News by TheEdgeMarkets.com

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.

Better earnings for the quarter were attributed to lower expected credit losses on loans, financing and advances as well as other impairments, which were down by 59% from RM249 million in 3QFY2021 to RM103.4 million in 3QFY2022.

Berjaya Land Bhd (BLand) returned to the black in the first quarter ended Sept 30, 2022 (1QFY2023), posting a net profit of RM8.45 million versus a net loss of RM74.3 million in the same period a year ago.

YTL Hospitality Real Estate Investment Trust (YTL Hospitality REIT)’s income available for distribution for the quarter ended Sept 30, 2022 (1QFY23) increased 72.74% year-on-year to RM30.95 million, despite the REIT recording net property income that was at the same level as the corresponding quarter in FY2022.

Property developer and hospitality group Tropicana Corp Bhd remained in the red in the third quarter ended Sept 30, 2022 (3QFY2022), recording a net loss of RM26.27 million despite its revenue surging 88.7% to RM321.64 million.

Batu Kawan Bhd and its 47.74%-held Kuala Lumpur Kepong Bhd (KLK) reported lower earnings for the fourth quarter ended Sept 30, 2022 (4QFY2022), mainly dragged by significantly lower investment holding and manufacturing profits.

Yong Tai Bhd started its financial year ending June 30, 2023 (FY23) with a net profit of RM1.81 million for the first financial quarter ending Sept 30, 2022 (1QFY23), from a RM5.56 million net loss posted in the same period last year, mainly due to contribution from improved sales of completed units.

IOI Properties Group Bhd (IOIPG) recorded a stellar performance for the first quarter ended Sept 30, 2022 (1QFY2023), recording net profit of RM640.29 million, which was three times higher than 1QFY2022's.

UEM Sunrise Bhd posted a net profit of RM20.35 million or 0.4 sen per share in the third quarter ended Sept 30, 2022 compared to a net loss RM50.38 million or 1 sen per share in the same period last year on improved revenue contribution from the property development segment.

The first contract is for the construction of a new chip assembly and testing facility with a value of RM341.39 million, while the second contract is for the construction of a 45-storey Maritime Signature commercial tower located at Karpal Singh Drive in Georgetown, valued at RM80.79 million.