News by TheEdgeMarkets.com

Sime Darby Property Bhd (SDP) net profit for the third quarter ended Sept 30, 2022 (3QFY2022) surged to RM56.13 million from a net loss of RM5.19 million a year earlier on the back of higher revenue.

The Master Builders Association Malaysia (MBAM) has signed a memorandum of understanding (MOU) with the Chartered Institute of Building (CIOB) in order to further strengthen their partnership since 2016 via a signing ceremony held last Friday (Nov 25).

Econpile Holdings Bhd's net loss for the first quarter ended Sept 30, 2022 (1QFY2023) narrowed to RM4.83 million from a net loss of RM5.79 million a year earlier, mainly due to stabilising building material costs and higher gross profits generated from its overseas operations.

The group also divested the remaining 20% equity in the pre-tertiary education business.

The conglomerate recorded earnings per share of 2.8 sen during the quarter under review, compared with 1.38 sen per share previously.

The improvement in profitability came on the back of higher revenue and profit before tax, following the full resumption of business activities during the quarter. 

Robert will remain with the group in the role of a non-independent, non-executive director to facilitate the change in leadership during the transition.

The resumption of business activities contributed to a hike in revenue, especially in the distribution of building materials and logistics services division, as well as the concrete manufacturing division.

GenM posted RM11.38 million net profit or earnings per share of 0.2 sen compared with RM289.25 million net loss or loss per share of 5.12 sen in the same period a year ago.

Property developer Tropicana Corp Bhd plans to raise up to RM239.38 million via the placement of up to 10% of its total issued shares to independent third party investor(s) on a date to be announced later. The proceeds will be used for its new and existing property developments and to repay bank borrowings.