Hibiscus Petroleum Bhd registered a net loss of RM145.2 million in the fourth-quarter ended June 30, 2020 (4QFY20) versus a net profit of RM24.72 million last year, due to RM196.3 million provisions made for impairment of non-producing oil and gas assets, and impact of the offtakes deferral.

Quarterly revenue plunged 83.3% to RM39.5 million from RM237.07 million previously, the group told Bursa Malaysia yesterday.

For the financial year ended June 30, 2020 (FY20), the group met its full year production target of 3.2 million barrels of crude oil, and sold 2.6 million barrels across the North Sabah and Anasuria assets.

It deferred two crude oil offtakes initially planned for 4QFY20 to the quarter ending Sept 30, 2020 in an attempt to realise higher crude oil prices.

For FY20, the group recorded a net loss of RM49.25 million against the previous year’s net profit of RM230.01 million, while revenue fell 34.6% to RM646.5 million from RM988.3 million the year prior.

iFAST Capital gets SC approval 

iFAST Capital (Malaysia) Sdn Bhd has obtained approval-in-principle from the Securities Commission Malaysia (SC) to carry out the regulated activity of dealing in securities.

A member of Singapore-listed iFAST Corporation Ltd, the company will provide a wealth management platform which enables investors to invest in a variety of instruments locally and internationally.

In a recent statement, the company said it will offer investors the ability to transact stocks/exchange-traded funds (ETFs) online via a single multi-product investment account on both iFAST Malaysia’s B2C FSMOne.com and B2B iFAST platforms, besides providing its existing products of unit trusts, retail bonds, portfolios management and insurances.

iFAST Malaysia was first established in Malaysia in 2007 as a unit trust platform. As of June 2020, the firm had assets under administration of RM3 billion.

Karex nets profit of RM1.43m in 4Q20

Karex Bhd posted a net profit of RM1.43 million for the fourth-quarter ended June 30, 2020 (4QFY20) against a net loss of RM1.01 million the year prior, helped by favourable sales and cost control initiatives including increased automation and improvements in production processes.

Revenue increased 3.9% to RM91.09 million versus RM87.66 million last year through increased contribution from the sexual wellness segment. Condom sales to the commercial and tender market improved following completion of final social audits, while sales to the Americas region were also particularly strong.

Despite disruption to the global supply of condoms due to the Covid-19 pandemic, condoms remain an essential tool for family planning and preventing the spread of sexually transmitted infections, Karex said in an exchange filing yesterday.

It’s confident it can overcome these challenges to take advantage of potential opportunities presented by the renewed global emphasis on hygiene and disease prevention. Its branded segment is also expected to expand into new regions during the year.

Dutch Lady Milk’s 2Q20 earnings up 23.5% at RM21.23m on strong demand

Dutch Lady Milk Industries Bhd’s earnings rose 23.5% to RM21.23 million in the second quarter ended June 30, 2020 (2Q20) from RM17.19 million made a year before, attributed to higher product demand and lower commercial spending.

Revenue climbed 12.3% to RM273.52 million from RM243.61 million last year, the group said in an exchange filing yesterday. It was allowed to operate at full capacity during pandemic containment measures.

The group’s long-term outlook is optimistic, leveraging on the strength of its brands, increasing need and recognition of the nutritional value of milk, and its complementing dairy products.

Hextar declares 1.2 sen dividend as 2Q earnings jump 150%

HEXTAR Global Bhd posted a 150% year-on-year (YoY) rise in net profit to RM11.5 million or 1.38 sen earning per share for the second quarter ended June 30, 2020, on the back of a 35% YoY rise in revenue to RM100.7 million for the period as a result of its enlarged agriculture business and inclusion of revenue from its consumer products segment.

The agrichemical producer, in its exchange filing yesterday, noted it had sufficient inventory to continue operating during the movement control order enforced by the government to combat the Covid-19 pandemic during the quarter period.

The Klang, Selangor, based company declared a second interim dividend of 1.2 sen a share. For the cumulative six month period, revenue rose 30.5% YoY to RM205.3 million as earnings rose by 246.1% to RM20.6 million from a net loss of RM14.1 million.

Hektar’s executive director, Datuk Eddie Ong Choo Meng, stated in a release the group will intensify its sales and marketing efforts to secure more customers and to develop new products to further improve its competitive edge.

Hektar’s board has also approved the Group’s investment in Biogas Engineering (BEE) Sdn Bhd and its subsidiary, Biogas Environmental Engineering Sdn Bhd in line with the Group’s aspiration of further expansion into the agriculture sector.