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Published on: Friday, May 07, 2021
By: Bernama
Kuala Lumpur: AmInvestment Bank Bhd remained cautious on the outlook of the local construction sector.
In a research note Thursday, the investment bank said the recent news on the Mass Rapid Transit Line 3 (MRT3) potentially commencing work in the second half of the year aside, the fact remained that the government would have very limited room for fiscal manoeuvre given the elevated national debt.
It added that the government’s fiscal stand was further weighed down by the economic impact of the Covid-19 pandemic, including reduced tax and petroleum revenues as well as the massive relief spending to cushion the economic impact of the pandemic.
Malaysian construction firms with projects in India could take Covid hit 29 Apr 2021 / 22:20 H. A nurse displaying a vial of the AstraZeneca Covid-19 vaccine manufactured by Serum Institute of India, at a medical centre in Mumbai. India is grappling with a surge in Covid-19 infections. – REUTERSPIX
PETALING JAYA: Earnings of Malaysian construction groups IJM Corp Bhd and Sunway Construction Group Bhd (SunCon) could be negatively impacted as Covid-stricken India, where they have a presence, grapples with the high number of infections, said Maybank Investment Bank Research (Maybank IB Research).
“Based on scenario analysis, our FY22 net profit forecast for IJM could be negatively impacted by 7%, and FY21 net profit for SunCon by 9%,” said the research house, while maintaining its forecasts and target prices for now.
PETALING JAYA: Sunway Construction Group Bhd’s (SunCon) net profit for its fourth quarter ended Dec 31,2020, stood at RM30.20mil compared with RM31.64mil in the previous corresponding period, while revenue in the fourth quarter rose to RM627.24mil from RM485.94mil a year earlier.
KUALA LUMPUR (Feb 23): Based on corporate announcements and news flow today, companies in focus tomorrow (Feb 24) may include: Nestle (M) Bhd, Petronas Chemicals Group Bhd, Perak Transit Bhd, IOI Corp Bhd, Leong Hup International Bhd, Sunway Construction Group Bhd, Petron Malaysia Refining & Marketing Bhd, ATA IMS Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Manulife Holdings Bhd, Frontken Corp Bhd, Samchem Holdings Bhd, Berjaya Sports Toto Bhd, Supermax Corp Bhd, Genting Malaysia Bhd and AT Systematization Bhd.
Nestle (M) Bhd s (Nestle Malaysia) net profit for the fourth quarter ended Dec 31, 2020 ticked up 0.5% to RM132.47 million from RM131.82 million a year earlier. The group said its revenue registered a 3.1% increase to RM1.37 billion from RM1.33 billion a year ago, underpinned by sales in Out-of-Home channels as restrictions eased in the second half of the year under the Recovery Movement Control Order. Earnings per share increased marginally to 56.5 sen from 56.21 sen prev