CORP BRIEF: Genting Malaysia, IJM, Petron and Kenanga Investment

by TMR / pic credit: gentingmalaysia.com

Genting Malaysia narrows net losses to RM348m

GENTING Malaysia Bhd narrowed net losses to RM348.1 million in the second quarter ended 30 June 2021 (2Q21) from RM900.4 million a year ago. In a filing to Bursa Malaysia yesterday the group said its revenue for 2Q21 jumped seven times to RM817.9 million due to higher revenue from the leisure and hospitality businesses in the US and Bahamas by RM384.5 million, mainly due to better performance from Resorts World Casino New York City. Revenue from the leisure and hospitality business in Malaysia by RM155.7 million mainly due to an increase in the overall volume of business from gaming and non-gaming segments as a result of the easing of operational and travel restrictions. Its UK and Egypt leisure and hospitality businesses recorded RM152.1 million, largely due to the group’s land-based casinos in the UK which have reopened since mid-May 2021.

IJM has shareholders’ nod to sell IJM plantation

IJM Corp Bhd secured shareholders’ approval at the AGM for the disposal of its entire 56.2% stake in IJM Plantations Bhd to Kuala Lumpur Kepong Bhd, for a cash consideration of RM1.53 billion or RM3.10 per share. The proposed transaction fits with IJM’s strategic focus to streamline its construction-property industry-infrastructure related businesses.

Petron posts RM42m net profit

PETRON Malaysia Refining & Marketing Bhd posted a net profit of RM42 million in the second quarter (2Q) 2021 from a net loss of RM69.29 million in the same period last year. In a filing yesterday, the group’s revenue for 2Q improved to RM2.03 billion compared to RM1.02 billion last year due to recovering oil prices. With the encouraging financial performance during the first half of 2021, Petron said the group is committed to continuing its volume recovery programme, cost rationalisation initiatives, prudent resource and risk management measures to remain resilient and competitive in navigating the challenging business management.

Kenanga Investment posts RM31m 2Q21 profit

KENANGA Investment Bank has posted an increase in net profit of RM30.57 million for the second quarter ended June 30, 2021 (2Q21) compared to RM20.46 million recorded for the same quarter last year on the back of to higher contribution from stockbroking and investment management businesses and higher share of profits from the joint venture with Rakuten Trade. In a stock exchange filing yesterday, its revenue was higher at RM212.6 million from RM210.6 million previously, due to a higher interest income, management fee income and investment banking fees income.