Proton Holdings Bhd, Malaysia's state-controlled carmaker, was downgraded to 'neutral' from 'buy' at OSK Research Sdn Bhd after the company made losses in the third quarter ended Dec. 31.
The share price estimate was reduced to RM4.23 from RM6.22, OSK said in a report today.
The stock fell the most in more than two weeks after announcing quarterly losses and OSK Research downgraded the stock.
The stock slid 2.2 per cent to RM4 at 9:09 a.m. in Kuala Lumpur trading, set for its steepest drop since Feb. 11.-- Bloomberg
Monday, February 28, 2011
Saturday, February 26, 2011
Scomi posts Q4 pre-tax loss of RM33.7m
Scomi Engineering Bhd recorded a pre-tax loss of RM33.71 million in the fourth quarter ended Dec 31, 2010 from a pre-tax profit of RM11.27 million in the same period 2009.
In a filing to Bursa Malaysia today, it said revenue dropped to RM107.22 million from RM137.52 million.
For the whole financial year, the company posted a pre-tax loss of RM16.65 million from a pre-tax profit of RM69.31 million in the previous year.
Revenue for the year declined to RM400.78 million from RM537.72 million previously.
Scomi Engineering said it expected the company's performance to improve this year with prospects of contribution from new monorail projects, and it would focus on project execution and cost management. -- Bernama
In a filing to Bursa Malaysia today, it said revenue dropped to RM107.22 million from RM137.52 million.
For the whole financial year, the company posted a pre-tax loss of RM16.65 million from a pre-tax profit of RM69.31 million in the previous year.
Revenue for the year declined to RM400.78 million from RM537.72 million previously.
Scomi Engineering said it expected the company's performance to improve this year with prospects of contribution from new monorail projects, and it would focus on project execution and cost management. -- Bernama
Muhibbah Engr Q4 pre-tax profit at RM17m
Muhibbah Engineering (M) Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2010 rose to RM17.251 million from RM15.171 million in the corresponding quarter of the previous financial year.
Its revenue increased to RM415.957 million from RM679.306 million, it said in a filing to Bursa Malaysia.
However, for the full year, its pre-tax profit declined to RM66.830 million from RM68.182 million in the previous year as revenue dropped to RM1.579 billion from RM2.252 billion.
Muhibbah said its outstanding secured order book in hand as at Feb 22, 2011 stood at RM3.1 billion with the bulk, RM2.29 billion, from infrastructure construction division.
The cranes division has RM453 million oustanding contract and shipyard RM360 million, it said. -- Bernama
Its revenue increased to RM415.957 million from RM679.306 million, it said in a filing to Bursa Malaysia.
However, for the full year, its pre-tax profit declined to RM66.830 million from RM68.182 million in the previous year as revenue dropped to RM1.579 billion from RM2.252 billion.
Muhibbah said its outstanding secured order book in hand as at Feb 22, 2011 stood at RM3.1 billion with the bulk, RM2.29 billion, from infrastructure construction division.
The cranes division has RM453 million oustanding contract and shipyard RM360 million, it said. -- Bernama
Cahya Mata grows revenue to RM944m
Cahya Mata Sarawak Bhd's pre-tax profit increased to RM117.25 million in the financial year ended Dec 31, 2010 from RM98.5 million in 2009. Revenue rose to RM943.5 million from RM874.6 million previously.
For the fourth quarter ended Dec 31, 2010, Cahya Mata's pre-tax profit rose to RM48.63 million from RM33.2 million, while revenue went up to RM284.1 million from RM262.5 million previously.
The higher profit was mainly contributed by the construction and manufacturing divisions, although this was partially reduced by the impairment loss recorded by the subsidiary in another division and the associate in banking industry, it said in a filing to Bursa Malaysia today.
On the prospects for the year ending Dec 31, 2011, Cahya Mata said the operating environment faced by the group will remain challenging, but expects prospects to remain satisfactory. -- Bernama
For the fourth quarter ended Dec 31, 2010, Cahya Mata's pre-tax profit rose to RM48.63 million from RM33.2 million, while revenue went up to RM284.1 million from RM262.5 million previously.
The higher profit was mainly contributed by the construction and manufacturing divisions, although this was partially reduced by the impairment loss recorded by the subsidiary in another division and the associate in banking industry, it said in a filing to Bursa Malaysia today.
On the prospects for the year ending Dec 31, 2011, Cahya Mata said the operating environment faced by the group will remain challenging, but expects prospects to remain satisfactory. -- Bernama
JCY Q1 pre-tax falls to RM7.6m
JCY International Bhd's pre-tax profit for the first quarter ended Dec 31, 2010, fell to RM7.55 million from RM77.78 million in the same period of 2009.
The lower pre-tax profit was brought on by higher cost of production with the rise in the price of raw materials and increase in labour cost, JCY said in a filing to Bursa Malaysia today. Revenue declined to RM438.9 million from RM528.2 million previously. -- Bernama
The lower pre-tax profit was brought on by higher cost of production with the rise in the price of raw materials and increase in labour cost, JCY said in a filing to Bursa Malaysia today. Revenue declined to RM438.9 million from RM528.2 million previously. -- Bernama
Faber posts lower pre-tax of RM129m
Faber Group Bhd has registered a lower pre-tax profit of RM129.16 million for the financial year ended Dec 31, 2010
compared with a pre-tax profit of RM141.243 million in 2009.
Revenue improved to RM888.846 million from RM805.282 million, the company said in its filing to Bursa Malaysia today.
The company said the major contribution came from its integrated facilities management (IFM) division with RM137.2 million.
The group said it would endeavour to improve contribution from all business divisions for the current year as well as focus its efforts on IFM business expansion.
However, in view of the non renewal of IFM non-healthcare contracts in the United Arab Emirates, the group expects the revenue contribution from the segment to in 2011 to be lower for the year.
It expects higher contribution from its property division following the launch of several projects in the last quarter of 2010 and the first quarter of 2011. -- Bernama
compared with a pre-tax profit of RM141.243 million in 2009.
Revenue improved to RM888.846 million from RM805.282 million, the company said in its filing to Bursa Malaysia today.
The company said the major contribution came from its integrated facilities management (IFM) division with RM137.2 million.
The group said it would endeavour to improve contribution from all business divisions for the current year as well as focus its efforts on IFM business expansion.
However, in view of the non renewal of IFM non-healthcare contracts in the United Arab Emirates, the group expects the revenue contribution from the segment to in 2011 to be lower for the year.
It expects higher contribution from its property division following the launch of several projects in the last quarter of 2010 and the first quarter of 2011. -- Bernama
Friday, February 25, 2011
LITRAK pre-tax profit up 15pc to RM37.5m
Lingkaran Trans Kota Holdings Bhd (LITRAK) posted a pre-tax profit of RM37.502 million for the third quarter ended Dec 31, 2010, up 15.7 per cent from RM32.422 million posted in the same quarter of 2009.
The company's revenue increased marginally to RM78.717 million from RM78.551 million previously, the company said in a filing to Bursa Malaysia today.
For the nine months period ended Dec 31, 2010, the company recorded higher pre-tax profit of RM116.962 million from RM99.037 million in the same period of 2009. Its revenue rose to RM234.960 million from RM231.005 million previously.
On the current year's prospects, the highway operator company was optimistic that a low but gradual increase in revenue will be generated from the projected growth in traffic plying the Lebuh Raya Damansara-Puchong (LDP). -- Bernama
The company's revenue increased marginally to RM78.717 million from RM78.551 million previously, the company said in a filing to Bursa Malaysia today.
For the nine months period ended Dec 31, 2010, the company recorded higher pre-tax profit of RM116.962 million from RM99.037 million in the same period of 2009. Its revenue rose to RM234.960 million from RM231.005 million previously.
On the current year's prospects, the highway operator company was optimistic that a low but gradual increase in revenue will be generated from the projected growth in traffic plying the Lebuh Raya Damansara-Puchong (LDP). -- Bernama
KLCC Property pre-tax profit up RM773m
KLCC Property Holdings Bhd's pre-tax profit for the nine months ended Dec 31, 2010 increased to RM773.026 million from RM391.5 million in same period in 2009.
In a filing to Bursa Malaysia, it said this was mainly due, among others, higher interest income and lower finance cost borne during the period.
Its revenue rose to RM697.5 million from RM655.7 million previously, contributed by better rentals achieved by the retail mall in addition to the improved revenue from hotel operations.
For the third quarter ended Dec 31, 2010, its pre-tax profit increased to RM147.466 million from RM129.954 million in same period in 2009.
Its revenue rose to RM237.437 million from RM223.660 million previously.
On the prospect, KLCC Property said its earnings were underpinned by long-term office tenancies and a strong and sustainable retail sector.
'The management has also introduced several measures to increase productivity, the benefits of which are reflected in the better results,' it said. -- Bernama
In a filing to Bursa Malaysia, it said this was mainly due, among others, higher interest income and lower finance cost borne during the period.
Its revenue rose to RM697.5 million from RM655.7 million previously, contributed by better rentals achieved by the retail mall in addition to the improved revenue from hotel operations.
For the third quarter ended Dec 31, 2010, its pre-tax profit increased to RM147.466 million from RM129.954 million in same period in 2009.
Its revenue rose to RM237.437 million from RM223.660 million previously.
On the prospect, KLCC Property said its earnings were underpinned by long-term office tenancies and a strong and sustainable retail sector.
'The management has also introduced several measures to increase productivity, the benefits of which are reflected in the better results,' it said. -- Bernama
Allianz records higher pre-tax profit
Allianz Malaysia Bhd's pre-tax profit rose 8.2 per cent to RM191.550 million for the financial year ended Dec 31, 2010, against RM176.969 million registered in 2009.
In a filing to Bursa Malaysia, Allianz said the better performance was due to increases in other operating income from the general insurance business and the transfer a RM15 million surplus from the Life Fund to Shareholders' Fund. Revenue chalked up to RM2.509 billion from RM2.222 billion previously.
The general and life insurance gross earned premiums grew by RM93.9 million or 7.8 per cent and RM160.7 million or 18.5 per cent respectively, it said.
For the fourth quarter ended Dec 31, 2010, it recorded a lower pre-tax profit of RM61.815 million, from RM82.922 million, in the same period in 2009.
Company revenue, however, rose to RM663.795 million from RM618.147 million previously.
On prospects for the current year, Allianz said the insurance industry was expected to grow this year based on the current economic outlook.
The group was undertaking numerous initiatives to improve its distribution capabilities in order to strengthen growth and sustain profitability.
Its performance was expected to be satisfactory and grow in tandem with the economy and the insurance industry. -- Bernama
In a filing to Bursa Malaysia, Allianz said the better performance was due to increases in other operating income from the general insurance business and the transfer a RM15 million surplus from the Life Fund to Shareholders' Fund. Revenue chalked up to RM2.509 billion from RM2.222 billion previously.
The general and life insurance gross earned premiums grew by RM93.9 million or 7.8 per cent and RM160.7 million or 18.5 per cent respectively, it said.
For the fourth quarter ended Dec 31, 2010, it recorded a lower pre-tax profit of RM61.815 million, from RM82.922 million, in the same period in 2009.
Company revenue, however, rose to RM663.795 million from RM618.147 million previously.
On prospects for the current year, Allianz said the insurance industry was expected to grow this year based on the current economic outlook.
The group was undertaking numerous initiatives to improve its distribution capabilities in order to strengthen growth and sustain profitability.
Its performance was expected to be satisfactory and grow in tandem with the economy and the insurance industry. -- Bernama
AZRB posts Q4 pre-tax loss of RM82m
Ahmad Zaki Resources Bhd (AZRB), severely affected by the termination of its construction contract for the Alfaisal University in Saudi Arabia, registered a pre-tax loss of RM82.207 million for the fourth quarter ended Dec 31, 2010.
It was a reversal compared to the pre-tax profit of RM7.981 million in the corresponding quarter of the previous financial year. Its revenue shrank to RM52.623 million from RM105.558 million.
For the full year, it posted a pre-tax loss of RM48.757 million against a pre-tax profit of RM32.429 million in the previous year.
The termination of the Alfaisal University resulted in an exceptional loss of RM94 million, it said in a filing with Bursa Malaysia.
It said its revenue from the construction operation fell to RM374.4 million from RM411.7 million due to a reversal of revenue effected on Alfaisal University in the fourth quarter.
AZRB, which is involved in construction and bunkering activities, said the order book of its construction activities stood at RM1.023 billion.
Its bunkering operation continued to show strong growth with a pre-tax profit of RM17.9 million against RM12.2 million in the previous year and revenue rose to RM55.6 million from RM41.6 million.
On prospects, it said the loss from its Saudi operation is a one-off isolated event due to exceptional circumstances with no further significant cash outflows expected.
It believes the the loss would not hinder the group from continuing to achieve better performance in the coming years. -- Bernama
It was a reversal compared to the pre-tax profit of RM7.981 million in the corresponding quarter of the previous financial year. Its revenue shrank to RM52.623 million from RM105.558 million.
For the full year, it posted a pre-tax loss of RM48.757 million against a pre-tax profit of RM32.429 million in the previous year.
The termination of the Alfaisal University resulted in an exceptional loss of RM94 million, it said in a filing with Bursa Malaysia.
It said its revenue from the construction operation fell to RM374.4 million from RM411.7 million due to a reversal of revenue effected on Alfaisal University in the fourth quarter.
AZRB, which is involved in construction and bunkering activities, said the order book of its construction activities stood at RM1.023 billion.
Its bunkering operation continued to show strong growth with a pre-tax profit of RM17.9 million against RM12.2 million in the previous year and revenue rose to RM55.6 million from RM41.6 million.
On prospects, it said the loss from its Saudi operation is a one-off isolated event due to exceptional circumstances with no further significant cash outflows expected.
It believes the the loss would not hinder the group from continuing to achieve better performance in the coming years. -- Bernama
Tradewinds posts pre-tax profit of RM155.3m
Tradewinds Corporation Bhd has returned to the black with a pre-tax profit of RM155.3 million for the financial year 2010 from a pre-tax loss of RM6.6 million in the previous year.
The improvement was attributable to higher revenue generated, better share of associates results, fair value gain on investment properties and financial assets.
Tradewinds Corporation's revenue rose to RM562.6 million from RM474.2 million previously, the company said in a filing to Bursa Malaysia today.
It said the increase in revenue was mainly due to an overall improvement in hotel, trading and financial services divisions and the sale of land by the property division.
Moving forward, Tradewinds said the financial performance of the hotel division was not expected to show any improvement compared to 2010 due to refurbishments being carried out in certain hotels.
The refurbishment of the hotels, which will be completed in stages, was expected to benefit the group in the medium term, it said.
The property investment performance, meanwhile, would be affected as the group was embarking on the re-development of Menara Tun Razak and a construction of a new tower block.
As a result of fair value accounting, the group will be impacted in the short term. The re-development, however, will have positive impact in the longer term. -- Bernama
The improvement was attributable to higher revenue generated, better share of associates results, fair value gain on investment properties and financial assets.
Tradewinds Corporation's revenue rose to RM562.6 million from RM474.2 million previously, the company said in a filing to Bursa Malaysia today.
It said the increase in revenue was mainly due to an overall improvement in hotel, trading and financial services divisions and the sale of land by the property division.
Moving forward, Tradewinds said the financial performance of the hotel division was not expected to show any improvement compared to 2010 due to refurbishments being carried out in certain hotels.
The refurbishment of the hotels, which will be completed in stages, was expected to benefit the group in the medium term, it said.
The property investment performance, meanwhile, would be affected as the group was embarking on the re-development of Menara Tun Razak and a construction of a new tower block.
As a result of fair value accounting, the group will be impacted in the short term. The re-development, however, will have positive impact in the longer term. -- Bernama
Esso posts RM164m Q4 pre-tax profit
Esso Malaysia Bhd recorded a pre-tax profit of RM164.2 million for its fourth quarter ended Dec 31, 2010, erasing the loss of RM24.18 million recorded in the previous corresponding quarter.
Revenue rose to RM2.35 billion from RM2.25 billion achieved previously.
In a filing to Bursa Malaysia today, the company attributed its improved financial performance to stronger operating margins due to the increase in product prices outpacing the increase in crude cost.
For the year ended Dec 31, 2010, it recorded a higher pre-tax profit of RM368.45 million, compared to RM200.99 million achieved previously. Revenue rose to RM8.42 billion from the RM8.03 billion recorded in 2009.
'The outlook for the Malaysian economy in 2011 remains positive, and demand for petroleum products is expected to be robust.
'However, volatility in the crude price environment, will continue to affect the industry,' Esso Malaysia said.
The company also said it would remain focused on sustaining flawless operations, cost control and product and service quality, as well as strengthen its business position through a continued emphasis on strategic investment. -- Bernama
Revenue rose to RM2.35 billion from RM2.25 billion achieved previously.
In a filing to Bursa Malaysia today, the company attributed its improved financial performance to stronger operating margins due to the increase in product prices outpacing the increase in crude cost.
For the year ended Dec 31, 2010, it recorded a higher pre-tax profit of RM368.45 million, compared to RM200.99 million achieved previously. Revenue rose to RM8.42 billion from the RM8.03 billion recorded in 2009.
'The outlook for the Malaysian economy in 2011 remains positive, and demand for petroleum products is expected to be robust.
'However, volatility in the crude price environment, will continue to affect the industry,' Esso Malaysia said.
The company also said it would remain focused on sustaining flawless operations, cost control and product and service quality, as well as strengthen its business position through a continued emphasis on strategic investment. -- Bernama
Dutch Lady pre-tax profit rises to RM90m
Dutch Lady Milk Industries Bhd's pre-tax profit for financial year ended Dec 31, 2010 increased to RM90.1 million from RM82.5 million in the same period of 2009.
This was due to better sales mix and favourable exchange rates, it said in a filing to Bursa Malaysia today. Its revenue rose to RM710.6 million from RM691.8 million previously due to strong demand for the company's powder and drinks products.
For the fourth quarter ended Dec 31, 2010, Dutch Lady's pre-tax profit fell to RM15.9 million from RM20.3 million in the same quarter of 2009 due to lower sales and higher spending in marketing expenditure. Its revenue declined by 4.5 per cent to RM161.8 million from RM169.5 million previously.
Meanwhile, Dutch Lady managing director, Bas van den Berg, attributed the fourth quarter's performance to softer market conditions, rising raw material prices in the second half of 2010 and its efforts in managing stocks in the overall supply chain.
'2010 has been a challenging year globally with the food industries facing many uncertainties, having to contend with unpredictable external factors, especially when it comes to availability and prices of raw materials which have started to increase significantly in the second half of 2010,' he said in a statement
van den Berg said Dutch Lady was positive about its ongoing business performance in tandem with the country's forecast of six per cent gross domestic product outlook this year.
'However, we remain cautious given the soaring prices of raw materials like milk solids and sugar as well as energy costs, coupled with the uncertainties of the global climate,' he said. -- Bernama
This was due to better sales mix and favourable exchange rates, it said in a filing to Bursa Malaysia today. Its revenue rose to RM710.6 million from RM691.8 million previously due to strong demand for the company's powder and drinks products.
For the fourth quarter ended Dec 31, 2010, Dutch Lady's pre-tax profit fell to RM15.9 million from RM20.3 million in the same quarter of 2009 due to lower sales and higher spending in marketing expenditure. Its revenue declined by 4.5 per cent to RM161.8 million from RM169.5 million previously.
Meanwhile, Dutch Lady managing director, Bas van den Berg, attributed the fourth quarter's performance to softer market conditions, rising raw material prices in the second half of 2010 and its efforts in managing stocks in the overall supply chain.
'2010 has been a challenging year globally with the food industries facing many uncertainties, having to contend with unpredictable external factors, especially when it comes to availability and prices of raw materials which have started to increase significantly in the second half of 2010,' he said in a statement
van den Berg said Dutch Lady was positive about its ongoing business performance in tandem with the country's forecast of six per cent gross domestic product outlook this year.
'However, we remain cautious given the soaring prices of raw materials like milk solids and sugar as well as energy costs, coupled with the uncertainties of the global climate,' he said. -- Bernama
CIMB posts higher pre-tax of RM4.6b
CIMB Group Holdings Bhd recorded a 21.9 per cent increase in pre-tax profit to RM4.647 billion for the year ended Dec 31, 2010, compared with RM3.811 billion registered a year ago.
Revenue rose 12.7 per cent to RM11.811 billion compared with RM10.48 billion. Net profit rose 25.4 per cent to touch a record RM3.521 billion.
Pre-tax profit for the fourth quarter rose to RM1.148 billion versus RM1.093 billion in the same quarter the previous year while Q4 revenue was higher at RM3.158 billion against RM2.731 billion in the corresponding period. Total dividend payout amounted to 26.08 sen.
Group Chief Executive Datuk Seri Nazir Razak said in a statement today the banking group had a very good year with shareholders receiving record dividend payment.
'This is a perfect way to mark the final year of our 5-year transformation from a Malaysian investment bank to an Asean universal bank, underpinned by the turnaround in our Malaysian consumer bank, benefits from cross-divisional synergies and surge in contribution from CIMB Niaga,' he said.
Corporate and Investment Banking's pre-tax profit jumped 71.2 per cent, year-on-year, to RM1.149 billion in tandem with the more robust regional capital markets and several major transactions over the past 12 months.
CIMB Niaga's contribution surged 99.7 per cent, year-on-year, to RM1.572 billion from RM787 million previously due to operational improvements and favourable operating conditions.
CIMB Niaga was the largest contributor to PBT for 2010 at 34 per cent versus 21 per cent in the previous corresponding period.
The bank's risk weighted capital ratio stood at 15.4 per cent while its Core Tier 1 capital ratio was 14.5 per cent as at Dec 31 2010, before the proposed second interim dividend.
Nazir Razak said CIMB Islamic's year-on-year pre-tax profit jumped 136.8 per cent to RM404 million as Shariah-compliant banking products continued to gain ground.
Looking ahead, he said the group targeted a higher return on earnings of 17 per cent for 2011.
'We will look to new areas for strong growth, such as regional transaction banking, CIMB Singapore and CIMB Thai,' he said.
CIMB Group has set targets of total region-wide loan and deposits growth of 18 per cent and 20 per cent, respectively. -- Bernama
Revenue rose 12.7 per cent to RM11.811 billion compared with RM10.48 billion. Net profit rose 25.4 per cent to touch a record RM3.521 billion.
Pre-tax profit for the fourth quarter rose to RM1.148 billion versus RM1.093 billion in the same quarter the previous year while Q4 revenue was higher at RM3.158 billion against RM2.731 billion in the corresponding period. Total dividend payout amounted to 26.08 sen.
Group Chief Executive Datuk Seri Nazir Razak said in a statement today the banking group had a very good year with shareholders receiving record dividend payment.
'This is a perfect way to mark the final year of our 5-year transformation from a Malaysian investment bank to an Asean universal bank, underpinned by the turnaround in our Malaysian consumer bank, benefits from cross-divisional synergies and surge in contribution from CIMB Niaga,' he said.
Corporate and Investment Banking's pre-tax profit jumped 71.2 per cent, year-on-year, to RM1.149 billion in tandem with the more robust regional capital markets and several major transactions over the past 12 months.
CIMB Niaga's contribution surged 99.7 per cent, year-on-year, to RM1.572 billion from RM787 million previously due to operational improvements and favourable operating conditions.
CIMB Niaga was the largest contributor to PBT for 2010 at 34 per cent versus 21 per cent in the previous corresponding period.
The bank's risk weighted capital ratio stood at 15.4 per cent while its Core Tier 1 capital ratio was 14.5 per cent as at Dec 31 2010, before the proposed second interim dividend.
Nazir Razak said CIMB Islamic's year-on-year pre-tax profit jumped 136.8 per cent to RM404 million as Shariah-compliant banking products continued to gain ground.
Looking ahead, he said the group targeted a higher return on earnings of 17 per cent for 2011.
'We will look to new areas for strong growth, such as regional transaction banking, CIMB Singapore and CIMB Thai,' he said.
CIMB Group has set targets of total region-wide loan and deposits growth of 18 per cent and 20 per cent, respectively. -- Bernama
MAS pre-tax falls to RM282m
Malaysian Airline System Bhd's (MAS) pre-tax profit for the year ended Dec 31, 2010 fell to RM282.036 million from RM491.832 million in the same period of 2009.
Its revenue, however, rose to RM13.587 billion from RM11.605 billion previously, the national air carrier said in a filing to Bursa Malaysia today. Earnings per share fell to 7.25 sen compared with 25.32 sen in 2009.
In the fourth quarter, MAS reported a pre-tax profit of RM258.301 million compared with RM599.150 million in the same period of 2009, after including among others, a derivative gain of RM143.8 million.
Revenue rose to RM3.673 billion from RM3.388 billion previously. -- Bernama
Its revenue, however, rose to RM13.587 billion from RM11.605 billion previously, the national air carrier said in a filing to Bursa Malaysia today. Earnings per share fell to 7.25 sen compared with 25.32 sen in 2009.
In the fourth quarter, MAS reported a pre-tax profit of RM258.301 million compared with RM599.150 million in the same period of 2009, after including among others, a derivative gain of RM143.8 million.
Revenue rose to RM3.673 billion from RM3.388 billion previously. -- Bernama
Thursday, February 24, 2011
Petronas Chem Q3 net income at RM874m
Petronas Chemicals Group Bhd, a unit of Malaysia's state oil and gas company, said third-quarter net income more than doubled to RM874 million (US$286 million) from RM337 million a year earlier.
Sales climbed to RM3.9 billion from RM2.99 billion, the company said in a statement today. Higher prices for most petrochemical products and improved economic activity in Asia boosted revenue, Petronas Chemicals said in a separate statement. -- Bloomberg
Sales climbed to RM3.9 billion from RM2.99 billion, the company said in a statement today. Higher prices for most petrochemical products and improved economic activity in Asia boosted revenue, Petronas Chemicals said in a separate statement. -- Bloomberg
Nestle Q4 profit falls to RM45m
Nestle (Malaysia) Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2010 fell to RM45 million from RM99.175 million in the same quarter of 2009.
However, revenue rose to RM963.893 million from RM950.632 million
previously. For the twelve-month period, it pre-tax profit increased to RM465.744 million from RM440.261 million while revenue soared to RM4.0 billion from RM3.7 billion, it said in a filing to Bursa Malaysia today.
Nestle said the better results in turnover was in line with the positive developments in both the local and global economies. -- Bernama
However, revenue rose to RM963.893 million from RM950.632 million
previously. For the twelve-month period, it pre-tax profit increased to RM465.744 million from RM440.261 million while revenue soared to RM4.0 billion from RM3.7 billion, it said in a filing to Bursa Malaysia today.
Nestle said the better results in turnover was in line with the positive developments in both the local and global economies. -- Bernama
YTL records RM1.1b pre-tax profit for H1
YTL Corporation Bhd recorded a pre-tax profit of RM1.104 billion for its first half year financial period ended Dec 31, 2010 compared with a pre-tax profit of RM1.017 billion in the same period of 2009.
Revenue rose 13.3 per cent to RM8.904 billion from RM7.857 billion previously, said the group in a statement here today.
The group managing director Tan Sri Francis Yeoh Sock Ping said the growth during the period was driven primarily by strong performance in its key utilities and cement divisions.
Commenting on its other areas, he said the reorganisation of its property development and hotels businesses were still ongoing, as part of the group's strategy to streamline its operation in these areas.
As for its YES 4G mobile Internet with voice service, the company plans to further develop its coverage network and range of devices.
The company also announced a proposed subdivision of every one existing ordinary share of 50 sen each into five ordinary shares of 10 sen each on an entitlement date to be determined later.
It said the proposal was to increase the affordability, liquidity and attractiveness of YTL Corp's shares to potential investors as well as its existing shareholders.
The group utilities unit, YTL Power International Bhd registered a pre-tax profit of RM738.7 million for the first six months of the current financial year on the back of a revenue of RM1.023 billion.
It said the growth in revenue and profit was due mainly to better
performance by the group's foreign operations, whilst the strengthening of the ringgit against functional currencies in which foreign operations were denominated resulted in moderate increase in profit before taxation. -- Bernama
Revenue rose 13.3 per cent to RM8.904 billion from RM7.857 billion previously, said the group in a statement here today.
The group managing director Tan Sri Francis Yeoh Sock Ping said the growth during the period was driven primarily by strong performance in its key utilities and cement divisions.
Commenting on its other areas, he said the reorganisation of its property development and hotels businesses were still ongoing, as part of the group's strategy to streamline its operation in these areas.
As for its YES 4G mobile Internet with voice service, the company plans to further develop its coverage network and range of devices.
The company also announced a proposed subdivision of every one existing ordinary share of 50 sen each into five ordinary shares of 10 sen each on an entitlement date to be determined later.
It said the proposal was to increase the affordability, liquidity and attractiveness of YTL Corp's shares to potential investors as well as its existing shareholders.
The group utilities unit, YTL Power International Bhd registered a pre-tax profit of RM738.7 million for the first six months of the current financial year on the back of a revenue of RM1.023 billion.
It said the growth in revenue and profit was due mainly to better
performance by the group's foreign operations, whilst the strengthening of the ringgit against functional currencies in which foreign operations were denominated resulted in moderate increase in profit before taxation. -- Bernama
AirAsia Q4 net income soars to RM317m
Sime chalks up RM877m Q2 net income
Unisem Q4 net income rises to RM40.7m
'Good chance MRCB will win river project'
Malaysian Resources Corportion Bhd (MRCB) stands a good chance of being selected as one of the developers undertaking the development project for the Rubber Research Institute of Malaysia (RRIM) land, OSK Research says.
'We believe this will provide further upside catalysts for MRCB,' the research house said today.
The joint-venture (JV) between MRCB and Ekovest Bhd yesterday received a Letter of Intent (LOI) from the government for the River of Life Project.
The LOI dated Feb 22, 2011 indicates the intention of the government to obtain the services of the Ekovest-MRCB JV as the Project Delivery Partner (PDP) for the project.
'As the PDP for the project, we believe it is likely for the JV to take the lead in undertaking Phase 1 coupled with partial involvement for the remaining phases,' OSK Research said in a investment research note.
It also believed that the project would definitely enhance MRCB's future orderbook and earnings. OSK Research maintained a trading buy recommendation with unchanged target price of RM2.58 on MRCB. -- Bernama
'We believe this will provide further upside catalysts for MRCB,' the research house said today.
The joint-venture (JV) between MRCB and Ekovest Bhd yesterday received a Letter of Intent (LOI) from the government for the River of Life Project.
The LOI dated Feb 22, 2011 indicates the intention of the government to obtain the services of the Ekovest-MRCB JV as the Project Delivery Partner (PDP) for the project.
'As the PDP for the project, we believe it is likely for the JV to take the lead in undertaking Phase 1 coupled with partial involvement for the remaining phases,' OSK Research said in a investment research note.
It also believed that the project would definitely enhance MRCB's future orderbook and earnings. OSK Research maintained a trading buy recommendation with unchanged target price of RM2.58 on MRCB. -- Bernama
Masteel posts 2010 pre-tax profit of RM30.1m
Malaysia Steel Works (KL) Bhd (Masteel) recorded a pre-tax profit of RM30.1 million for financial year ended Dec 31, 2010 compared to a pre-tax loss of RM8.5 million in the same period of 2009. Its revenue surged to RM1.0 billion from RM687.3 million previously.
In a statement today, managing director/chief executive officer, Datuk Seri Tai Hean Leng, said RM1 billion revenue was not merely a milestone in the group's corporate history, but more so a reflection of its scale of operations since its establishment 40 years ago.
'Given that our electric arc furnace uses scrap metal as the primary feed stock, our steel manufacturing operations are shielded from the impact of rising iron ore and coking coal prices,' he said.
Tai said coupled with the anticipated higher demand for steel bars and billets resulting from the expected recovery in global markets, Masteel was optimistic of sustaining its growth momentum moving forward.
For the fourth quarter ended Dec 31, 2010 its pre-tax profit fell to RM9.68 million from RM10.60 million in the same period of 2009.
'This was largely due to a one-off RM4.3 million provision for a legal suit,' it said. Its revenue increased to RM292 million from RM191.7 million previously. -- Bernama
In a statement today, managing director/chief executive officer, Datuk Seri Tai Hean Leng, said RM1 billion revenue was not merely a milestone in the group's corporate history, but more so a reflection of its scale of operations since its establishment 40 years ago.
'Given that our electric arc furnace uses scrap metal as the primary feed stock, our steel manufacturing operations are shielded from the impact of rising iron ore and coking coal prices,' he said.
Tai said coupled with the anticipated higher demand for steel bars and billets resulting from the expected recovery in global markets, Masteel was optimistic of sustaining its growth momentum moving forward.
For the fourth quarter ended Dec 31, 2010 its pre-tax profit fell to RM9.68 million from RM10.60 million in the same period of 2009.
'This was largely due to a one-off RM4.3 million provision for a legal suit,' it said. Its revenue increased to RM292 million from RM191.7 million previously. -- Bernama
Buy ‘defensive’ Bursa stocks: UOB Kay Hian
Investors should buy 'defensive' stocks with high dividend yields such as Malaysia's DiGi.Com Bhd and PLUS Expressways Bhd to ride out the Middle East turmoil, according to UOB Kay Hian Holdings Ltd.
Commodity and energy-linked sectors such as palm oil and oil and gas companies are also 'obvious beneficiaries' of higher crude oil prices while potential losers are AirAsia Bhd and Tenaga Nasional Bhd, Vincent Khoo, an analyst at UOB Kay Hian, wrote in a report today. - Bloomberg
Commodity and energy-linked sectors such as palm oil and oil and gas companies are also 'obvious beneficiaries' of higher crude oil prices while potential losers are AirAsia Bhd and Tenaga Nasional Bhd, Vincent Khoo, an analyst at UOB Kay Hian, wrote in a report today. - Bloomberg
DiGi hits record high
DiGi.Com Bhd, a Malaysian mobile- phone operator, rose to a record after UOB-Kay Hian Holdings Ltd recommended buying the stock because of its 'high' dividends and 'defensive' qualities amid the Middle East turmoil.
The stock climbed 2.6 per cent to RM26.64 at 12:06 pm local time, set to close at an all-time high, compared with the benchmark FTSE Bursa Malaysia KLCI Index's 0.1 per cent decline. DiGi.Com is the biggest gainer on the gauge today.
'Telecommunications stocks stand out for their high dividend yields backed by stable cashflows, and our top telco pick is DiGi,' Vincent Khoo, an analyst at UOB-Kay Hian, wrote in a report today. 'Stay relatively defensive until the Middle East issue boils over.'
Digi.Com, which has gained 8.5 per cent this year, has a dividend yield of 6.14 per cent, compared with the average of 3.4 per cent for the 30 companies in the benchmark index, according to data compiled by Bloomberg. DiGi.Com and PLUS Expressways Bhd. are among stocks investors should buy as Middle East violence boosts global equity risk premiums and oil prices, Khoo said.
Oil advanced for a sixth day in New York after reaching US$100 a barrel as Libya's violent uprising cut shipments from Africa's third-biggest producer.
The fighting in Libya, which holds Africa's largest oil reserves, is the most violent yet seen in six weeks of popular uprisings across the Middle East and North Africa, which have already unseated longtime rulers in Tunisia and Egypt.
Commodity and energy-linked sectors such as palm oil and oil and gas companies are also 'obvious beneficiaries' of higher oil prices while potential losers are AirAsia Bhd and Tenaga Nasional Bhd, Khoo said. - Bloomberg
The stock climbed 2.6 per cent to RM26.64 at 12:06 pm local time, set to close at an all-time high, compared with the benchmark FTSE Bursa Malaysia KLCI Index's 0.1 per cent decline. DiGi.Com is the biggest gainer on the gauge today.
'Telecommunications stocks stand out for their high dividend yields backed by stable cashflows, and our top telco pick is DiGi,' Vincent Khoo, an analyst at UOB-Kay Hian, wrote in a report today. 'Stay relatively defensive until the Middle East issue boils over.'
Digi.Com, which has gained 8.5 per cent this year, has a dividend yield of 6.14 per cent, compared with the average of 3.4 per cent for the 30 companies in the benchmark index, according to data compiled by Bloomberg. DiGi.Com and PLUS Expressways Bhd. are among stocks investors should buy as Middle East violence boosts global equity risk premiums and oil prices, Khoo said.
Oil advanced for a sixth day in New York after reaching US$100 a barrel as Libya's violent uprising cut shipments from Africa's third-biggest producer.
The fighting in Libya, which holds Africa's largest oil reserves, is the most violent yet seen in six weeks of popular uprisings across the Middle East and North Africa, which have already unseated longtime rulers in Tunisia and Egypt.
Commodity and energy-linked sectors such as palm oil and oil and gas companies are also 'obvious beneficiaries' of higher oil prices while potential losers are AirAsia Bhd and Tenaga Nasional Bhd, Khoo said. - Bloomberg
HLB Q2 profit up 30pc on loan growth
Hong Leong Bank Bhd, a Malaysian lender controlled by billionaire Quek Leng Chan, reported a 30 per cent increase in second-quarter profit as an economic rebound spurred demand for loans.
Net income climbed to RM291.4 million (US$96 million), or 20.07 sen a share, in the three months ended December 31, from RM224.7 million, or 15.51 sen, a year earlier, the Kuala Lumpur-based bank said in a statement today. Sales gained 16 per cent to RM604 million.
Hong Leong joins banks including Malayan Banking Bhd, Malaysia's biggest lender, in reporting higher earnings after the Southeast Asian economy expanded 7.2 per cent in 2010, fueling demand for loans. That was Malaysia's fastest pace of growth in a decade.
'We remain optimistic of the prospects of the bank,' Group Managing Director Yvonne Chia said in a separate statement. 'The rebound in economic activities offers many participative opportunities for the bank.'
Hong Leong fell 1.2 per cent to RM9.29 at the 5 p.m. close in Kuala Lumpur trading before the earnings announcement, and the FTSE Bursa Malaysia KLCI Index declined 0.2 per cent. The stock has gained 11 per cent in the past year.
The latest quarter was Hong Leong's strongest in the past five financial years in terms of pretax profit, Chia said.
Net interest income, or revenue from borrowers after deducting interest paid to depositors, rose 8 per cent to RM373.4 million. Total loans expanded 16 per cent on an annualized basis in the first six months of the fiscal year. -- Bloomberg
Net income climbed to RM291.4 million (US$96 million), or 20.07 sen a share, in the three months ended December 31, from RM224.7 million, or 15.51 sen, a year earlier, the Kuala Lumpur-based bank said in a statement today. Sales gained 16 per cent to RM604 million.
Hong Leong joins banks including Malayan Banking Bhd, Malaysia's biggest lender, in reporting higher earnings after the Southeast Asian economy expanded 7.2 per cent in 2010, fueling demand for loans. That was Malaysia's fastest pace of growth in a decade.
'We remain optimistic of the prospects of the bank,' Group Managing Director Yvonne Chia said in a separate statement. 'The rebound in economic activities offers many participative opportunities for the bank.'
Hong Leong fell 1.2 per cent to RM9.29 at the 5 p.m. close in Kuala Lumpur trading before the earnings announcement, and the FTSE Bursa Malaysia KLCI Index declined 0.2 per cent. The stock has gained 11 per cent in the past year.
The latest quarter was Hong Leong's strongest in the past five financial years in terms of pretax profit, Chia said.
Net interest income, or revenue from borrowers after deducting interest paid to depositors, rose 8 per cent to RM373.4 million. Total loans expanded 16 per cent on an annualized basis in the first six months of the fiscal year. -- Bloomberg
OSK Prop posts higher Q4 pre-tax profit
OSK Property Holdings Bhd posted a higher pre-tax profit of RM7.7 million for the fourth-quarter ended Dec 31, 2010, up 89 per cent from RM4.1 million registered in last quarter of 2009.
Revenue rose to RM42.3 million, during the period under review, from RM39.9 million chalked up previously, it said in a filing to Bursa Malaysia today.
For the financial year ended Dec 31, 2010, pre-tax profit rose to RM26.7 million, up 124 per cent against RM11.9 million recorded in 2009.
Revenue increased to RM144.87 million, from RM125.8 million raked in previously, the company said in a filing to Bursa Malaysia today.
The group's improved performance is attributable to improved sales from all projects located in the Klang Valley, Seremban and Sungai Petani. -- Bernama
Revenue rose to RM42.3 million, during the period under review, from RM39.9 million chalked up previously, it said in a filing to Bursa Malaysia today.
For the financial year ended Dec 31, 2010, pre-tax profit rose to RM26.7 million, up 124 per cent against RM11.9 million recorded in 2009.
Revenue increased to RM144.87 million, from RM125.8 million raked in previously, the company said in a filing to Bursa Malaysia today.
The group's improved performance is attributable to improved sales from all projects located in the Klang Valley, Seremban and Sungai Petani. -- Bernama
Kossan Q4 profit swells to RM35m
Kossan Rubber Industries Bhd's pre-tax profit increased to RM34.91 million in the fourth quarter ended Dec 31, 2010, from RM31.56 million in the same period 2009.
Revenue rose to RM252.97 from RM227.74 million previously.
For the financial year ended Dec 31, 2010, the company''s pre-tax profit increased to RM148.06 million from RM85.82 million in the previous year.
Revenue for the period increased to RM1.047 billion from RM842.13 million previously.
Kossan Rubber in a filing to Bursa Malaysia today said the increase in the pre-tax profit is attributed to the company's expansion in the gloves division with a better product mix and margin.
On prospects, it said demand for gloves remains good for the year, and the management is cautiously optimistic of consistent performance in the 2011 financial year. -- Bernama
Revenue rose to RM252.97 from RM227.74 million previously.
For the financial year ended Dec 31, 2010, the company''s pre-tax profit increased to RM148.06 million from RM85.82 million in the previous year.
Revenue for the period increased to RM1.047 billion from RM842.13 million previously.
Kossan Rubber in a filing to Bursa Malaysia today said the increase in the pre-tax profit is attributed to the company's expansion in the gloves division with a better product mix and margin.
On prospects, it said demand for gloves remains good for the year, and the management is cautiously optimistic of consistent performance in the 2011 financial year. -- Bernama
Wednesday, February 23, 2011
Tan Chong pre-tax profit surges to RM323m
Tan Chong Motor Holdings Bhd's pre-tax profit for the financial year ended Dec 31, 2010, rose significantly to RM322.6 million from RM177.2 million registered in 2009.
Revenue also increased to RM3.5 billion, during the period under review, from RM2.86 billion recorded previously.
For the fourth-quarter ended Dec 31, 2010, pre-tax profit was higher at RM66.3 million from RM42.7 million recorded in the last quarter of 2009, the company said in an announcement to Bursa Malaysia today.
Meanwhile, revenue, during the quarter, improved to RM835.4 million from RM720.2 million previously. 'Overall performance shows a disciplined approach to execute our long-term business plan even as total industry volume peaked,' it added. -- Bernama
Revenue also increased to RM3.5 billion, during the period under review, from RM2.86 billion recorded previously.
For the fourth-quarter ended Dec 31, 2010, pre-tax profit was higher at RM66.3 million from RM42.7 million recorded in the last quarter of 2009, the company said in an announcement to Bursa Malaysia today.
Meanwhile, revenue, during the quarter, improved to RM835.4 million from RM720.2 million previously. 'Overall performance shows a disciplined approach to execute our long-term business plan even as total industry volume peaked,' it added. -- Bernama
Media Prima on track on TV3N sale
Media Prima Bhd is on track to complete its proposed disposal of 90 per cent equity interest in TV3 Network Ltd (TV3N) by the third quarter of this year, said its group managing director, Datuk Amrin Awaluddin.
'We hope to complete the disposal by third quarter of this year because we need to obtain approval from the local authority in Ghana. We will continue with our venture overseas,' Amrin said when asked on the proposed disposal of the stake in TV3N.
Earlier here today, Amrin announced Media Prima's financial results for 2010. TV3N is a company incorporated in Ghana. Media Prima's wholly-owned subsidiary, Gama Media International (BVI) Ltd (GMI) has entered into a sale and purchase agreement recently to divest its stake to Media General Ghana Ltd for RM8.63 million. -- Bernama
'We hope to complete the disposal by third quarter of this year because we need to obtain approval from the local authority in Ghana. We will continue with our venture overseas,' Amrin said when asked on the proposed disposal of the stake in TV3N.
Earlier here today, Amrin announced Media Prima's financial results for 2010. TV3N is a company incorporated in Ghana. Media Prima's wholly-owned subsidiary, Gama Media International (BVI) Ltd (GMI) has entered into a sale and purchase agreement recently to divest its stake to Media General Ghana Ltd for RM8.63 million. -- Bernama
IJM Plantation reaps RM59.8m Q3 profit
IJM Plantation Bhd chalked up a higher pre-tax profit of RM59.830 million for the third-quarter ended Dec 31, 2010 from RM51.631 million registered in the corresponding period.
Revenue increased to RM160.426 million from RM120.924 million previously.
In a filing to Bursa Malaysia today, IJM said the higher revenue resulted from higher average realised selling prices for both crude palm oil and palm kernel oil.
The average realised price for crude palm oil stood at RM2,914 per tonne compared with RM2,202 per tonne recorded in the corresponding quarter. -- Bernama
Revenue increased to RM160.426 million from RM120.924 million previously.
In a filing to Bursa Malaysia today, IJM said the higher revenue resulted from higher average realised selling prices for both crude palm oil and palm kernel oil.
The average realised price for crude palm oil stood at RM2,914 per tonne compared with RM2,202 per tonne recorded in the corresponding quarter. -- Bernama
IJM Corp pre-tax rises to RM601.52m
IJM Corp Bhd's pre-tax profit for financial year ended Dec 31, 2010 rose to RM601.524 million from RM415.189 million in the same period of 2009.
Its revenue, however, declined to RM2.673 billion from RM3.147 billion previously. For the fourth quarter ended Dec 31, 2010, its pre-tax profit increased to RM224.096 million from RM160.562 million in the same quarter 2009.
Its revenue, however, fell to RM901.345 million from RM936.308 million previously. In a filing to Bursa Malaysia today, IJM said the business environment for the group's activities would be challenging with the potential destabilising effects on global financial markets.
It said the construction division's performance was expected to improve as order book replenishment prospects remained encouraging.
'The performance of the group's property division is expected to grow in significance in the current financial year given improved consumer sentiments, attractive mortgage environment as well as recent successful project launches,' it said.
Barring any unforeseen circumstances, IJM said it would achieve satisfactory results for the current financial year. -- Bernama
Its revenue, however, declined to RM2.673 billion from RM3.147 billion previously. For the fourth quarter ended Dec 31, 2010, its pre-tax profit increased to RM224.096 million from RM160.562 million in the same quarter 2009.
Its revenue, however, fell to RM901.345 million from RM936.308 million previously. In a filing to Bursa Malaysia today, IJM said the business environment for the group's activities would be challenging with the potential destabilising effects on global financial markets.
It said the construction division's performance was expected to improve as order book replenishment prospects remained encouraging.
'The performance of the group's property division is expected to grow in significance in the current financial year given improved consumer sentiments, attractive mortgage environment as well as recent successful project launches,' it said.
Barring any unforeseen circumstances, IJM said it would achieve satisfactory results for the current financial year. -- Bernama
APM pre-tax profit rises to RM184.5m in 2010
APM Automotive Holdings Bhd's pre-tax profit for the financial year ended Dec 31, 2010 rose by 83.4 per cent to RM184.5 million from RM100.6 million in the same period of 2009.
Its revenue exceeded the billion ringgit mark for the first time to RM1.18 billion, representing a 28.3 per cent increase over the RM918.5 million achieved previously.
In a filing to Bursa Malaysia, APM said the exceptional performance was mainly driven by the strong growth in production of new vehicles in the domestic market.
'Production of new vehicles in Malaysia increased by 16 per cent to 567,715 units from 489,269 units in 2009, allowing the company to enjoy further economies of scale.
'The strong growth in Indonesia also added positively to the overall performance of the company,' it said.
For the fourth quarter ended Dec 31, 2010, its pre-tax profit increased by 52 per cent to RM45.7 million from RM30.2 million in the same quarter of 2009.
'This was contributed mainly by the exceptionally good performance of interior and plastics segment,' it said.
Revenue increased by 7.1 per cent to RM287.9 million from RM268.9 million previously.
APM said it was positive on the outlook of the motor vehicle industry in Malaysia and Indonesia.
'With the launch of some major replacement models, it is hopeful that these new models will generate more buying interest during the year,' it said.
However, higher raw material and fuel prices could adversely affect the company''s operating costs and margins, it said. -- Bernama
Its revenue exceeded the billion ringgit mark for the first time to RM1.18 billion, representing a 28.3 per cent increase over the RM918.5 million achieved previously.
In a filing to Bursa Malaysia, APM said the exceptional performance was mainly driven by the strong growth in production of new vehicles in the domestic market.
'Production of new vehicles in Malaysia increased by 16 per cent to 567,715 units from 489,269 units in 2009, allowing the company to enjoy further economies of scale.
'The strong growth in Indonesia also added positively to the overall performance of the company,' it said.
For the fourth quarter ended Dec 31, 2010, its pre-tax profit increased by 52 per cent to RM45.7 million from RM30.2 million in the same quarter of 2009.
'This was contributed mainly by the exceptionally good performance of interior and plastics segment,' it said.
Revenue increased by 7.1 per cent to RM287.9 million from RM268.9 million previously.
APM said it was positive on the outlook of the motor vehicle industry in Malaysia and Indonesia.
'With the launch of some major replacement models, it is hopeful that these new models will generate more buying interest during the year,' it said.
However, higher raw material and fuel prices could adversely affect the company''s operating costs and margins, it said. -- Bernama
IJM Land post RM105.6m pre-tax in Q3, 2010
IJM Land Bhd posted a higher pre-tax profit of RM105.57 million for the third-quarter ended Dec 31, 2010, compared with RM34.22 million registered in the previous corresponding quarter.
In a filing to Bursa Malaysia today, it attributed the significant increase in pre-tax profit to the disposal of a subsidiary, Delta Awana Sdn Bhd, along with higher profit margins.
Revenue, however, declined four per cent to RM255.2 million compared with RM266.35 million recorded previously. For the nine-month period ended Dec 31, 2010, the group recorded a higher pre-tax profit of RM227.72 million compared with
RM122.2 million registered in the previous corresponding period.
It, however, recorded a lower revenue of RM833.11 million against RM855.36 million achieved previously.
'On the back of the group's strong unbilled sales, the group is expected to deliver better financial results for the current fiscal year,' it said. -- Bernama
In a filing to Bursa Malaysia today, it attributed the significant increase in pre-tax profit to the disposal of a subsidiary, Delta Awana Sdn Bhd, along with higher profit margins.
Revenue, however, declined four per cent to RM255.2 million compared with RM266.35 million recorded previously. For the nine-month period ended Dec 31, 2010, the group recorded a higher pre-tax profit of RM227.72 million compared with
RM122.2 million registered in the previous corresponding period.
It, however, recorded a lower revenue of RM833.11 million against RM855.36 million achieved previously.
'On the back of the group's strong unbilled sales, the group is expected to deliver better financial results for the current fiscal year,' it said. -- Bernama
Mamee profit down RM52.5m in 2010
Mamee-Double Decker (M) Bhd's pre-tax profit was down to RM52.5 million for the financial year ended Dec 31, 2010 from RM55.6 million for the same period previously.
Its revenue however, rose to RM482.5 million, from RM411.6 million previously.
The company said in a statement today, the higher revenue was attributed to its stronger distribution network locally and overseas, as well as effective advertising and promotional activities during the year.
Meanwhile, group managing director Datuk Pang Tee Chew said, financial year 2010 was a momentous one for the company as it launched three new products and strengthened distribution channels in the domestic and foreign markets to achieve deeper penetration.
He added that the company's overseas revenue grew at a quicker pace of 20 per cent year-on-year, with the highest growth noted in Australia, its largest export market. -- Bernama
Its revenue however, rose to RM482.5 million, from RM411.6 million previously.
The company said in a statement today, the higher revenue was attributed to its stronger distribution network locally and overseas, as well as effective advertising and promotional activities during the year.
Meanwhile, group managing director Datuk Pang Tee Chew said, financial year 2010 was a momentous one for the company as it launched three new products and strengthened distribution channels in the domestic and foreign markets to achieve deeper penetration.
He added that the company's overseas revenue grew at a quicker pace of 20 per cent year-on-year, with the highest growth noted in Australia, its largest export market. -- Bernama
Coastal Contracts post higher pre-tax in 2010
Coastal Contracts Bhd has reported higher profit before tax of RM200.169 million for the year ended Dec 31, 2010 from RM163.107 million previously.
Revenue increased to RM675.255 million from RM466.058 million, the company said in a filing to Bursa Malaysia today.
For the fourth quarter 2010, its profit before tax increased to RM54.964 million from RM54.193 million while revenue rose to RM203.403 million from RM150.901 in the previous corresponding period.
'The current quarter's strong performance was underpinned mainly by the delivery of higher end vessels,' Coastal Contracts said.
It also said that barring adverse changes in the global and regional economic outlook, the company expected a reasonably satisfactory financial performance for 2011, backed by the strong revenue visibility of the shipbuilding division's vessel sales order book. -- Bernama
Revenue increased to RM675.255 million from RM466.058 million, the company said in a filing to Bursa Malaysia today.
For the fourth quarter 2010, its profit before tax increased to RM54.964 million from RM54.193 million while revenue rose to RM203.403 million from RM150.901 in the previous corresponding period.
'The current quarter's strong performance was underpinned mainly by the delivery of higher end vessels,' Coastal Contracts said.
It also said that barring adverse changes in the global and regional economic outlook, the company expected a reasonably satisfactory financial performance for 2011, backed by the strong revenue visibility of the shipbuilding division's vessel sales order book. -- Bernama
Tuesday, February 22, 2011
Pelikan pre-tax profit rises to RM167.62m
Pelikan International Corp Bhd's pre-tax profit for financial year ended Dec 31, 2010 rose to RM167.626 million from
RM50.143 million in the same period of 2009.
Revenue increased to RM1.787 billion from RM1.202 billion previously, it said in a filing to Bursa Malaysia today.
For the fourth quarter ended Dec 31, 2010, its pre-tax loss was reduced to RM597,000 from RM10.243 million in the same quarter 2009.
Its revenue, however, increased to RM487.828 million from RM261.300 million previously as a result of the full consolidation of the newly-acquired Herlitz
business.
Pelikan said the group did not expect significant improvement in turnover this year. -- Bernama
RM50.143 million in the same period of 2009.
Revenue increased to RM1.787 billion from RM1.202 billion previously, it said in a filing to Bursa Malaysia today.
For the fourth quarter ended Dec 31, 2010, its pre-tax loss was reduced to RM597,000 from RM10.243 million in the same quarter 2009.
Its revenue, however, increased to RM487.828 million from RM261.300 million previously as a result of the full consolidation of the newly-acquired Herlitz
business.
Pelikan said the group did not expect significant improvement in turnover this year. -- Bernama
Parkson posts RM205m pre-tax profit for Q2
Parkson Holdings Bhd has chalked up a higher pre-tax profit of RM204.997 million for the second quarter ended Dec 31, 2010 from RM192.234 million in the previous corresponding quarter. Revenue rose to RM756.380 million from RM709.319 million.
In a filing to Bursa Malaysia today, the company said continuous efforts to improve productivity of Parkson stores through merchandise upgrading and realignment of the floor space utilisation enabled the group to deliver healthy same store sales growth for the six months across all three markets in Malaysia, China and Vietnam.
'However, due to weakening of the Chinese renmimbi and Vietnamese dong against the Malaysian ringgit, lower results were consolidated into the group.
'Revenue for the six months under review was only five percent higher at RM1,413 million compared to RM1,351 million a year ago with profit before taxation reported at RM373 million,' it said. -- Bernama
In a filing to Bursa Malaysia today, the company said continuous efforts to improve productivity of Parkson stores through merchandise upgrading and realignment of the floor space utilisation enabled the group to deliver healthy same store sales growth for the six months across all three markets in Malaysia, China and Vietnam.
'However, due to weakening of the Chinese renmimbi and Vietnamese dong against the Malaysian ringgit, lower results were consolidated into the group.
'Revenue for the six months under review was only five percent higher at RM1,413 million compared to RM1,351 million a year ago with profit before taxation reported at RM373 million,' it said. -- Bernama
Frontken pre-tax profit up 63pc for 2010
Frontken Corporation Bhd's pre-tax profit rose 63.1 per cent to RM13.2 million for the financial year ended Dec 31, 2010
from RM8.1 million previously.
Its revenue increased to RM146.7 million from RM137.4 million previously amid higher demand for the group's services in Singapore and the Philippines.
'The higher pre-tax profit for financial year 2010 was mainly due to higher margin during the current period arising from lower subcontracting cost and share of profit of associates during the current financial year as compared to share of losses of associates in the preceding year,' the company said in a
filing to Bursa Malaysia today.
For the fourth quarter ended Dec 31, 2010, Frontken posted a pre-tax profit of RM2.4 million compared with a pre-tax loss of RM303,000 in the same quarter of 2009.
Revenue increased to RM42.1 million from RM34.3 million previously. -- Bernama
from RM8.1 million previously.
Its revenue increased to RM146.7 million from RM137.4 million previously amid higher demand for the group's services in Singapore and the Philippines.
'The higher pre-tax profit for financial year 2010 was mainly due to higher margin during the current period arising from lower subcontracting cost and share of profit of associates during the current financial year as compared to share of losses of associates in the preceding year,' the company said in a
filing to Bursa Malaysia today.
For the fourth quarter ended Dec 31, 2010, Frontken posted a pre-tax profit of RM2.4 million compared with a pre-tax loss of RM303,000 in the same quarter of 2009.
Revenue increased to RM42.1 million from RM34.3 million previously. -- Bernama
MMC boosts profit to RM856m for 2010
MMC Corporation Bhd's profit before zakat and taxation increased to RM855.7 million for the financial year ended Dec 31, 2010 from RM681.6 million in the previous year.
Its revenue went up 4.9 per cent to RM8.86 billion from RM8.44 billion a year ago.
In a filing to Bursa Malaysia today, MMC said profit from the energy and utilities division rose by RM30.5 million or 4.2 per cent due to the higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan.
Lower losses were recorded by its Corporate and Others divisions by RM146.5 million or 88.7 per cent mainly due to gain on disposal of investment in Sime Darby Bhd and Integrated Rubber Corporation Bhd.
However, for the fourth quarter ended Dec 31, 2010, MMC's profit before zakat and taxation was RM121.9 million as compared to RM348.2 million in the preceding quarter.
This was mainly due to lower contribution from the energy and utilities division as a result of the provision for impairment loss on intangible assets of an associate, it said.
Its revenue rose to RM2.25 billion from RM2.2 billion previously. -- Bernama
Its revenue went up 4.9 per cent to RM8.86 billion from RM8.44 billion a year ago.
In a filing to Bursa Malaysia today, MMC said profit from the energy and utilities division rose by RM30.5 million or 4.2 per cent due to the higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan.
Lower losses were recorded by its Corporate and Others divisions by RM146.5 million or 88.7 per cent mainly due to gain on disposal of investment in Sime Darby Bhd and Integrated Rubber Corporation Bhd.
However, for the fourth quarter ended Dec 31, 2010, MMC's profit before zakat and taxation was RM121.9 million as compared to RM348.2 million in the preceding quarter.
This was mainly due to lower contribution from the energy and utilities division as a result of the provision for impairment loss on intangible assets of an associate, it said.
Its revenue rose to RM2.25 billion from RM2.2 billion previously. -- Bernama
Eng Teknologi post pre-tax profit of RM51.3m
Eng Teknologi Holdings Bhd's pre-tax profit increased four per cent to RM51.3 million for the financial year ended Dec 31, 2010 from RM49.2 million in the previous year.
Its revenue rose 17 per cent to RM557.3 million from RM474.9 million previously.
In a filing to Bursa Malaysia today, it said the results were the highest ever achieved by the company as global hard disk drive (HDD) demand improved during the year.
However, for the fourth quarter ended Dec 31, 2010, the company's pre-tax profit dropped by 58 per cent to RM9.6 million from RM22.8 million in the same quarter of 2009. Revenue declined to RM136.5 million from RM143.1 million previously.
The company said business during the period was difficult with
adverse foreign exchange rates impacts and product price erosions.
The consequence was a significant drop in margin achieved, it added. Nevertheless, the company said it looked to further growth this year with plans to increase market share in all its business sectors. -- Bernama
Its revenue rose 17 per cent to RM557.3 million from RM474.9 million previously.
In a filing to Bursa Malaysia today, it said the results were the highest ever achieved by the company as global hard disk drive (HDD) demand improved during the year.
However, for the fourth quarter ended Dec 31, 2010, the company's pre-tax profit dropped by 58 per cent to RM9.6 million from RM22.8 million in the same quarter of 2009. Revenue declined to RM136.5 million from RM143.1 million previously.
The company said business during the period was difficult with
adverse foreign exchange rates impacts and product price erosions.
The consequence was a significant drop in margin achieved, it added. Nevertheless, the company said it looked to further growth this year with plans to increase market share in all its business sectors. -- Bernama
Petronas Gas Q3 net income rises 50.4pc
Petronas Gas Bhd, a Malaysian natural gas distributor, said third-quarter net income jumped 50.4 per cent to RM400.7 million from RM266.5 million.
Revenue climbed to RM892.7 million from RM810.9 million a year ago, the company said in an exchange filing today. This was due to higher gas processing and gas transportation revenue, it said in the statement. -- Bloomberg
Revenue climbed to RM892.7 million from RM810.9 million a year ago, the company said in an exchange filing today. This was due to higher gas processing and gas transportation revenue, it said in the statement. -- Bloomberg
Genting Plant profit jumps to RM440m in 2010
Genting Plantation Bhd (GPB) posted a higher pre-tax profit of RM439.7 million for the financial year ended Dec 31,
2010 compared with RM301.93 million registered in 2009.
Revenue jumped to RM988.5 million, during the period under review, from RM755.5 million previously.
The stronger 2010 results were principally due to higher palm product prices and a three per cent, year on year, increase in fresh fruit bunch production, as well as gains accrued from dilution of shareholdings.
In a statement, GPB said contribution from the group's property segment was also higher in 2010, with revenue and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) up one per cent and 49 per cent, respectively, from the previous year due mainly to higher sales and completion of certain phases of ongoing projects.
The biotechnology segment recorded bigger losses last year mainly because of higher operational expenses incurred and foreign exchange losses.
On outlook, Genting Plantation said prevailing favourable palm product prices and anticipated increase in crop production were expected to underpin improvement in the group's performance in the current financial year.
A special dividend of three sen, per ordinary share of 50 sen
each, less 25 per cent tax, was declared.
A final dividend of 5.5 sen per ordinary share of 50 sen each, less 25 per cent tax, has been recommended for last year. -- Bernama
2010 compared with RM301.93 million registered in 2009.
Revenue jumped to RM988.5 million, during the period under review, from RM755.5 million previously.
The stronger 2010 results were principally due to higher palm product prices and a three per cent, year on year, increase in fresh fruit bunch production, as well as gains accrued from dilution of shareholdings.
In a statement, GPB said contribution from the group's property segment was also higher in 2010, with revenue and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) up one per cent and 49 per cent, respectively, from the previous year due mainly to higher sales and completion of certain phases of ongoing projects.
The biotechnology segment recorded bigger losses last year mainly because of higher operational expenses incurred and foreign exchange losses.
On outlook, Genting Plantation said prevailing favourable palm product prices and anticipated increase in crop production were expected to underpin improvement in the group's performance in the current financial year.
A special dividend of three sen, per ordinary share of 50 sen
each, less 25 per cent tax, was declared.
A final dividend of 5.5 sen per ordinary share of 50 sen each, less 25 per cent tax, has been recommended for last year. -- Bernama
Parkson to accelerate expansion in China
Parkson Retail Group Ltd, the Beijing-based department-store chain controlled by Malaysia's Lion Group, will accelerate its expansion in China in the next three years.
The company will open 8 to 9 stores a year through 2013, after opening 5 last year, Managing Director Alfred Cheng told reporters in Hong Kong.
The retailer said 2010 net income jumped 9 per cent to 992 million yuan (US$151 million), compared with the 1.07 billion yuan average of 13 analyst estimates compiled by Bloomberg.
Parkson is opening more stores in China as spending on clothes, cosmetics and home appliances surges. The number of middle-income and affluent consumers in the nation, which overtook Japan as the second-biggest economy in 2010, could almost triple over the next 10 years, according to Boston Consulting Group Inc.
The company will spend as much as 500 million yuan this year on new stores and remodeling existing outlets, Cheng said. It invested 300 million yuan on expansion last year.
'Of course the store opening program will bring short-term pain,' Cheng said. 'But we believe that in the longer term, the strategy is correct.'
The company's China expansion will 'rejuvenate' its stores and sustain earnings growth in the medium term although startup costs will be a 'drag,' Mabel Wong, a Hong Kong-based analyst at Deutsche Bank AG, said in a research report Feb. 14. -- Bloomberg
The company will open 8 to 9 stores a year through 2013, after opening 5 last year, Managing Director Alfred Cheng told reporters in Hong Kong.
The retailer said 2010 net income jumped 9 per cent to 992 million yuan (US$151 million), compared with the 1.07 billion yuan average of 13 analyst estimates compiled by Bloomberg.
Parkson is opening more stores in China as spending on clothes, cosmetics and home appliances surges. The number of middle-income and affluent consumers in the nation, which overtook Japan as the second-biggest economy in 2010, could almost triple over the next 10 years, according to Boston Consulting Group Inc.
The company will spend as much as 500 million yuan this year on new stores and remodeling existing outlets, Cheng said. It invested 300 million yuan on expansion last year.
'Of course the store opening program will bring short-term pain,' Cheng said. 'But we believe that in the longer term, the strategy is correct.'
The company's China expansion will 'rejuvenate' its stores and sustain earnings growth in the medium term although startup costs will be a 'drag,' Mabel Wong, a Hong Kong-based analyst at Deutsche Bank AG, said in a research report Feb. 14. -- Bloomberg
Malaysia planters cut to 'neutral'
The Malaysian plantation sector was downgraded to 'neutral' from 'overweight' at ECM Libra Capital Sdn Bhd as palm oil production may 'recover' this year due to a tapering off of the La Nina weather event.
Crude palm oil prices 'have room to correct further,' analyst Bernard Ching wrote in a report today. The average crude palm oil price was maintained at RM2,700 a metric ton. -- Bloomberg
Crude palm oil prices 'have room to correct further,' analyst Bernard Ching wrote in a report today. The average crude palm oil price was maintained at RM2,700 a metric ton. -- Bloomberg
Malaysia food, drink sector downgraded
MAHB, NIB ventures into China
Malaysia Airports Holdings Bhd (MAHB) marked its maiden venture into China today with the signing of a joint cooperation agreement with Nagamas International Bhd (NIB).
The agreement will faciliate the joint provision of airport operation, management and technical consultancy services for the Yongzhou Lingling Airport in China.
'China still remains a huge potential businss destination for us and we have taken another step forward towards venturing into China, as we have the expertise to manage airports, globally,' MAHB Chairman Tan Sri Dr Aris Othman told reporters here today.
He said the Yongzhou airport presented great potential to become a cargo hub and MAHB would conduct some preliminary studies and review options to expand the airport.
'When we improve the facilities and make the airport more efficient, it will attract more airlines to land there,' he said.
He added the airport still had potential as passenger traffic had doubled in 2010 to 60,000 passengers from 30,000 passengers in 2009. However, no investment value was revealed as the venture was still in preliminary discussions.
Asked on possible acquisitions that may support the project, Aris
said MAHB currently had its resources tied to the new KLIA2 project and its manpower was spread across the countries it was involved in.
The agreement today was signed between subsidiary, Malaysia Airports Consultancy Services Sdn Bhd and NIB's Hong Kong-based wholly-owned subsidiary, Nagamas Enterprise (HK) Ltd, witnessed by Deputy Finance Minister Datuk Donald Lim Siang Chai and Yongzhou Mayor Gong Wusheng.
At the same ceremony, Nagamas also signed a joint cooperation agreement with the People's Government of Yongzhou City to embark on the China-Asean Green Free Trade Zone project.
Nagamas International Chairman Datuk Ng Kek Kiong said the project entailed main tourism economic development, the development of a halal industrial park coupled with a budget international airport with aspirations to become a
logistics hub. -- Bernama
The agreement will faciliate the joint provision of airport operation, management and technical consultancy services for the Yongzhou Lingling Airport in China.
'China still remains a huge potential businss destination for us and we have taken another step forward towards venturing into China, as we have the expertise to manage airports, globally,' MAHB Chairman Tan Sri Dr Aris Othman told reporters here today.
He said the Yongzhou airport presented great potential to become a cargo hub and MAHB would conduct some preliminary studies and review options to expand the airport.
'When we improve the facilities and make the airport more efficient, it will attract more airlines to land there,' he said.
He added the airport still had potential as passenger traffic had doubled in 2010 to 60,000 passengers from 30,000 passengers in 2009. However, no investment value was revealed as the venture was still in preliminary discussions.
Asked on possible acquisitions that may support the project, Aris
said MAHB currently had its resources tied to the new KLIA2 project and its manpower was spread across the countries it was involved in.
The agreement today was signed between subsidiary, Malaysia Airports Consultancy Services Sdn Bhd and NIB's Hong Kong-based wholly-owned subsidiary, Nagamas Enterprise (HK) Ltd, witnessed by Deputy Finance Minister Datuk Donald Lim Siang Chai and Yongzhou Mayor Gong Wusheng.
At the same ceremony, Nagamas also signed a joint cooperation agreement with the People's Government of Yongzhou City to embark on the China-Asean Green Free Trade Zone project.
Nagamas International Chairman Datuk Ng Kek Kiong said the project entailed main tourism economic development, the development of a halal industrial park coupled with a budget international airport with aspirations to become a
logistics hub. -- Bernama
PLUS minorities set to accept offer
THE extraordinary general meeting of PLUS Expressways Bhd (PLUS) tomorrow looks set to be a 'done deal' with minorities expected to vote in favour of the bid by UEM Group Bhd and the Employees Provident Fund (EPF) to acquire all its assets and liabilities.
Analysts and bankers have repeatedly said that the price of RM4.60 is reasonable and urged shareholders to accept the offer.
Minorities such as Kumpulan Wang Persaraan (KWAP), Lembaga Tabung Haji and Permodalan Nasional Bhd are likely to vote in favour of the offer.
The decision to privatise PLUS was made by Prime Minister Datuk Seri Najib Tun Razak when he unveiled the 2011 national budget last year where he also announced the freezing of toll hikes at four highways owned by PLUS over the next five years.
The government's move is to pave the way for a reduction in toll rates and this may consequently affect the level of profitability that PLUS used to enjoy in the past.
Industry watchers say that the government appears to be undoing the old economic models -- with no compensation paid to concessionaires and freezing toll hikes in exchange for the lengthening of concession periods.
Previously, the government had compensated operators in cash and subsequently extended their concession periods in exchange for holding on to their existing toll rates.
Industry watchers say that the previous model was not sustainable in the long-run due to the tightening of fiscal policy.
They add that the re-negotiation of the concession with PLUS is a trail blazer for the government, which has also started to re-negotiate with other toll concessionaires, to lighten the burden on motorists.
Last Friday, the toll at the Petaling Jaya Selatan 2 (PJS2) toll plaza along the New Pantai Expressway (NPE) near Kampung Medan in Petaling Jaya, was reduced to RM1 from RM1.60 previously.
Meanwhile, MTD Capital has proposed a toll freeze on two of its highways without compensation. The toll concession on a third highway belonging to MTD will be abolished in May, ahead of expiry in 2018.
With the government bent on redressing toll concessions that are seen as lop-sided, especially to the government and consumers, the question uppermost on the minds of minority shareholders of PLUS, is whether the offer price of RM4.60 is reflective of the fundamentals of the stock.
Numerous analysts and investment houses have urged minority shareholders to 'cash-out' as the offer price of RM4.60 would see them exiting with handsome gains.
Analyst Hoy Ken Mak of AmResarch says the offer of RM4.60 is deemed fair as it is below the fair value of RM4.72.
Hoy adds that PLUS is an excellent trading stock but cautions that yields of 4.0 to 5.0 per cent are no longer promising and its contributions from overseas ventures may not be significant.
Bernard Ching of ECM Libra advises investors to take profits on continued uncertainty of the takeover, the long gestation period to complete the exercise and opportunity cost amidst the current market rally.
On the technicals of the share price, the chief technical analyst at Affin Bank, Dr Nazri Khan, said the offer price of PLUS is reasonable, adding that shareholders are likely to garner about 30 to 40 per cent in premium.
PLUS announced in October 2010 that it had received a joint-offer from major shareholders, UEM Group and EPF, to acquire all the business undertakings assets and liabilities of the group at a purchase consideration of RM23 billion or RM4.60 per share.
Both parties will then form a Special Purpose Vehicle (SPV) that is to be formed between UEM Group and EPF to facilitate the deal on 51:49 basis.
Thereafter, all the assets and liabilities of PLUS Expressways Bhd, will be transferred to the SPV.
As interested parties in the transactions, Khazanah Nasional, UEM Group and EPF will not be able to vote on the joint-offer as they hold 67.5 per cent of the shares in total.
The deal will pass if the simple majority of the remaining 32.55 per cent of shareholders vote in favour of it. - BERNAMA
Analysts and bankers have repeatedly said that the price of RM4.60 is reasonable and urged shareholders to accept the offer.
Minorities such as Kumpulan Wang Persaraan (KWAP), Lembaga Tabung Haji and Permodalan Nasional Bhd are likely to vote in favour of the offer.
The decision to privatise PLUS was made by Prime Minister Datuk Seri Najib Tun Razak when he unveiled the 2011 national budget last year where he also announced the freezing of toll hikes at four highways owned by PLUS over the next five years.
The government's move is to pave the way for a reduction in toll rates and this may consequently affect the level of profitability that PLUS used to enjoy in the past.
Industry watchers say that the government appears to be undoing the old economic models -- with no compensation paid to concessionaires and freezing toll hikes in exchange for the lengthening of concession periods.
Previously, the government had compensated operators in cash and subsequently extended their concession periods in exchange for holding on to their existing toll rates.
Industry watchers say that the previous model was not sustainable in the long-run due to the tightening of fiscal policy.
They add that the re-negotiation of the concession with PLUS is a trail blazer for the government, which has also started to re-negotiate with other toll concessionaires, to lighten the burden on motorists.
Last Friday, the toll at the Petaling Jaya Selatan 2 (PJS2) toll plaza along the New Pantai Expressway (NPE) near Kampung Medan in Petaling Jaya, was reduced to RM1 from RM1.60 previously.
Meanwhile, MTD Capital has proposed a toll freeze on two of its highways without compensation. The toll concession on a third highway belonging to MTD will be abolished in May, ahead of expiry in 2018.
With the government bent on redressing toll concessions that are seen as lop-sided, especially to the government and consumers, the question uppermost on the minds of minority shareholders of PLUS, is whether the offer price of RM4.60 is reflective of the fundamentals of the stock.
Numerous analysts and investment houses have urged minority shareholders to 'cash-out' as the offer price of RM4.60 would see them exiting with handsome gains.
Analyst Hoy Ken Mak of AmResarch says the offer of RM4.60 is deemed fair as it is below the fair value of RM4.72.
Hoy adds that PLUS is an excellent trading stock but cautions that yields of 4.0 to 5.0 per cent are no longer promising and its contributions from overseas ventures may not be significant.
Bernard Ching of ECM Libra advises investors to take profits on continued uncertainty of the takeover, the long gestation period to complete the exercise and opportunity cost amidst the current market rally.
On the technicals of the share price, the chief technical analyst at Affin Bank, Dr Nazri Khan, said the offer price of PLUS is reasonable, adding that shareholders are likely to garner about 30 to 40 per cent in premium.
PLUS announced in October 2010 that it had received a joint-offer from major shareholders, UEM Group and EPF, to acquire all the business undertakings assets and liabilities of the group at a purchase consideration of RM23 billion or RM4.60 per share.
Both parties will then form a Special Purpose Vehicle (SPV) that is to be formed between UEM Group and EPF to facilitate the deal on 51:49 basis.
Thereafter, all the assets and liabilities of PLUS Expressways Bhd, will be transferred to the SPV.
As interested parties in the transactions, Khazanah Nasional, UEM Group and EPF will not be able to vote on the joint-offer as they hold 67.5 per cent of the shares in total.
The deal will pass if the simple majority of the remaining 32.55 per cent of shareholders vote in favour of it. - BERNAMA
Mah Sing may spend RM1b on properties
Mah Sing Group Bhd, the Malaysian developer that spent the most on land acquisitions in 2010, said it may pay more than RM1 billion (US$330 million) for new sites this year as the fastest growth in a decade spurs sales.
The developer is seeking to buy land with potential sales valued at RM7 billion to RM12 billion, managing director Leong Hoy Kum said in an interview in Kuala Lumpur yesterday. The properties, which will also include commercial buildings, will be developed in the next five to seven years.
Mah Sing is boosting acquisitions as home prices climbed 6.2 per cent to a record in the third quarter, according to government data. Mah Sing spent RM756 million buying 285 acres of land last year, more than double its 2009 investments and beating Malaysian rivals as it bet on increasing property demand with government efforts to boost economic growth.
'We have a war-chest of RM777 million to spend, land banking is part of our aggressive expansion strategy,' Leong said. 'The economic outlook remains bright and consumers are more willing to buy big-ticket items like properties.'
Loans disbursed for home purchases in Malaysia rose to RM5.66 billion in December, the highest recorded in nine months, central bank data showed.
Shares of the Kuala Lumpur-based company have jumped 44 per cent this year, the best performer on the FTSE Bursa Malaysia Top 100 Index, which rose 0.9 per cent. SP Setia Bhd., Malaysia's biggest developer by sales, climbed 6.2 per cent this year.
and#8216;Big League'
'Mah Sing's aggressive land-banking exercise will catapult it into the big league, making it too big for investors to ignore,' said Terence Wong, an analyst at CIMB Group Holdings Bhd., who rates the stock 'outperform.' 'For sales to climb over the longer term, it needs fuel to sustain that growth, which means it will have to keep expanding its land bank.'
Prime Minister Najib Razak's government unveiled an economic transformation program in September aimed at attracting investment, including US$444 billion of programs this decade ranging from mass rail to nuclear power, led by private and government-linked companies.
Malaysia's economy expanded 4.8 per cent last quarter, spurring full-year growth to the quickest pace in a decade and putting pressure on the central bank to take more steps to curb inflation. The central bank also placed a limit on the loan-to- value ratio for third mortgages in November, which Mah Sing said hasn't derailed its investment plans.
'There is no property bubble yet,' Leong said. 'We're not overly concerned about inflationary pressures. Inflation is still at a level where the central bank believes is within market control.'
Mah Sing is targeting property sales to climb to between RM2 billion and RM2.5 billion this year, he said. The company sold RM1.5 billion worth of properties last year. -- Bloomberg
The developer is seeking to buy land with potential sales valued at RM7 billion to RM12 billion, managing director Leong Hoy Kum said in an interview in Kuala Lumpur yesterday. The properties, which will also include commercial buildings, will be developed in the next five to seven years.
Mah Sing is boosting acquisitions as home prices climbed 6.2 per cent to a record in the third quarter, according to government data. Mah Sing spent RM756 million buying 285 acres of land last year, more than double its 2009 investments and beating Malaysian rivals as it bet on increasing property demand with government efforts to boost economic growth.
'We have a war-chest of RM777 million to spend, land banking is part of our aggressive expansion strategy,' Leong said. 'The economic outlook remains bright and consumers are more willing to buy big-ticket items like properties.'
Loans disbursed for home purchases in Malaysia rose to RM5.66 billion in December, the highest recorded in nine months, central bank data showed.
Shares of the Kuala Lumpur-based company have jumped 44 per cent this year, the best performer on the FTSE Bursa Malaysia Top 100 Index, which rose 0.9 per cent. SP Setia Bhd., Malaysia's biggest developer by sales, climbed 6.2 per cent this year.
and#8216;Big League'
'Mah Sing's aggressive land-banking exercise will catapult it into the big league, making it too big for investors to ignore,' said Terence Wong, an analyst at CIMB Group Holdings Bhd., who rates the stock 'outperform.' 'For sales to climb over the longer term, it needs fuel to sustain that growth, which means it will have to keep expanding its land bank.'
Prime Minister Najib Razak's government unveiled an economic transformation program in September aimed at attracting investment, including US$444 billion of programs this decade ranging from mass rail to nuclear power, led by private and government-linked companies.
Malaysia's economy expanded 4.8 per cent last quarter, spurring full-year growth to the quickest pace in a decade and putting pressure on the central bank to take more steps to curb inflation. The central bank also placed a limit on the loan-to- value ratio for third mortgages in November, which Mah Sing said hasn't derailed its investment plans.
'There is no property bubble yet,' Leong said. 'We're not overly concerned about inflationary pressures. Inflation is still at a level where the central bank believes is within market control.'
Mah Sing is targeting property sales to climb to between RM2 billion and RM2.5 billion this year, he said. The company sold RM1.5 billion worth of properties last year. -- Bloomberg
Monday, February 21, 2011
United Plantation Q4 pretax profit rises
United Plantation Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2010 increased to RM107.3 million from RM92.34 million in the same period of 2009.
Revenue rose to RM302.83 million from RM197.87 million previously.
For the financial year ended Dec 31, 2010, its pre-tax profit decreased to RM349.46 million from RM372.79 million in the same period last year.
Revenue, however, rose to RM995.1 million from RM816.67 million previously.
In a filing Bursa Malaysia today, United Plantation said the decrease in pre-tax profit was due to the fall in the production of crude palm oil and palm kernel in 2010 as compared with 2009.
'Another factor is the RM15.96 million unrealised foreign exchange loss on the rupiah's loans to Indonesian units due to the strengthening ringgit,' it said.
United Plantation said it planned replant a large area in Malaysia this year in accordance with its replanting policy.
-- BERNAMA
Revenue rose to RM302.83 million from RM197.87 million previously.
For the financial year ended Dec 31, 2010, its pre-tax profit decreased to RM349.46 million from RM372.79 million in the same period last year.
Revenue, however, rose to RM995.1 million from RM816.67 million previously.
In a filing Bursa Malaysia today, United Plantation said the decrease in pre-tax profit was due to the fall in the production of crude palm oil and palm kernel in 2010 as compared with 2009.
'Another factor is the RM15.96 million unrealised foreign exchange loss on the rupiah's loans to Indonesian units due to the strengthening ringgit,' it said.
United Plantation said it planned replant a large area in Malaysia this year in accordance with its replanting policy.
-- BERNAMA
Ta Ann's Q4 pretax profit up 81pc
Ta Ann Holdings Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2010 rose by 81 per cent to RM41.33 million from RM22.82 million in the corresponding quarter of 2009.
Revenue increased by 15 per cent to RM220.19 million from RM191.10 million previously, its said in a filing to Bursa Malaysia today.
'Revenue contribution from timber sector remained at the same level, but increased production of fresh fruit bunches from the growing matured oil palms and sales of crude palm oil at higher prices accounted for the higher revenue and better profit,' it said.
It said the oil palm sector was expected to continue its strong contribution to group's revenue and profit this year as more oil palms become mature. -- BERNAMA
Revenue increased by 15 per cent to RM220.19 million from RM191.10 million previously, its said in a filing to Bursa Malaysia today.
'Revenue contribution from timber sector remained at the same level, but increased production of fresh fruit bunches from the growing matured oil palms and sales of crude palm oil at higher prices accounted for the higher revenue and better profit,' it said.
It said the oil palm sector was expected to continue its strong contribution to group's revenue and profit this year as more oil palms become mature. -- BERNAMA
BHIC pretax profit rises to RM95m
Boustead Heavy Industries Corp Bhd's (BHIC) pre-tax profit for the financial year ended Dec 31, 2010 rose to RM95.054 million from RM94.876 million in the same period of 2009.
Its revenue increased to RM649.797 million from RM543.851 million previously, it said in a statement today.
For the fourth quarter ended Dec 31, 2010, its pre-tax profit, however, declined to RM19.977 million from RM21.998 million in the same quarter 2009.
It said this was due to cost escalation from delays in completing certain shipbuilding projects.
Its revenue jumped to RM229.205 million from RM163.582 million previously.
BHIC said the increase was mainly due to the ongoing naval vessels maintenance projects, including from the submarine in-service support contract.
Its managing director, Tan Sri Ahmad Ramli Mohd Nor, said although the final quarter this year has been challenging, it was also rewarding as the company inched closer to complete the consolidation of various operational aspects of the group.
On outlook, Ahmad Ramli said said the company was on the right track in terms of its direction and strategy.
'The group's main focus for this year is to improve on operational efficiencies of our relevant entities to ensure the smooth execution of this strategy,' he said.
The board has proposed a first interim tax exempt dividend of 6.5 per cent per share in respect of year ending Dec 31, 2011. -- BERNAMA
Its revenue increased to RM649.797 million from RM543.851 million previously, it said in a statement today.
For the fourth quarter ended Dec 31, 2010, its pre-tax profit, however, declined to RM19.977 million from RM21.998 million in the same quarter 2009.
It said this was due to cost escalation from delays in completing certain shipbuilding projects.
Its revenue jumped to RM229.205 million from RM163.582 million previously.
BHIC said the increase was mainly due to the ongoing naval vessels maintenance projects, including from the submarine in-service support contract.
Its managing director, Tan Sri Ahmad Ramli Mohd Nor, said although the final quarter this year has been challenging, it was also rewarding as the company inched closer to complete the consolidation of various operational aspects of the group.
On outlook, Ahmad Ramli said said the company was on the right track in terms of its direction and strategy.
'The group's main focus for this year is to improve on operational efficiencies of our relevant entities to ensure the smooth execution of this strategy,' he said.
The board has proposed a first interim tax exempt dividend of 6.5 per cent per share in respect of year ending Dec 31, 2011. -- BERNAMA
KFC pretax profit rises to RM221.8m
KFC Holdings (M) Bhd's pre-tax profit for the financial year ended Dec 31, 2010 rose to RM221.83 million from RM190.015 million in the same period last year.
Its revenue increased to RM2.522 billion from RM2.297 billion previously, it said in an announcement to Bursa Malaysia.
KFC said the improved revenue was primarily due to its continuing strategy of network expansion and effective marketing programmes.
'The better profit in the current quarter was primarily attributed to the higher throughput and better cost efficiencies from its KFC restaurants business and the inclusion of a net surplus from revaluation of properties of RM6.76 million,' it said.
The company said it would continue to implement its plan of increasing the restaurant network, expanding business activities, developing better cost efficiencies and improving productivity at all its restaurants, manufacturing and production facilities.
'The company is confident of maintaining the company's current growth trend for the year,' it said. -- BERNAMA
Its revenue increased to RM2.522 billion from RM2.297 billion previously, it said in an announcement to Bursa Malaysia.
KFC said the improved revenue was primarily due to its continuing strategy of network expansion and effective marketing programmes.
'The better profit in the current quarter was primarily attributed to the higher throughput and better cost efficiencies from its KFC restaurants business and the inclusion of a net surplus from revaluation of properties of RM6.76 million,' it said.
The company said it would continue to implement its plan of increasing the restaurant network, expanding business activities, developing better cost efficiencies and improving productivity at all its restaurants, manufacturing and production facilities.
'The company is confident of maintaining the company's current growth trend for the year,' it said. -- BERNAMA
Higher sales boost Hong Leong profits
Hong Leong Industries Bhd's pre-tax profit for the second quarter ended Dec 31, 2010 rose to RM97.69 million from RM83.63 million in the same period in 2009.
Revenue increased to RM794.08 million from RM717.2 million previously, the company said in a statement today.
It attributed the better earnings to higher sales recorded by both the semiconductor and consumer products businesses during the quarter under review.
-- BERNAMA
Revenue increased to RM794.08 million from RM717.2 million previously, the company said in a statement today.
It attributed the better earnings to higher sales recorded by both the semiconductor and consumer products businesses during the quarter under review.
-- BERNAMA
Evergreen Fibreboard profit rises
Evergreen Fibreboard Bhd's pre-tax profit for the financial year ended Dec 31 2010 rose to RM115.151 million from RM80.752 million in the same period of 2009.
Its revenue increased to RM951.186 million from RM771.514 million previously, it said in a filing to Bursa Malaysia today.
It said the better revenue was due to higher average selling price and higher sales volume.
Evergreen expected the medium-density fibreboard prices to be raised in the second half year in line with expected stronger demand.
-- BERNAMA
Its revenue increased to RM951.186 million from RM771.514 million previously, it said in a filing to Bursa Malaysia today.
It said the better revenue was due to higher average selling price and higher sales volume.
Evergreen expected the medium-density fibreboard prices to be raised in the second half year in line with expected stronger demand.
-- BERNAMA
Profit doubles for TH Plantations in 2010
TH Plantations Bhd saw its pre-tax profit for the year ended Dec 31, 2010 doubling to RM144.552 million from RM70.912 million previously.
This was mainly due to higher commodity prices and lower operating cost, it said in a filing to Bursa Malaysia today.
Revenue was 20 per cent higher at RM365.97 million from RM304.36 million the previous year.
For the last quarter ended Dec 31, 2010, pre-tax profit rose 112 per cent to RM70.15 million compared with RM33.15 million in the same quarter of 2009.
The company directors have recommended a final dividend of 12.50 sen per share for the year. -- BERNAMA
This was mainly due to higher commodity prices and lower operating cost, it said in a filing to Bursa Malaysia today.
Revenue was 20 per cent higher at RM365.97 million from RM304.36 million the previous year.
For the last quarter ended Dec 31, 2010, pre-tax profit rose 112 per cent to RM70.15 million compared with RM33.15 million in the same quarter of 2009.
The company directors have recommended a final dividend of 12.50 sen per share for the year. -- BERNAMA
Maybank Q2 net rises to RM1.13b
Malayan Banking Bhd, Malaysia's biggest bank, said fiscal second-quarter profit rose to RM1.13 billion from RM993.5 million a year earlier.
Revenue climbed to RM5.19 billion from RM4.67 billion, it said in a statement today.
Meanwhile, Maybank may sell Singapore dollar bonds to raise at least half of the S$1.79 billion needed for its acquisition of Kim Eng Holdings Ltd, Chief Executive Officer Datuk Abdul Wahid Omar told reporters in Kuala Lumpur today. - Bloomberg
Revenue climbed to RM5.19 billion from RM4.67 billion, it said in a statement today.
Meanwhile, Maybank may sell Singapore dollar bonds to raise at least half of the S$1.79 billion needed for its acquisition of Kim Eng Holdings Ltd, Chief Executive Officer Datuk Abdul Wahid Omar told reporters in Kuala Lumpur today. - Bloomberg
Time dotCom set for stronger growth: OSK
TdC dotCom Bhd (TdC) is poised for future stronger earnings growth, capitalising on among others, its expansion into new markets, says OSK Research.
TdC dotCom Bhd (TdC) is the country's second largest fixed line telecommunication operator.
Increasing data and leasing needs from enterprises and rising backhaul demand helped by the proliferation of mobile broadband, is also expected to boost growth, which may result in TdC paying a maiden dividend to reward shareholders.
TdC's earnings momentum is to gather pace under the current management as margins are set to improve on the back of a better utilisation of its fibre optic networks, said OSK Research in a research note today. - Bernama
TdC dotCom Bhd (TdC) is the country's second largest fixed line telecommunication operator.
Increasing data and leasing needs from enterprises and rising backhaul demand helped by the proliferation of mobile broadband, is also expected to boost growth, which may result in TdC paying a maiden dividend to reward shareholders.
TdC's earnings momentum is to gather pace under the current management as margins are set to improve on the back of a better utilisation of its fibre optic networks, said OSK Research in a research note today. - Bernama
CIMB Q4 earnings may have topped estimate
CIMB Group Holdings Bhd, Malaysia's second-biggest bank, may report better-than-expected fourth-quarter earnings because of stronger non-interest income and contribution from its Indonesian unit, RHB Research Institute Sdn Bhd said.
CIMB is also expected to announce the management's 2011 targets such as return on equity and its dividend policy, 'which we expect to be a step-up from current levels,' David Chong, an analyst at RHB, said in a report today. -- Bloomberg
CIMB is also expected to announce the management's 2011 targets such as return on equity and its dividend policy, 'which we expect to be a step-up from current levels,' David Chong, an analyst at RHB, said in a report today. -- Bloomberg
Friday, February 18, 2011
Hap Seng Q4 profit increases to RM171.5m
Hap Seng Consolidated Bhd pre-tax profit for the fourth quarter ended Dec 31, 2010, increased to RM171.51 million from RM31.43 million in the same period of 2009.
Revenue rose to RM810.88 million from RM679.6 million previously.
For the financial year ended Dec 31, 2010, Hap Seng recorded a higher pre-tax profit of RM504.45 million compared to RM172.76 million in the previous year, on revenues of RM2.789 billion and RM2.464 billion respectively.
Hap Seng in a statement today said the strong results reflected a major step-up in group profitability combined with double-digit revenue growth of 13 per cent over 2009.
'The results reflect the underlying strength of our core businesses, our strategies to maximise the synergies between business segments, and our disciplined financial management,' said Hap Seng group managing director Lee Ming Foo.
He said the company's core businesses benefited from a robust operating environment as well as improving returns from investments made over the course of recent years in developing the strategic position and asset base of the business unit.
The company's plantation's operating profit improved by 64 per cent to register RM231 million, attributable to higher crude palm oil and palm kernel selling price, higher sales volume and a significant reduction in production cost due to lower fertilizers prices.
Property holding and development's operating profit increased by six per cent to record RM118 million due to higher sales from developments and increased rental contributions from investment properties.
As for its automotive business, operating profit increased by 187 per cent to RM13 million, attributed by the expansion of its Mercedes-Benz dealership into Vietnam as well as higher sales volume in the Malaysian market.
Fertilizers trading achieved an operating profit of RM31 million compared with last year's loss of RM132 million due to higher sales volume, improved margins from careful cost containment, and lower warehousing expenses in both Malaysia and Indonesia.
Its credit financing business saw operating profit up 11 per cent to RM59 million, gaining from lower financing cost and improved non-performing loans positions.
The quarry and building materials side recorded a 15 per cent increase in operating profit to RM22 million.--BERNAMA
Revenue rose to RM810.88 million from RM679.6 million previously.
For the financial year ended Dec 31, 2010, Hap Seng recorded a higher pre-tax profit of RM504.45 million compared to RM172.76 million in the previous year, on revenues of RM2.789 billion and RM2.464 billion respectively.
Hap Seng in a statement today said the strong results reflected a major step-up in group profitability combined with double-digit revenue growth of 13 per cent over 2009.
'The results reflect the underlying strength of our core businesses, our strategies to maximise the synergies between business segments, and our disciplined financial management,' said Hap Seng group managing director Lee Ming Foo.
He said the company's core businesses benefited from a robust operating environment as well as improving returns from investments made over the course of recent years in developing the strategic position and asset base of the business unit.
The company's plantation's operating profit improved by 64 per cent to register RM231 million, attributable to higher crude palm oil and palm kernel selling price, higher sales volume and a significant reduction in production cost due to lower fertilizers prices.
Property holding and development's operating profit increased by six per cent to record RM118 million due to higher sales from developments and increased rental contributions from investment properties.
As for its automotive business, operating profit increased by 187 per cent to RM13 million, attributed by the expansion of its Mercedes-Benz dealership into Vietnam as well as higher sales volume in the Malaysian market.
Fertilizers trading achieved an operating profit of RM31 million compared with last year's loss of RM132 million due to higher sales volume, improved margins from careful cost containment, and lower warehousing expenses in both Malaysia and Indonesia.
Its credit financing business saw operating profit up 11 per cent to RM59 million, gaining from lower financing cost and improved non-performing loans positions.
The quarry and building materials side recorded a 15 per cent increase in operating profit to RM22 million.--BERNAMA
Lingui Q2 profit rises to RM67m
Lingui Developments pre-tax profit for the second quarter ended Dec 31, 2010 rose to RM67 million from RM35.207 million in the same quarter in 2009.
Revenue increased to RM424.082 million from RM313.115 million.
For the six-month period, its pre-tax profit jumped to RM112 million from RM72.490 million while revenue grew to RM789.137 million from RM645.254 million.
In a filing to Bursa Malaysia today, Lingui said the better results were mainly due to the logs segment continuing to be the key contributor to the company's profits, supported by strong and sustained demand from China and India.
The factor, coupled with the monsoon season, hampering log supplies, pushed up the US Dollar selling price compared to the end of the previous financial year.
Looking ahead, the company is expected to remain robust even with the tightening of lending policies to the housing sector.
It also said the company's performance in the current year would depend much on the recovery in the US and Japan and the continued strong demand for timber from China and India.
-- BERNAMA
Revenue increased to RM424.082 million from RM313.115 million.
For the six-month period, its pre-tax profit jumped to RM112 million from RM72.490 million while revenue grew to RM789.137 million from RM645.254 million.
In a filing to Bursa Malaysia today, Lingui said the better results were mainly due to the logs segment continuing to be the key contributor to the company's profits, supported by strong and sustained demand from China and India.
The factor, coupled with the monsoon season, hampering log supplies, pushed up the US Dollar selling price compared to the end of the previous financial year.
Looking ahead, the company is expected to remain robust even with the tightening of lending policies to the housing sector.
It also said the company's performance in the current year would depend much on the recovery in the US and Japan and the continued strong demand for timber from China and India.
-- BERNAMA
AMMB 9-month net profit up 34pc
AMMB Holdings Bhd's net profit for the nine months of financial year ending March 31, 2011 rose by 34 per cent to RM1.026 billion, surpassing the full FY2010 earnings of RM1.01 billion.
In a statement today, AMMB said this would translate into return on equity of 13.9 per cent and an annualised earnings per share of 45.3 sen.
Revenue for the nine months of financial year ending March 31,2011 rose to RM5.302 billion from RM4.869 billion previously.
'The group's strong results were attributable to higher profit across most divisions as well as lower individual and collective impairments,' it said.
Its group chief executive/managing director, Cheah Tek Kuang, said the better performance was achieved by staying focused on its strategies of profitable and sustainable growth and income diversification.
'We remain on course to achieving faster non-interest income growth, with higher contributions from foreign exchange, derivatives and assurance businesses,' he said. -- BERNAMA
In a statement today, AMMB said this would translate into return on equity of 13.9 per cent and an annualised earnings per share of 45.3 sen.
Revenue for the nine months of financial year ending March 31,2011 rose to RM5.302 billion from RM4.869 billion previously.
'The group's strong results were attributable to higher profit across most divisions as well as lower individual and collective impairments,' it said.
Its group chief executive/managing director, Cheah Tek Kuang, said the better performance was achieved by staying focused on its strategies of profitable and sustainable growth and income diversification.
'We remain on course to achieving faster non-interest income growth, with higher contributions from foreign exchange, derivatives and assurance businesses,' he said. -- BERNAMA
Xingquan's pretax profit rises to RM33.2m
Outdoor wear company Xingquan International Sports Holdings Bhd achieved a higher pre-tax profit of RM33.204 million for the second quarter ended Dec 31, 2020, from RM32.458 million in the same quarter of 2009.
Revenue increased to RM190.734 million from RM167.098 million previously, Xingquan said in a filing to Bursa Malaysia today.
The increase in revenue follows a hike in sales volume and the average selling price of shoes as well as the outdoor sports and leisure product segments.
The company said as its new factory had just started production this month, there would be an increase in production capacities for shoe sales and products.-- BERNAMA
Revenue increased to RM190.734 million from RM167.098 million previously, Xingquan said in a filing to Bursa Malaysia today.
The increase in revenue follows a hike in sales volume and the average selling price of shoes as well as the outdoor sports and leisure product segments.
The company said as its new factory had just started production this month, there would be an increase in production capacities for shoe sales and products.-- BERNAMA
Glenealy Q2 pretax rises to RM35.82m
Glenealy Plantations (Malaya) Bhd's pre-tax profit for the second quarter ended Dec 31, 2010 increased 95 per cent to RM35.82 million from RM18.37 million in the same quarter in 2009.
Revenue rose 34 per cent to RM70.06 million from RM52.54 million, it said in a filing to Bursa Malaysia today.
For the six-month period, its pre-tax profit went up RM50.02 million from RM27.04 million in 2009.
Its revenue jumped to RM112.67 million from RM93.60 million.
Glenealy said the better revenue was mainly due to a higher average crude palm oil (CPO) price in the second quarter of the current financial year.
With CPO prices expected to remain firm and higher CPO production in the company, the outlook for the company was favourable, it added.
-- BERNAMA
Revenue rose 34 per cent to RM70.06 million from RM52.54 million, it said in a filing to Bursa Malaysia today.
For the six-month period, its pre-tax profit went up RM50.02 million from RM27.04 million in 2009.
Its revenue jumped to RM112.67 million from RM93.60 million.
Glenealy said the better revenue was mainly due to a higher average crude palm oil (CPO) price in the second quarter of the current financial year.
With CPO prices expected to remain firm and higher CPO production in the company, the outlook for the company was favourable, it added.
-- BERNAMA
Tradewinds Q4 profit increases to RM119.1m
Tradewinds Plantation Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2010 rose to RM119.104 million from RM53.952 million in the same quarter of 2009.
Revenue increased to RM293.450 million from RM211.628 million previously, the company said in a filing to Bursa Malaysia today.
For the twelve-month period, its pre-tax profit rose to RM281.165 million from RM78.347 million while revenue grew to RM909.126 million from RM677.424 million previously.
BERNAMA
Revenue increased to RM293.450 million from RM211.628 million previously, the company said in a filing to Bursa Malaysia today.
For the twelve-month period, its pre-tax profit rose to RM281.165 million from RM78.347 million while revenue grew to RM909.126 million from RM677.424 million previously.
BERNAMA
Mudajaya pretax rises in Q4
Mudajaya Group Bhd's pre-tax profit for the fourth quarter ended Dec 31, 2010 rose to RM74.20 million from RM59.02 million in the same period of 2009.
Its revenue increased to RM230.30 million from RM211.76 million previously, it said in a filing to Bursa Malaysia today.
For the twelve-month period, its pre-tax profit increased to RM286.59 million from RM167.96 million in 2009.
Its revenue rose to RM869.43 million from RM719.97 million previously.
Mudajaya said the better results were due to the increase in the level of activities.
The company expected a better financial performance this year compared with the previous year. -- BERNAMA
Its revenue increased to RM230.30 million from RM211.76 million previously, it said in a filing to Bursa Malaysia today.
For the twelve-month period, its pre-tax profit increased to RM286.59 million from RM167.96 million in 2009.
Its revenue rose to RM869.43 million from RM719.97 million previously.
Mudajaya said the better results were due to the increase in the level of activities.
The company expected a better financial performance this year compared with the previous year. -- BERNAMA
SBC Corp jumps after tripling Q3 profit
SBC Corp, a Malaysian construction and property group, surged the most in eight months in Kuala Lumpur trading after fiscal third-quarter profit more than tripled from a year earlier.
The stock jumped 14 per cent to 66.5 sen at 9:13 a.m. local time, set for its biggest gain since June 8. -- Bloomberg
The stock jumped 14 per cent to 66.5 sen at 9:13 a.m. local time, set for its biggest gain since June 8. -- Bloomberg
AirAsia gains on higher earnings forecast
AirAsia Bhd, Southeast Asia's biggest budget carrier, rose the most in two weeks after HwangDBS Vickers Research Sdn Bhd raised its 2010-2011 earnings forecasts and share price estimate for the stock.
The shares gained 1.1 per cent to RM2.70 at 9:21 a.m. in Kuala Lumpur trading, set for their largest increase since Feb. 2. -- Bloomberg
The shares gained 1.1 per cent to RM2.70 at 9:21 a.m. in Kuala Lumpur trading, set for their largest increase since Feb. 2. -- Bloomberg
Thursday, February 17, 2011
'Strong DRB-HICOM Q3 results likely'
DRB-HICOM Bhd is expected to announce a strong third quarter results next week, with strong performance in the motor division, says HwangDBS Vickers Research in its Malaysia Equity Research.
It has forecast RM539 million net profit on a turnover of RM6.513 billion for DRB-HICOM for the financial year ending March 31, 2011, but considered the forecast as conservative given that the conglomerate already posted RM290 million net profit for the first half.
It said the total industry volume for the automotive sector in 2010 grew 13 per cent to 605,156 units.
It said DRB-HICOM's motor division surged 3.5-fold to RM207 million in the first half.
DRB-HICOM is scheduled to release its third quarter results on Feb 24. - Bernama
It has forecast RM539 million net profit on a turnover of RM6.513 billion for DRB-HICOM for the financial year ending March 31, 2011, but considered the forecast as conservative given that the conglomerate already posted RM290 million net profit for the first half.
It said the total industry volume for the automotive sector in 2010 grew 13 per cent to 605,156 units.
It said DRB-HICOM's motor division surged 3.5-fold to RM207 million in the first half.
DRB-HICOM is scheduled to release its third quarter results on Feb 24. - Bernama
Sunway Hldgs unit gets RM37.36m airport job
Sunway Holdings Bhd's unit, Sunway Construction Sdn Bhd, has accepted the letter of award from the Transport Ministry to upgrade the Sultan Azlah Shah Airport in Ipoh.
It said the RM37.36 million project is expected to start next month, with a 72-week construction period.
The project would contribute positively to the company''s earnings for the financial year ending Dec 31, 2011 onwards, it said in a filing to Bursa Malaysia.
Sunway said the project was subjected to normal construction risk of materials price fluctuation.
However, with past experience and expertise of its subsidiary in construction projects in Malaysia, this risk could be mitigated at this juncture, it added. -- Bernama
It said the RM37.36 million project is expected to start next month, with a 72-week construction period.
The project would contribute positively to the company''s earnings for the financial year ending Dec 31, 2011 onwards, it said in a filing to Bursa Malaysia.
Sunway said the project was subjected to normal construction risk of materials price fluctuation.
However, with past experience and expertise of its subsidiary in construction projects in Malaysia, this risk could be mitigated at this juncture, it added. -- Bernama
0il, gas stocks to gain from Mideast crisis
THE Middle East unrest is expected to keep crude oil prices high, benefiting Malaysian oil and gas services provider while demand for palm oil could drop as building activities there may be disrupted, according to OSK Research Sdn Bhd.
The plantation and transport industries are the potential losers while the only winner is the oil and gas sector, Chris Eng, an analyst at OSK, said in a report today. - Bloomberg
The plantation and transport industries are the potential losers while the only winner is the oil and gas sector, Chris Eng, an analyst at OSK, said in a report today. - Bloomberg
IOI Corp cut to 'hold' at ECM Libra
Wednesday, February 16, 2011
Green Packet sees 25pc revenue rise
Green Packet Bhd, which recorded a revenue of RM394 million for financial year 2010, expects a 25 per cent increase this year.
Its group managing director, CC Puan, said the revenue growth reflected the company's continuous efforts to expand network and market share locally and abroad.
In line with the revenue growth, the group's EBITDA (earnings before interest, taxes, depreciation and amortisation) losses also decreased by 34 per cent to RM78 million from the previous year, he said at the briefing on the company's 2010 financial and operational performance in Petaling Jaya today.
Puan said the company ended 2010 with a number of solutions business signing deals with major operators like with US-based Time Warner Cable, and a solid increase in subscribers for its 4G business.
He said the increase in subscriber base for broadband business and more secured customers for solution segment as well stringent cost control was expected to result in its EBITDA turning positive by year-end from the current losses.
In the fourth quarter alone, the subscriber base for 4G network operator, Packet One (P1), rose by 56,000 to hit 274,000 by end-2010.
The fourth quarter was good. Our total network subscribers added for P1 in 2010 was 134,000, 101 per cent growth from 2009, he said.
Puan said Green Packet would allocate RM200-RM250 million to add another 650 additional base stations to increase coverage of its network to 55 per cent of nationwide population from current 45 per cent.
As the only provider offering both fixed and nomadic broadband in Malaysia, he said, P1 has tremendous opportunity to grow its market share in the broadband segment from the current seven per cent.
The major shareholders in P1 had decided to accelerate subscriber acquisition efforts with a specific short-term focus on the nomadic segment.
He said the company would also launch an advertising campaign during this first quarter.
As for its solutions segment, he said, Green Packet aimed to increase engagement with WiMAX operators by another 20 per cent from the current 60 operators.
The solutions business has a strong and proven track record in Asia, which we will leverage on to capture the US and Europe markets, he said. -- Bernama
Its group managing director, CC Puan, said the revenue growth reflected the company's continuous efforts to expand network and market share locally and abroad.
In line with the revenue growth, the group's EBITDA (earnings before interest, taxes, depreciation and amortisation) losses also decreased by 34 per cent to RM78 million from the previous year, he said at the briefing on the company's 2010 financial and operational performance in Petaling Jaya today.
Puan said the company ended 2010 with a number of solutions business signing deals with major operators like with US-based Time Warner Cable, and a solid increase in subscribers for its 4G business.
He said the increase in subscriber base for broadband business and more secured customers for solution segment as well stringent cost control was expected to result in its EBITDA turning positive by year-end from the current losses.
In the fourth quarter alone, the subscriber base for 4G network operator, Packet One (P1), rose by 56,000 to hit 274,000 by end-2010.
The fourth quarter was good. Our total network subscribers added for P1 in 2010 was 134,000, 101 per cent growth from 2009, he said.
Puan said Green Packet would allocate RM200-RM250 million to add another 650 additional base stations to increase coverage of its network to 55 per cent of nationwide population from current 45 per cent.
As the only provider offering both fixed and nomadic broadband in Malaysia, he said, P1 has tremendous opportunity to grow its market share in the broadband segment from the current seven per cent.
The major shareholders in P1 had decided to accelerate subscriber acquisition efforts with a specific short-term focus on the nomadic segment.
He said the company would also launch an advertising campaign during this first quarter.
As for its solutions segment, he said, Green Packet aimed to increase engagement with WiMAX operators by another 20 per cent from the current 60 operators.
The solutions business has a strong and proven track record in Asia, which we will leverage on to capture the US and Europe markets, he said. -- Bernama
Tanjung Offshore unit gets Sime order
Tanjung Offshore Bhd's subsidiary, Citech Energy Recovery Systems UK Ltd (CERS), has received a purchase order from Sime Darby Engineering Sdn Bhd (SDESB).
The purchase order was for the supply of waste heat recovery packages valued at approximately GBP3.75 million (GBP1 is about RM4.9), Tanjung said in a filing to Bursa Malaysia today.
It said CERS was in the midst of preparing and satisfying the scope of work stipulated in the purchase order which is expected to be completed within the next 10 months.
The purchase order is not renewable. However, CERS will strive to seek recurring business opportunities with SDESB in meeting SDESB's future requirements, it said. -- Bernama
The purchase order was for the supply of waste heat recovery packages valued at approximately GBP3.75 million (GBP1 is about RM4.9), Tanjung said in a filing to Bursa Malaysia today.
It said CERS was in the midst of preparing and satisfying the scope of work stipulated in the purchase order which is expected to be completed within the next 10 months.
The purchase order is not renewable. However, CERS will strive to seek recurring business opportunities with SDESB in meeting SDESB's future requirements, it said. -- Bernama
Results: Dialog Q2 profit climbs
Amway (Malaysia) Holdings Bhd has recorded a 10.4 per cent increase in pre-tax profit to RM109.149 million for the financial year ended December 31, 2010 from RM98.874 million previously.
Pacific and Orient Bhd recorded a pre-tax profit of RM13.98 million for the first quarter ended December 31, 2010 compared to a pre-tax loss of RM27.48 in the same quarter of 2009.
Petronas Dagangan Bhd pre-tax profit for the third quarter ended December 31, 2010 rose to RM331.897 million from RM256.924 million in the same period of 2009.
Green Packet Bhd recorded a smaller pre-tax loss of RM99.77 million for the fourth-quarter ended December 31, 2010 against a pre-tax loss of RM102.45 million registered in the same period 2009.
Dialog Group Bhd pre-tax profit for the second quarter ended December 31, 2010 rose to RM46.99 million from RM36.78 million in the same quarter of 2009.
Bank Muamalat Malaysia Bhd pre-tax profit for the third quarter ended Dec 31, 2010 rose to RM41.6 million from RM39.9 million in the same period of 2009.
OSK Ventures International Bhd has reported a lower pre-tax loss of RM26.778 million for the financial year ended Dec 31, 2010 to from a pre-tax loss of RM112.473 million previously.
Zelan Bhd has recorded a pre-tax loss of RM24.265 million for the third-quarter ended December 31, 2010 compared with a pre-tax loss of RM52.957 million registered in the same period 2009. - Bernama
Pacific and Orient Bhd recorded a pre-tax profit of RM13.98 million for the first quarter ended December 31, 2010 compared to a pre-tax loss of RM27.48 in the same quarter of 2009.
Petronas Dagangan Bhd pre-tax profit for the third quarter ended December 31, 2010 rose to RM331.897 million from RM256.924 million in the same period of 2009.
Green Packet Bhd recorded a smaller pre-tax loss of RM99.77 million for the fourth-quarter ended December 31, 2010 against a pre-tax loss of RM102.45 million registered in the same period 2009.
Dialog Group Bhd pre-tax profit for the second quarter ended December 31, 2010 rose to RM46.99 million from RM36.78 million in the same quarter of 2009.
Bank Muamalat Malaysia Bhd pre-tax profit for the third quarter ended Dec 31, 2010 rose to RM41.6 million from RM39.9 million in the same period of 2009.
OSK Ventures International Bhd has reported a lower pre-tax loss of RM26.778 million for the financial year ended Dec 31, 2010 to from a pre-tax loss of RM112.473 million previously.
Zelan Bhd has recorded a pre-tax loss of RM24.265 million for the third-quarter ended December 31, 2010 compared with a pre-tax loss of RM52.957 million registered in the same period 2009. - Bernama
OSK keeps 'buy' call on Supermax
Rubber gloves manufacturer, Supermax Corporation Bhd, is due for re-rating when latex price peaks in May at the end of the winter season for rubber trees, says OSK Research.
Currently, rubber trees are shedding leaves and latex output has dwindled, it said in a research note today.
OSK said it was maintaining a buy call on the company's shares, with the target price RM7.84 unchanged despite a lower quarter-on-quarter net profit posted in its 2010 financial year owing to spiralling latex price and unfavourable foreign exchange.
Supermax's net profit was lower by 14. 1 per cent quarter-on-quarter to RM32.7 million while revenue was flat at RM232.7 million even after imputing higher selling prices for gloves.
Quarter-on-quarter, sales volume was quite consistent if not slightly lower because we believe its customers would have started locking in orders before year-end as they would anticipated latex price to trend higher in the frist hfal of this year, it added. -- Bernama
Currently, rubber trees are shedding leaves and latex output has dwindled, it said in a research note today.
OSK said it was maintaining a buy call on the company's shares, with the target price RM7.84 unchanged despite a lower quarter-on-quarter net profit posted in its 2010 financial year owing to spiralling latex price and unfavourable foreign exchange.
Supermax's net profit was lower by 14. 1 per cent quarter-on-quarter to RM32.7 million while revenue was flat at RM232.7 million even after imputing higher selling prices for gloves.
Quarter-on-quarter, sales volume was quite consistent if not slightly lower because we believe its customers would have started locking in orders before year-end as they would anticipated latex price to trend higher in the frist hfal of this year, it added. -- Bernama
Malaysia Marine up on AmResearch upgrade
Malaysia Marine and Heavy Engineering Holdings Bhd, the rig-building arm of MISC Bhd, climbed to its highest level in almost one month after AmResearch Sdn Bhd raised its earnings estimates and fair value for the stock.
The stock rose 1.6 per cent to RM6.31 at 10:24 in Kuala Lumpur trading, set for its highest close since Jan. 19. -- Bloomberg
The stock rose 1.6 per cent to RM6.31 at 10:24 in Kuala Lumpur trading, set for its highest close since Jan. 19. -- Bloomberg
AirAsia plans big order of upgraded A320s
AirAsia Bhd, Southeast Asia's biggest discount airline, is in talks to buy about 175 of Airbus SAS's upgraded A320 jet as it adds short-haul flights within the region, Chief Executive Officer Tony Fernandes said.
'We like the product and we'd like to order lots more because there's plenty of growth in our region,' Fernandes said in an interview today in Paris. 'We haven't agreed financial terms yet.'
The tentative order rewards Airbus, a unit of European Aeronautic Defence and Space Co, for its decision to offer a modified version of the A320 single-aisle jet with more efficient engines. The A320neo will be introduced in 2016, after postponing development of an all-new replacement model until as late as 2025, the aircraft maker said Dec. 1
Airbus expects to take 'several hundred' orders for the upgraded A320 before June's Paris Air Show, Chief Operating Officer John Leahy said Jan. 28.
Kuala Lumpur-based AirAsia has taken delivery of most of the 175 A320s it bought on a previous contract, and its order for the revamped version will be 'not dissimilar' in size, Fernandes said today.
Shifting Planes
After building up a network of 139 routes among its 75 destinations, the Malaysian low-cost carrier is pulling planes off routes longer than 3 1/2 hours to take advantage of fast- growing demand for short-haul travel.
'If you take a plane to Hyderabad, it's four hours there, four hours back and you lose that plane for the whole day,' Fernandes said. 'If I take that route out I can do another three flights to Singapore and the return is much better.'
The CEO spoke before a news conference marking yesterday's opening of services between Kuala Lumpur and Paris, the second European destination for long-haul unit AirAsia X after London.
The carrier plans to add three or four more European destinations, starting with Berlin or Cologne in the second half of this year, with Milan, Nice, Prague and Budapest under consideration for later, Fernandes said. AirAsia is in talks to buy more Airbus A330 jets to operate those routes, he added. -- Bloomberg
'We like the product and we'd like to order lots more because there's plenty of growth in our region,' Fernandes said in an interview today in Paris. 'We haven't agreed financial terms yet.'
The tentative order rewards Airbus, a unit of European Aeronautic Defence and Space Co, for its decision to offer a modified version of the A320 single-aisle jet with more efficient engines. The A320neo will be introduced in 2016, after postponing development of an all-new replacement model until as late as 2025, the aircraft maker said Dec. 1
Airbus expects to take 'several hundred' orders for the upgraded A320 before June's Paris Air Show, Chief Operating Officer John Leahy said Jan. 28.
Kuala Lumpur-based AirAsia has taken delivery of most of the 175 A320s it bought on a previous contract, and its order for the revamped version will be 'not dissimilar' in size, Fernandes said today.
Shifting Planes
After building up a network of 139 routes among its 75 destinations, the Malaysian low-cost carrier is pulling planes off routes longer than 3 1/2 hours to take advantage of fast- growing demand for short-haul travel.
'If you take a plane to Hyderabad, it's four hours there, four hours back and you lose that plane for the whole day,' Fernandes said. 'If I take that route out I can do another three flights to Singapore and the return is much better.'
The CEO spoke before a news conference marking yesterday's opening of services between Kuala Lumpur and Paris, the second European destination for long-haul unit AirAsia X after London.
The carrier plans to add three or four more European destinations, starting with Berlin or Cologne in the second half of this year, with Milan, Nice, Prague and Budapest under consideration for later, Fernandes said. AirAsia is in talks to buy more Airbus A330 jets to operate those routes, he added. -- Bloomberg
Monday, February 14, 2011
SapuraCrest, Kencana lead O rally
SapuraCrest Petroleum Bhd led Malaysian oil and gas services higher in Kuala Lumpur trading after Petroliam Nasional Bhd said it made major oil and gas (OandG) discoveries off the coast of Sarawak state.
Shares of SapuraCrest climbed 4.1 per cent to RM3.54 at 4.29 pm local time, set for its steepest gain since January 27.
Kencana Petroleum Bhd added 2.4 per cent to RM2.54 and Malaysia Marine and Heavy Engineering Bhd. climbed 1.6 per cent to RM6.22. - Bloomberg
Shares of SapuraCrest climbed 4.1 per cent to RM3.54 at 4.29 pm local time, set for its steepest gain since January 27.
Kencana Petroleum Bhd added 2.4 per cent to RM2.54 and Malaysia Marine and Heavy Engineering Bhd. climbed 1.6 per cent to RM6.22. - Bloomberg
Supermax sees 20pc growth in 2011
Rubber gloves manufacturer Supermax Corporation Bhd expects to rake in an earnings growth of between 15-20 per cent for the financial year 2011, supported by its planned capacity growth and varying of product mix, in line with market demand.
To support the growing demand globally, Supermax said it will fast track the construction of a new plant in Meru, while rebuilding its Sg Buloh plant into a full surgical glove production facility.
Once completed, the Sg Buloh plant will increase its surgical glove capacity by more than 10-fold, it said in a statement today. - Bernama
To support the growing demand globally, Supermax said it will fast track the construction of a new plant in Meru, while rebuilding its Sg Buloh plant into a full surgical glove production facility.
Once completed, the Sg Buloh plant will increase its surgical glove capacity by more than 10-fold, it said in a statement today. - Bernama
Friday, February 11, 2011
AmanahRaya REIT pre-tax profit up RM4.3m
AmanahRaya Real Estate Investment Trust (REIT) has chalked up a higher pre-tax profit of RM10.1 million for the fourth quarter ended Dec 31, 2010 from RM8.2 million in the corresponding period 2009.
Revenue increased to RM16.3 million from RM12 million.
In a filing to Bursa Malaysia today, it said the increase in revenue was due to the upward revision in rental rates for several investment properties and additional rental income received from two new investment properties.
'The increase in property expenses is mainly due to a higher provision allocated for repair and maintenance for Wisma Amanah Raya Bhd, Jalan Semantan, in financial year of 2010.
'On the other hand, the increase of the non-property expenses in the current quarter was mainly due to the increase in term loan interest and corporate exercise expenses after the drawdown of the additional new borrowing of RM111 million in the previous second quarter ended June 30, 2010,' it said. -- BERNAMA
Revenue increased to RM16.3 million from RM12 million.
In a filing to Bursa Malaysia today, it said the increase in revenue was due to the upward revision in rental rates for several investment properties and additional rental income received from two new investment properties.
'The increase in property expenses is mainly due to a higher provision allocated for repair and maintenance for Wisma Amanah Raya Bhd, Jalan Semantan, in financial year of 2010.
'On the other hand, the increase of the non-property expenses in the current quarter was mainly due to the increase in term loan interest and corporate exercise expenses after the drawdown of the additional new borrowing of RM111 million in the previous second quarter ended June 30, 2010,' it said. -- BERNAMA
Regional planters cut to 'neutral'
Thursday, February 10, 2011
Dayang Ent wins RM802m Petronas job
Dayang Enterprise Holdings Bhd, a Malaysian oil and gas services provider, said it was awarded a contract valued at RM802 million by Petronas Carigali Sdn Bhd to provide topside structural maintenance services.
The contract will run until February 2016, Dayang said in an exchange filing today. - Bloomberg
The contract will run until February 2016, Dayang said in an exchange filing today. - Bloomberg
Maxis Astro to remain industry leaders
Tycoon T. Ananda Krishnan controlled entities such as telecommunication company, Maxis Bhd, and pay television operator, Astro All Asia Networks Plc, will continue to be the market leaders in their respective industry.
Maxis is still the market leader in terms of revenue, followed by other operators such as Celcom and DiGi, said Frost and Sullivan ICT Practice Asia- Pacific partner and senior vice-president Nitin Bhat said.
The market share ranking could not change dramatically in the next 1-2 years as there will not be a significant shift in the voice services, he told a media briefing on the industry outlook today.
As in the third quarter last year, Maxis held 40.3 per cent market share in terms of subscribers, followed by Celcom 32.8 per cent, DiGi 25.2 per cent and U Mobile 1.4 per cent.
As the mobile subscriber market heads for saturation with subscriber penetration rate at 117 per cent in 2010, Nitin said all players were looking at mobile broadband as the growth driver.3G still represents significant opportunities with wireless broadband having the potential to achieve up to 5.6 per cent subscribers by 2015, he said.
In the first half of 2010, Maxis lowered its prices for mobile broadband, eliciting a response from Celcom, and the two have teamed up for market leadership.
Telekom Malaysia has seen somewhat of a renewal in its additional service as it has unveiled its Unifi product and is on par with DiGi's net additional.
As for Astro, Bhat said, it currently accounted for all the other pay television subscribers.
It is expected to continue to dominate even after the launch of Internet Protocol Television (IPTV) due to the access to popular content, he said.
Due to the fact that Astro has most of the exclusive rights to key contents, Nitin said its challenging task was for IPTV to start with a big bang.
Astro has 3.2 million subscribers. -- BERNAMA
Maxis is still the market leader in terms of revenue, followed by other operators such as Celcom and DiGi, said Frost and Sullivan ICT Practice Asia- Pacific partner and senior vice-president Nitin Bhat said.
The market share ranking could not change dramatically in the next 1-2 years as there will not be a significant shift in the voice services, he told a media briefing on the industry outlook today.
As in the third quarter last year, Maxis held 40.3 per cent market share in terms of subscribers, followed by Celcom 32.8 per cent, DiGi 25.2 per cent and U Mobile 1.4 per cent.
As the mobile subscriber market heads for saturation with subscriber penetration rate at 117 per cent in 2010, Nitin said all players were looking at mobile broadband as the growth driver.3G still represents significant opportunities with wireless broadband having the potential to achieve up to 5.6 per cent subscribers by 2015, he said.
In the first half of 2010, Maxis lowered its prices for mobile broadband, eliciting a response from Celcom, and the two have teamed up for market leadership.
Telekom Malaysia has seen somewhat of a renewal in its additional service as it has unveiled its Unifi product and is on par with DiGi's net additional.
As for Astro, Bhat said, it currently accounted for all the other pay television subscribers.
It is expected to continue to dominate even after the launch of Internet Protocol Television (IPTV) due to the access to popular content, he said.
Due to the fact that Astro has most of the exclusive rights to key contents, Nitin said its challenging task was for IPTV to start with a big bang.
Astro has 3.2 million subscribers. -- BERNAMA
Ho Hup restructuring to complete by Q3
HO Hup Construction Company Bhd, expects to complete its restructuring exercise by the third quarter of this year, its Executive Director, Derek Wong said.
He also said the company is still awaiting the outcome of the court case on the joint development agreement between its subsidiary, Bukit Jalil Development Sdn Bhd and Pioneer Haven Sdn Bhd, relating to a 24.3 hectare piece of land in Bukit Jalil, Kuala Lumpur.
Speaking to reporters after the company's extraordinary general meeting (EGM) here today, Wong said the company plans to focus on property development going forward.
'It is hoped the property development will be a major contributor to the company's business going forward,' he added.
On November last year, Ho Hup had proposed to acquire a 100 per cent stake in property developers Fivestar Development (Puchong) Sdn Bhd and Kolektra Recreation Sdn Bhd for RM46.804 million via the issuance of new shares.
The acquisition is part of Ho Hup's initiative to put the company on a stronger financial footing through, among others, the injection of new viable businesses.
Ho Hup is also in the midst of seeking a three-month extension to May 4, from Bursa Malaysia Securities, for its PN17 regularisation plan.
At the EGM, the company received approval from its shareholders for the proposed disposal of 1.34 hectares of land in Bukit Jalil for RM9.55 million. -- BERNAMA
He also said the company is still awaiting the outcome of the court case on the joint development agreement between its subsidiary, Bukit Jalil Development Sdn Bhd and Pioneer Haven Sdn Bhd, relating to a 24.3 hectare piece of land in Bukit Jalil, Kuala Lumpur.
Speaking to reporters after the company's extraordinary general meeting (EGM) here today, Wong said the company plans to focus on property development going forward.
'It is hoped the property development will be a major contributor to the company's business going forward,' he added.
On November last year, Ho Hup had proposed to acquire a 100 per cent stake in property developers Fivestar Development (Puchong) Sdn Bhd and Kolektra Recreation Sdn Bhd for RM46.804 million via the issuance of new shares.
The acquisition is part of Ho Hup's initiative to put the company on a stronger financial footing through, among others, the injection of new viable businesses.
Ho Hup is also in the midst of seeking a three-month extension to May 4, from Bursa Malaysia Securities, for its PN17 regularisation plan.
At the EGM, the company received approval from its shareholders for the proposed disposal of 1.34 hectares of land in Bukit Jalil for RM9.55 million. -- BERNAMA
Wednesday, February 9, 2011
Coastal Group vessel sales of RM268m
COASTAL Contracts Bhd's three units have collectively secured contracts for the sale of seven offshore support vessels,
three tugboats and two oil barges worth RM268 million.
Including the new contracts, Coastal Group now has about RM760 million worth of vessel sales orders awaiting delivery to customers up to 2012, it said.
The revenue stream from the latest contracts is expected to contribute positively to the earnings per share and net assets per share of Coastal Group for the financial years ending Dec 31, 2011 and 2012, it said in a statement.
The wholly-owned subsidiaries that secured the new contract are Coastal Offshore (Labuan) Pte Ltd, Pleasant Engineering Sdn Bhd and Thaumas Marine Ltd.
The latest contracts will be the largest vessel sale orders for Coastal Group since December 2009, and will significantly replenish our vessel sales orderbook, its executive chairman Ng Chin Heng said.
Of the seven OSV sales secured by Coastal Group, six units were purchased by Tidewater Group, which is the world's largest and most experienced provider of marine support services for the offshore energy industry.
The other unit of OSV was sold to Swiber Group, which offers a full range of offshore engineering, procurement, construction, installation and commissioning and marine support services to support the entire spectrum of offshore oil and
gas exploration projects.
'We are pleased that Coastal Group was able to capitalise on the recovery in the shipbuilding sector by securing these contract wins from existing as well as
new customers,' he said.
Moving forward, he said, greater emphasis would be placed on building larger deepwatersuited and dynamic-positioning enabled vessels as Coastal Group seeks to broaden its product offering and scale up shipbuilding value chain.
Regionally, demand for OSV services would increase, especially in Malaysia, Indonesia and Vietnam, as more new oil and gas exploration activities are expected to take place in coming years, said Ng.
With the gradually improving world economic outlook, this will lead to increasing demand for oil and gas and increased production spending by oil majors.
'As structural demand for oil and gas from emerging economies continues to grow, investments in exploration and development activities are expected to increase.
'Paired with rising prices for crude oil, the resultant demand for OSV is expected to remain firm,' he added. -- BERNAMA
three tugboats and two oil barges worth RM268 million.
Including the new contracts, Coastal Group now has about RM760 million worth of vessel sales orders awaiting delivery to customers up to 2012, it said.
The revenue stream from the latest contracts is expected to contribute positively to the earnings per share and net assets per share of Coastal Group for the financial years ending Dec 31, 2011 and 2012, it said in a statement.
The wholly-owned subsidiaries that secured the new contract are Coastal Offshore (Labuan) Pte Ltd, Pleasant Engineering Sdn Bhd and Thaumas Marine Ltd.
The latest contracts will be the largest vessel sale orders for Coastal Group since December 2009, and will significantly replenish our vessel sales orderbook, its executive chairman Ng Chin Heng said.
Of the seven OSV sales secured by Coastal Group, six units were purchased by Tidewater Group, which is the world's largest and most experienced provider of marine support services for the offshore energy industry.
The other unit of OSV was sold to Swiber Group, which offers a full range of offshore engineering, procurement, construction, installation and commissioning and marine support services to support the entire spectrum of offshore oil and
gas exploration projects.
'We are pleased that Coastal Group was able to capitalise on the recovery in the shipbuilding sector by securing these contract wins from existing as well as
new customers,' he said.
Moving forward, he said, greater emphasis would be placed on building larger deepwatersuited and dynamic-positioning enabled vessels as Coastal Group seeks to broaden its product offering and scale up shipbuilding value chain.
Regionally, demand for OSV services would increase, especially in Malaysia, Indonesia and Vietnam, as more new oil and gas exploration activities are expected to take place in coming years, said Ng.
With the gradually improving world economic outlook, this will lead to increasing demand for oil and gas and increased production spending by oil majors.
'As structural demand for oil and gas from emerging economies continues to grow, investments in exploration and development activities are expected to increase.
'Paired with rising prices for crude oil, the resultant demand for OSV is expected to remain firm,' he added. -- BERNAMA
MRCB pretax profit rises to RM97.57m
Malaysia Resources Corp Bhd's (MRCB) pre-tax profit for the financial year ended Dec 31, 2010 rose to RM97.57 million
from RM46.49 million in the same period 2009.
Revenue increased to RM1.06 billion from RM921.61 million previously.
In a filing to Bursa Malaysia today, MRCB said the higher revenue was contributed mainly from the construction and engineering divisions with ongoing work progress reaching an advanced stage of completion.
'The same growth was also contributed by the group's ongoing property development projects at Kuala Lumpur Sentral,' it said.
On 2011 prospects, it said barring unforeseen circumstances, the group was expected to deliver continuous growth in revenue and profitability.
MRCB chief executive officer, Datuk Mohamed Razeek Hussain, said the board was pleased to note that the group's proactive moves to improve operational margin by leveraging on economies of scale had borne positive results.
'This is evidenced in the 16 per cent growth in revenue to break the RM1 billion mark with profitability increased over 100 per cent for the current year,' he said in a statement.
-- BERNAMA
from RM46.49 million in the same period 2009.
Revenue increased to RM1.06 billion from RM921.61 million previously.
In a filing to Bursa Malaysia today, MRCB said the higher revenue was contributed mainly from the construction and engineering divisions with ongoing work progress reaching an advanced stage of completion.
'The same growth was also contributed by the group's ongoing property development projects at Kuala Lumpur Sentral,' it said.
On 2011 prospects, it said barring unforeseen circumstances, the group was expected to deliver continuous growth in revenue and profitability.
MRCB chief executive officer, Datuk Mohamed Razeek Hussain, said the board was pleased to note that the group's proactive moves to improve operational margin by leveraging on economies of scale had borne positive results.
'This is evidenced in the 16 per cent growth in revenue to break the RM1 billion mark with profitability increased over 100 per cent for the current year,' he said in a statement.
-- BERNAMA
CBS Technology rises after share valuation
CBS Technology Bhd, a Malaysian software solutions developer, jumped the most in more than three months after CIMB Investment Bank Bhd valued the shares at between 58 sen and 63 sen to reflect its growth prospects.
The stock surged 15 per cent to 45.5 sen at 9:20 a.m. in Kuala Lumpur trading, set for its steepest gain since Oct. 22. - Bloomberg
The stock surged 15 per cent to 45.5 sen at 9:20 a.m. in Kuala Lumpur trading, set for its steepest gain since Oct. 22. - Bloomberg
Tuesday, February 8, 2011
AmFirst posts RM10.4m Q3 pre-tax profit
AmFirst Real Estate Investment Trust chalked up RM10.4 million higher pre-tax profit in the third quarter ended Dec 31, 2010 from RM9.6 million in the same quarter in 2009.
Revenue however fell to RM22.2 million vis-a-vis RM24.7 million.
The company said there was a 10 per cent drop in revenue mainly due to a slide in average occupancy rate at the Kelana Brem Towers.
AmFirst said the outlook for the office space market is expected to remain challenging.
'Despite recent strong and sturdy growth in the domestic economy, office rents are to face marginal downward pressure in the next few years,' it said in a filing to Bursa Malaysia.
However, current tenancy profile and tenants mixed diversity are expected to mitigate the impact of the bottom-line in the remaining period of the financial year. -- BERNAMA
Revenue however fell to RM22.2 million vis-a-vis RM24.7 million.
The company said there was a 10 per cent drop in revenue mainly due to a slide in average occupancy rate at the Kelana Brem Towers.
AmFirst said the outlook for the office space market is expected to remain challenging.
'Despite recent strong and sturdy growth in the domestic economy, office rents are to face marginal downward pressure in the next few years,' it said in a filing to Bursa Malaysia.
However, current tenancy profile and tenants mixed diversity are expected to mitigate the impact of the bottom-line in the remaining period of the financial year. -- BERNAMA
Maxis up on news of ‘strong’ dividends
KUALA LUMPUR: Maxis Bhd., Malaysia's biggest mobile-phone operator, rose the most in more than five months in Kuala Lumpur trading after CIMB Investment Bank Bhd. said the company may announce 'strong' final dividends.
The stock climbed 1.3 percent to 5.40 ringggit at 11:17 a.m., set for its steepest gain since Aug. 18. Rival Axiata Group Bhd., due to report earnings this month, gained 3.4 percent to 5.11 ringgit. Axiata remains the top telecommunications stock pick, CIMB analyst Kelvin Goh said in a report today. -- BLOOMBERG
The stock climbed 1.3 percent to 5.40 ringggit at 11:17 a.m., set for its steepest gain since Aug. 18. Rival Axiata Group Bhd., due to report earnings this month, gained 3.4 percent to 5.11 ringgit. Axiata remains the top telecommunications stock pick, CIMB analyst Kelvin Goh said in a report today. -- BLOOMBERG
MISC cut to 'neutral' at OSK
Hartalega climbs on 32pc profit gain
Hartalega Holdings Bhd, the world's biggest synthetic glove-maker, rose to a one-month high in Kuala Lumpur trading after net income in the third quarter ended Dec. 31 advanced 32 per cent from a year earlier.
The stock climbed 1.1 per cent to RM5.69 at 9:09 a.m. local time, set for its highest close since Jan. 7. -- Bloomberg
The stock climbed 1.1 per cent to RM5.69 at 9:09 a.m. local time, set for its highest close since Jan. 7. -- Bloomberg
Malaysian Bulk upgraded to 'buy'
Subscribe to:
Posts (Atom)