Business

MyNews Holdings Bhd reported a 97% year-on-year drop in net profit to RM55,000 for the second quarter ended April 30, 2026 (2Q26), despite higher revenue driven by network expansion, according to its filing with Bursa Malaysia.

The steep decline was driven by higher operating costs, including a 20% rise in administrative expenses to RM10.87 million, reflecting recruitment in automation and AI-related functions as well as expansion of commercial and operations teams.

Selling and distribution expenses increased 12.7% to RM47.95 million, in line with continued outlet expansion, while other expenses rose 5.4% to RM23.28 million due mainly to higher depreciation from new stores and right-of-use assets.

Despite the weaker bottom line, quarterly revenue grew 11.6% to RM226 million from RM202.6 million, supported by an expanded network, which increased by 65 outlets to 704, and improved in-store sales.

Gross margin narrowed to 37.5% from 39.5% a year earlier as cost of sales rose faster than revenue due to changes in product mix and promotional activities.

The group declared a 1 sen dividend, up from 0.5 sen previously, with the payment date to be announced later.

Looking ahead, MyNews said it remains cautiously optimistic, citing macroeconomic uncertainties including inflation, shifting consumer spending and cost pressures.

It added that it will continue optimising its store network, improving procurement and product mix, and maintaining cost discipline to manage rising labour, rental and utility expenses. –TMR

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GIIB Holdings Bhd founder Tai Boon Wee has resumed his role as chairman with immediate effect, following the departure of Datuk Sri Wan Adnan Wan Mamat, who said he had fulfilled his mandate of stabilising the group and strengthening its corporate governance.

In a filing with Bursa Malaysia, GIIB said Tai had earlier stepped down from his executive and board positions to allow investigations by the Malaysian Anti-Corruption Commission (MACC) to proceed without any perception of interference.

The company said Tai has since been cleared of all allegations, paving the way for his return, with the board deeming it timely for the founder to resume leadership.

Tai was charged by the MACC in May 2024 over allegations that he had instructed the company secretary to use a forged interim financial statement for the period ended March 31, 2023, at Bursa Malaysia.

The charge was framed under Section 109 of the Penal Code read together with Section 471. –TMR

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SWIFT Energy Technology Bhd has secured new purchase orders worth RM44.18 million, bringing its year-to-date contracts to RM148 million as it expands across offshore energy and data centre-related segments.

In a statement today, Swift Energy said the latest wins were secured via its wholly owned unit Swift Energy Sdn Bhd and comprise an overseas contract from Offshore Oil Engineering Co Ltd and repeat orders from Cummins Sales and Service Sdn Bhd.

The overseas contract involves supplying 18 sets of explosion-proof solar power systems for PTTEP Thailand’s Bundle Phase 4 project under COOEC.

Deliveries will be staged from 2026 to 2028, with the first batch of five systems due this year.

This marks Swift Energy’s second consecutive bundle project for PTTEP, following its completion of Bundle Phase 3, reinforcing its track record in offshore oil and gas power solutions.

Separately, the group received two repeat orders from Cummins Sales and Service to supply 34 sets of neutral earthing resistors for a local data centre, with deliveries expected by December 2026 and January 2027.

Its CEO Tan Bin Chee said the awards reflect continued customer confidence in the group’s engineering capabilities and execution track record, particularly in complex offshore applications.

He added that the mix of overseas contracts and domestic repeat orders highlights growing demand across both traditional energy and data centre-linked electrical solutions.

Swift Energy said the latest orders will provide earnings visibility through the respective delivery periods up to 2028. –TMR

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AIZO Group Bhd’s subsidiary Wawasan Demi Sdn Bhd has secured Islamic financing facilities of up to RM346.19 million from Bank Pembangunan Malaysia Bhd to fund the development of a large-scale solar photovoltaic (LSSPV) plant in Kampar, Perak.

In a filing with Bursa Malaysia, the group said the facilities comprise a RM256 million Tawarruq Asset Financing facility and RM90.19 million in bank guarantees.

The financing will be used to part-fund up to 80% of the project’s engineering, procurement, construction and commissioning costs, while the guarantees will support performance obligations under a power purchase agreement with Tenaga Nasional Bhd.

Aizo said the structure will also provide contractual backing for project delivery milestones under the national utility framework.

Its executive chairman Datuk Abang Abdillah Izzarim said the financing marks a key milestone for the group’s renewable energy push and strengthens its long-term growth prospects in the sector.

He added that the Kampar project is expected to generate stable recurring income upon completion, underpinned by long-term power generation agreements.

The group said it will continue focusing on execution of the project while exploring further opportunities in renewable energy and infrastructure aligned with Malaysia’s energy transition agenda. –TMR

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EI POWER Bhd said its wholly owned unit, EI Power Technologies Sdn Bhd, has secured a RM90.1 million subcontract for a data centre project in Johor, boosting its unbilled order book to RM222.5 million.

In a filing with Bursa Malaysia, the ACE Market-listed group said the contract was awarded by an undisclosed main contractor involved in engineering, construction and investment holding, with the identity withheld under confidentiality terms.

The subcontract covers the complete fuel system package for the data centre, including supply, delivery, installation, testing and commissioning.

Works commenced upon acceptance of the subcontract on June 18 and are expected to be completed by September 2027.

EI Power said the contract will strengthen its revenue pipeline and contribute positively to earnings over the project duration.

Its ED and CEO Albert Chang Wan Siong said the award highlights growing demand for the group’s mission-critical power engineering capabilities, particularly in the data centre segment.

He said securing the contract shortly after the company’s listing reflects the growth trajectory it had outlined to shareholders.

EI Power debuted on Bursa’s ACE Market on May 21, raising RM62.2 million to fund expansion, including a new headquarters, a Johor branch office and its planned entry into Thailand. –TMR

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BCM Alliance Bhd has entered into a share sale agreement with Ho Kee Wee for the disposal of its entire stake in CS Laundry and a 99.97% stake in CS Laundry Philippines for RM20 million.

In a filing with Bursa Malaysia today, BCM Alliance said the units are involved in the supply, installation, testing and commissioning of commercial laundry equipment, as well as laundry, dry-cleaning and related repair services.

Ho is a director of CS Laundry and Century Pavilion, both subsidiaries of BCM Alliance.

The group said proceeds from the disposal will be mainly used to purchase new medical devices and equipment, in line with its healthcare business expansion. –TMR

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PRG Holdings Bhd said it is appointing an independent reviewer to examine a now-terminated debt settlement involving its construction arm and a developer linked to its largest shareholder, ahead of its AGM on June 25 where shareholder scrutiny is expected to intensify.

The controversy stems from an April 23 disclosure involving Premier Construction (International) Sdn Bhd (PCI), a wholly owned unit of PRG Holdings Bhd, and Premier De Muara Sdn Bhd (PDM), which owed PCI RM37.17 million for works on the Picasso Residence project in Kuala Lumpur.

Under the original arrangement, PDM was to settle part of the debt via 12 residential units worth RM13.37 million, with the balance to be negotiated later.

PRG’s filing initially stated no directors or major shareholders had an interest in the deal.

However, whistleblowing disclosures and reports later revealed PDM was effectively controlled by Datuk Ng Yan Cheng, PRG’s largest shareholder, while MD Andrew Chan Lim-Fai is Ng’s son-in-law.

The revelations raised concerns under Bursa Malaysia rules on related-party transactions, which require full disclosure and independent shareholder oversight.

PRG terminated the settlement on May 19, citing the conflict and an undisclosed court judgment involving PDM.

In its statement, the board said it was not aware of the ownership links when the deal was proposed, adding that concerns emerged after governance materials were “informally relayed” to directors and auditors.

The board said it convened special meetings, sought legal advice and conducted internal verification. It also confirmed Chan abstained from deliberations once the conflict was identified.

“Upon identifying the RPT, Chan abstained from all deliberations and voting on matters relating to the deal.”

PRG said the steps led to termination of the agreement and disclosure to Bursa Malaysia on May 19.

The group has since escalated the matter, issuing a statutory demand on June 8 seeking RM64.24 million from PDM, higher than the original claim.

PDM has 21 days to pay or face winding-up proceedings.

PRG said it is now focused on debt recovery and regulatory compliance as it heads into a closely watched AGM period. –AFP

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TOP Glove Corp Bhd posted a net profit of RM80.99 million for the three months ended May 31, 2026 (3QFY2026), more than doubling from RM34.75 million a year earlier, as revenue rose 31.9% to RM1.10 billion, driven by higher sales volume, selling price adjustments and improved cost efficiencies.

Earnings per share climbed to 1.01 sen from 0.43 sen, while no dividend was declared for the quarter.

The glove maker said performance was underpinned by prudent raw material management, particularly efforts to secure a stable supply of nitrile latex amid recent disruptions, which enabled it to sustain production and fulfil orders.

Higher average selling prices, improved product quality, better cost efficiency and higher utilisation rates also supported margins.

For the first nine months of FY26, net profit more than doubled to RM150.33 million from RM70.50 million previously, while revenue rose 14.8% to RM2.98 billion on a 34% increase in sales volume.

Top Glove said nitrile latex supply had stabilised as of June, though it expects the operating environment to remain dynamic.

The group noted its diversified supplier base and flexible manufacturing capabilities, which allow production to switch between nitrile and natural rubber gloves to manage supply and demand shifts.

Joint MDs Ng Yong Lin and Lim Jin Feng said demand for gloves remained resilient across healthcare, industrial and food-related sectors, while emphasising ongoing focus on quality, cost efficiency and operational execution amid geopolitical and supply chain uncertainties. — TMR

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ECO World Development Group Bhd reported a net profit of RM129.14 million for the three months ended April 30, 2026 (2Q26), a marginal 0.5% decline year-on-year, while revenue fell 9.2% to RM797.4 million.

The slight earnings dip was largely due to the absence of a one-off gain from the disposal of 123 acres of industrial land in Iskandar Malaysia in the corresponding quarter last year.

Gross margin, however, remained resilient at 31% supported by ongoing project recognition and cost savings from completed phases and industrial land sales.

The group declared a second interim dividend of 2 sen per share, bringing total dividends for the current financial year to 4 sen, compared with 3 sen in the same period last year.

Despite the softer quarterly revenue, EcoWorld’s sales momentum remained strong.

It recorded RM3.28 billion in sales for the first seven months of FY26, representing 82% of its RM4 billion full-year target.

Industrial properties accounted for about one-third of total sales, with transactions reaching RM1.15 billion and on track to set another record for the financial year.

Its CEO Datuk Chang Khim Wah said demand for industrial assets remained robust, driven not only by data centre operators but also by enquiries from both local and foreign manufacturers in traditional and non-digital high-tech sectors.

For the first half of FY26, net profit rose 36% year-on-year to RM285.55 million, supported by the absence of prior-year one-off losses, including a RM90.95 million associate disposal loss and an RM68 million write-off on a joint venture investment.

Revenue surged 52% to RM2.15 billion, underpinned by land sales to data centre operators.

EcoWorld’s unbilled sales hit a record RM5.38 billion, providing strong earnings visibility going forward.

The group said this strengthens both near- and mid-term cash flow prospects, reinforcing its “highly optimistic” outlook as industrial demand continues to anchor growth. — TMR

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KUALA LUMPUR — Airbus has confirmed that AirAsia X’s order for 15 Airbus A330-900 aircraft has been cancelled by mutual agreement between the two parties.

“Airbus can confirm that the order was cancelled by mutual agreement,” an Airbus spokesperson told Bernama.

It was reported that the previously announced cancellation follows a shift across the AirAsia Group towards long-range narrowbodies.

However, AirAsia X declined to comment on the matter.

Initially, all the A330neo aircraft ordered by AirAsia X were the larger A330-900 model, offering the range to operate non-stop services to Europe, including between Kuala Lumpur and London. 

Earlier this year, the group placed an order for 50 Airbus A321XLR aircraft as part of its network expansion plans. — BERNAMA

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