News by Syafiqah Salim

Tropicana Corp Bhd returned to the black in the second quarter ended June 30, 2023 (2QFY2023) with a net profit of RM305,000 or 0.02 sen per share, versus a net loss of RM61.55 million or 3.74 sen per share a year earlier.

IOI Properties Group Bhd closed its financial year ended June 30, 2023 (FY2023) with net profit doubling to RM1.39 billion from RM686.74 million in FY2022, thanks to a 26% increase in operating profit in its property investment portfolio and a fair value gain that contributed RM716.8 million, while revenue was largely unchanged at RM2.59 billion.

This is the second issuance under the sukuk programme.

Sunway Real Estate Investment Trust (Sunway REIT)’s net property income (NPI) for the second quarter ended June 30, 2023 (2QFY2023) increased by 8.7% to RM116.18 million from RM106.89 million a year earlier, primarily driven by its hotel, retail, services as well as industrial and other segments. 

Hextar Technologies Bhd (HexTech) has agreed to terminate the deal to sell two parcels of land measuring a total of 235,213 sq ft, located in Pasir Gudang and Klang, to SWS Capital Bhd for RM23.66 million.

Country Heights Holdings Bhd, the property developer founded by tycoon Tan Sri Lee Kim Yew, has defaulted on the payment of Islamic term financing facilities totalling RM89.67 million provided by MBSB Bank Bhd.

The default by the group's indirect wholly-owned units, Mines Waterfront Business Park Sdn Bhd and Mines International Exhibition Centre Sdn Bhd, were in respect of a charge created as security for the financing facilities.

Kenanga Research has maintained its "neutral" stance on the property sector, naming Eco World Development Group Bhd (EcoWorld) and IOI Properties Group Bhd as its top picks, which have strong cash flows that could anchor good dividends in the current challenging operating environment.

NCT Alliance Bhd (formerly Grand-Flo Bhd) is undertaking another private placement exercise of about 10% of its share base to raise some RM54.42 million, based on an illustrative price of 37 sen, mainly to fund its property development of the Grand Ion Majestic and Ion Vivace projects. 

Capitaland Malaysia Trust (CLMT) recorded a second quarter net property income (NPI) of RM56.8 million, 51.8% higher than RM37.4 million a year earlier, boosted by contribution from the newly acquired Queensbay Mall as well as higher rental income.