CORP BRIEF: UEM Sunrise, Allianz Malaysia, Freight Management and Petron

by TMR / pic by BERNAMA

UEM Sunrise records higher net loss 

UEM Sunrise Bhd’s net loss widened to RM50.38 million in the third quarter ended Sept 31, 2021 (3Q21), compared to a net loss of RM25.41 million in 3Q20 due minimal construction progress of local developments and stalled retail operations for the first two months of the current quarter. In a filing to Bursa Malaysia yesterday, the group posted slightly lower revenue of RM213 million for the current quarter against RM217.43 million. Approximately RM550 million worth of properties was launched to-date, all in the central region. Depending on the current conditions, the company is launching a new phase of attainable products in Senadi Hills in Iskandar Puteri before year-end. In view of delayed authority and regulatory approvals due to the prolonged Movement Control Order, some projects are deferred to 2022. Its unbilled sales as of Sept 30, 2021, is RM2.2 billion.


Allianz Malaysia delivers RM4.2b GWP in 3Q21 

ALLIANZ Malaysia Bhd recorded a net profit of RM115.1 million for the third quarter ended Sept 30, 2021 (3Q21), against a net profit of RM129 million posted in 3Q20. Revenue for the quarter under review stood at RM1.58 billion compared to RM1.53 billion posted last year, the company said in a filing to Bursa Malaysia yesterday. It recorded a total of RM4.16 billion in Gross Written Premiums (GWP) in the first nine months of 2021 (9M21), a 4.3% increase compared to RM3.99 billion it achieved in 9M20.


Freight Management posts better 1Q22 earnings 

FREIGHT Management Holdings Bhd’s posted net profit of RM10.28 million for the first quarter ended Sept 30, 2021 (1Q22), compared to RM5.75 million recorded a year ago. In a filing to Bursa Malaysia yesterday, the company said the performance attributed to an improved performance from both Malaysian and overseas operations. Meanwhile, revenue for the quarter under review rose RM213.52 million from RM148.68 million mainly due to higher freight rates and business activities in the current quarter.


Petron records lower profit for 3Q21 

PETRON Malaysia Refining and Marketing Bhd posted lower net profit of RM32.9 million in the third quarter ended Sept 30, 2021 (3Q21), compared to RM97.64 million in 3Q20 due to lower sales volume which dropped by 21% to 6.1 million barrels from the 7.7 million barrels sold. Meanwhile, revenue for the quarter increased to RM2.19 billion from RM1.68 billion in 3Q20, the company said in a filing to Bursa Malaysia yesterday.