News by Kamarul Azhar

The net profit of YTL Corp Bhd (KL:YTL) fell by more than a third in the first quarter of its financial year, as contributions from its utilities business, represented by its 55.57% stake in YTL Power International Bhd (KL:YTLPOWR) declined.

Vizione Holdings Bhd (KL:VIZIONE) said its unit has served a notice to Inspirasi Langkawi Sdn Bhd to terminate its employment as main contractor for the development of a 14-storey hotel in Langkawi, claiming it had not been properly paid for its works so far.

Construction outfit and property development and hospitality management group NCT Alliance Bhd (KL:NCT) plans to acquire a 51% equity interest in Setara Juara Sdn Bhd, which holds the development rights to about 101.037ha or 249.67 acres of land in Putatan, Sabah.

Bina Darulaman Bhd (KL:BDB) has announced the resignation of Messrs KPMG PLT as its external auditor.

Higher rental income helped IGB Real Estate Investment Trust (IGB REIT) record a 9.99% increase in net property income (NPI) to RM111.29 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM101.19 million a year earlier.

The Penang South Island (PSI) reclamation project, which has been scaled down from three islands to one following a request from the prime minister, will finally kick off with Gamuda Bhd starting Phase 1 of the reclamation works worth RM3.717 billion on July 1.

The association said this review is long overdue as the delivery of affordable housing has caused free-market middle-income housing to become unaffordable.

Industrial properties real estate investment trust (REIT) AME REIT has declared its second income distribution per unit since listing, of 1.82 sen per unit, for the fourth quarter ended March 31, 2023 (4Q23).

Sunway Construction Group Bhd has been awarded a contract for the construction of station and viaducts for the Johor Bahru–Singapore Rapid Transit System (RTS) for RM604.86 million.

Sunway REIT Management Sdn Bhd has announced the properties that it would acquire for Sunway Real Estate Investment Trust (Sunway REIT) from the Employees Provident Fund (EPF) worth RM520 million in total.