Business summary from Nov 22-28

Genting takes a hit from Resorts World temporary closure in Q3

• For the three-month period ended Sept 30, Genting reported a loss of RM344.5mil compared with a loss of RM130.7mil in the same quarter last year.
• Revenue was up at RM3.5bil versus RM3.3bil made a year ago.
• Its latest quarterly results showed that revenue contribution from its leisure and hospitality business in Malaysia tumbled 99% to just RM16mil from RM1.18bil, but its United States and Bahamas operations generated RM1.09bil in revenue compared with RM70mil a year ago.

Maybank posts net profit of RM1.68bil in Q3

• Malayan Banking Bhd (Maybank) posted a net profit of RM1.68bil in the third quarter ended Sept 30, 2021, a 13.71% decline from RM1.95bil in the previous corresponding quarter due to a reduction in fee-based income and higher impairment losses.
• Net operating income in Q3 however was 1.2% higher year-on-year (y-o-y) to RM6.15bil due to higher net fund-based income of 14.3% to RM4.72bil.
• For the nine months period ended Sept 30, 2021, the group recorded a net profit of RM6.04bil, marking a 22.16% improvement over the same period in 2020 while revenue slid 10.53% y-o-y to RM34.7bil.

AEON registers RM18.6mil net loss in 3Q

• Aeon Co (M) Bhd posted a net loss of RM18.7mil in the third quarter ended Sept 30 (3Q21) after four consecutive profitable quarters throughout the pandemic.
• Its revenue for the quarter stood at RM750.56mil, down 24.1% from RM989.62mil a year ago.
• In the first nine months, AEON's net profit jumped 51.6% to RM35.75mil against RM23.59mil, while revenue climbed to RM410.8mil compared to RM372.46mil previously.

Bintai Kinden receives shareholders approval to acquire Johnson Medical

• Bintai Kinden Corp Bhd has received the nod from shareholders at its extraordinary general meeting to acquire 100% equity interest in Johnson Medical International Sdn Bhd for RM50mil.
• It said in a statement the acquisition will be satisfied via a combination of RM26mil cash and the issuance of about 58.5 million new ordinary shares in Bintai Kinden at 41 sen each.
• The corporate exercise would allow Bintai Group to expand its existing customer base and widen its mechanical and electrical (M&E) engineering service offerings to include the healthcare services industry in Malaysia.

EPF to roll out new products to improve wellbeing of Malaysians

• The Employees Provident Fund (EPF) is set to launch two facilities, i-Sayang and i-Lindung, next year as part of its effort to improve the wellbeing of Malaysians amid the Covid-19 pandemic.
• Ahmad Badri Mohd Zahir said the i-Sayang facility would be launched in the first quarter of next year, which would allow for the voluntary transfer of 2% EPF contributions from the husband's account to the wife's.
• Another launch by the country's largest retirement fund next year would be the i-Lindung facility, which would allow withdrawal from Account 2 to purchase life and critical illness insurance through the EPF platform.

Curbing the rising prices of food items

• Over the past two weeks, some vegetables had seen more than 100% increase in prices, as reported by the Consumers' Association of Penang (CAP).
• If the price surge is left unaddressed, it would have a negative spillover effect on other items, as food manufacturers and restaurants pass on the additional costs to the consumers.