CORP BRIEF: RCE Capital, Shangri-La Hotels, Tropicana and Minetech

by TMR / graphic by MZUKRI MOHAMAD

RCE Capital’s 2Q20 profit up 21% to RM33m

RCE Capital Bhd posted a net profit of RM32.99 million for the second quarter ended Sept 30, 2020 (2Q20), an increase of 21% year-on-year versus the RM27.16 million recorded a year ago, mainly due to the group’s efforts in keeping its operating costs at a manageable level. In a filing to Bursa Malaysia yesterday, the group said its revenue rose to RM75.92 million in the current quarter from RM70.17 million in the corresponding quarter, primarily led by the increase in early settlement income arising from higher refinancing activities by customers. Its earnings per share for the quarter also rose 19% to 9.27 sen from 7.82 sen previously.

Shangri-La Hotels posts net loss of RM15m in 3Q20

SHANGRI-LA Hotels (M) Bhd’s earnings fell 172% to RM15.32 million in the third quarter ended Sept 30, 2020 (3Q20), versus a net profit of RM21.25 million made last year. In a filing to the stock exchange yesterday, the group attributed the loss to the substantially reduced performances by the group’s hotel business, as border controls, travel restrictions and stringent containment measures deployed globally and domestically to contain the Covid-19 virus. Quarterly revenue also plunged 69% to RM43.71 million from RM141.72 million recorded the year prior, while earnings per share fell 172% to -3.48 sen from 4.83 sen previously.

Tropicana to acquire 2 land plots worth RM403m

TROPICANA Corp Bhd has proposed to acquire two parcels of land in Bentong, Pahang, through its two indirect subsidiaries for RM402.5 million. In a filing to Bursa Malaysia yesterday, it said both lands measuring 124.64ha in total, will be acquired through Elkwood Realty Sdn Bhd and Snowflakes Realty Sdn Bhd. Tropicana’s strategy for landbank acquisitions has been to focus on the nation’s main economic regions, namely the Klang Valley, Johor and Genting Highlands and to ensure that the Tropicana Group is well represented in key growth corridors within each region.

Minetech bags RM15m Pan Borneo sub-contract

MINETECH Resources Bhd has secured sub-contract works worth RM15.04 million to supply, deliver and instal traffic signs and overhead signboards for Phase 1 of the Sarawak Pan Borneo Highway project. Its associate company, Konsep Khas Sdn Bhd accepted the Letter of Offer from KH Communication Sdn Bhd today. In a filing yesterday, the group said the project was scheduled to start on Nov 2, 2020, for completion by Nov 1, 2021. The project is expected to contribute positively to the company’s revenue, earnings and net assets for the financial year ending March 31, 2021.