCA had allegedly increased the margin of a Grade A egg by 14.63% from 21.37% to 36%. Each of the above offences, if found guilty, is punishable up to RM500,000 fine for first-time offender and up to RM1 million for a second or subsequent offence. TPCA will appoint a solicitor firm to act on its behalf on the matter, the company noted in an exchange filing yesterday.

Magni’s 1Q net profit up 39% on lower forex loss 

Magni-Tech Industries Bhd’s net profit rose 39% year-on-year (YoY) to RM30.5 million for the first quarter ended July 31 this year (1Q20), on the back of improvement in operational efficiency and lower foreign exchange losses. In a filing exchange yesterday, the group’s noted its revenue increased to RM327 million from RM273 million recorded in 1Q19 supported by higher sales contribution from its garment segment. The group’s declared an interim dividend of seven sen, payable on Oct 25, 2019. 

Gamuda received LOA extension on Penang Transport Master Plan project

Gamuda Bhd has received a letter of award (LOA) extension from Penang state government on its appointment as the project delivery partner for the implementation of roads and public transport projects under the Penang Transport Master Plan Strategy 2013-2030. In an exchange filing yesterday, Gamuda noted the validity of the LOA has been extended by the state government to Feb 29, 2020. It added the extension was granted as relevant Federal Government approvals are still pending. Gamuda said all terms and conditions of the LOA remain unchanged and the company will make the appropriate announcement when there is any development to the project.

Minho factory catches fire

A fire incident occurred at Minho (M) Bhd’s unit, Lionvest Corporation (Pahang) Sdn Bhd’s timber complex, located at Bandar Tun Razak in Jengka, Pahang, over the weekend, resulting in all documents, computers, furniture, office equipment and others belonging to Lionvest stored in the office building were destroyed. The incident, which occurred on Saturday evening, Sept 7, only affected one block of the three storey office building located within the timber complex. In an exchange filing yesterday, Minho noted it has yet to ascertain the financial and operational impact of the incident, but wishes to inform that the incident does not affect the processing and manufacturing capabilities of the company. It added the fire department and insurance company representatives are still conducting an investigation to determine the cause of the fire, with all assets are adequately covered by insurance.