KUALA LUMPUR: Maxis Bhd recorded a marginally lower pre-tax profit of RM741 million for its first quarter ended March 31, 2011,compared to the RM765 million recorded in the previous corresponding quarter.
Revenue was one per cent or RM19 million lower at RM2.133 billion compared to RM2.152 billion previously.
In a filing to Bursa Malaysia, the telecommunications services provider said its lower performance was primarily driven by decreases in voice, non-voice and hubbing revenue.
It said intense competition among existing players, as well as the emergence of new entrants in the Malaysian telecommunications industry had contributed to the increasingly challenging operating environment, with increasing pressure on
revenue and margins.
'The next phase of growth in the industry will remain largely driven by demand for broadband and internet access services, with increasing adoption of smartphones and tablets,' it added.
In preparation for this, the group will continue to invest prudently in the growth and ongoing transformation of its network, build on the existing range of passive infrastructure-sharing already undertaken, and continue to seed devices
in the market to encourage early adoption of data usage while bringing forward data revenues.- Bernama
Tuesday, May 31, 2011
Steel sector gets 'neutral' call from OSK
KUALA LUMPUR: OSK Research Sdn Bhd has reiterated a 'neutral' call for the steel sector while stating that the government's decision to increase power tariffs is untimely for steel mills.
'Steel mills currently suffer from a shrinking profit margin as a result of surging raw material costs that cannot be fully passed on to their end users due to sluggish steel demand worldwide,' it said in a research note today.
OSK said the thinning margin may certainly result in uninspiring
performance for steel companies, while the present slow pace of implementation of mega project may damp steel demand, particularly for long steel products.
Under the Fuel Cost Pass-Through (FCPT) mechanism for the power
sector, the fuel cost will be reviewed every six months.
It foresees that the fuel price will continue to rise and be a major pain for Malaysia's steel makers.
'We think there is a high probability that the proposed regular review may not actually happen, especially with the next general election looming, and taking cue from past announcements where natural gas price hikes every six months, were not actually implemented,' it said.- Bernama
'Steel mills currently suffer from a shrinking profit margin as a result of surging raw material costs that cannot be fully passed on to their end users due to sluggish steel demand worldwide,' it said in a research note today.
OSK said the thinning margin may certainly result in uninspiring
performance for steel companies, while the present slow pace of implementation of mega project may damp steel demand, particularly for long steel products.
Under the Fuel Cost Pass-Through (FCPT) mechanism for the power
sector, the fuel cost will be reviewed every six months.
It foresees that the fuel price will continue to rise and be a major pain for Malaysia's steel makers.
'We think there is a high probability that the proposed regular review may not actually happen, especially with the next general election looming, and taking cue from past announcements where natural gas price hikes every six months, were not actually implemented,' it said.- Bernama
Tuesday, May 24, 2011
Lafarge Malayan Cement Q1 profit up RM69m
Lafarge Malayan Cement Bhd's pre-tax profit increased by 21 per cent to RM69 million in the first quarter ended March 31, 2011 from RM57 million in the same period last year.
Revenue was higher by ten per cent to RM602.77 million from RM548.42 million previously, it said in a filling to Bursa Malaysia today.
The group said the increase in revenue was mainly attributable to better selling prices coupled with higher domestic sales volume.
Going forward, the group is optimistic of a stronger demand in cement and other building materials in the current financial year with more active construction activities as a result of public and private sector projects and investments.
However, the rising costs of fuel and other raw materials and the weaker US dollar might have a negative impact on export revenues, it added. -- Bernama
Revenue was higher by ten per cent to RM602.77 million from RM548.42 million previously, it said in a filling to Bursa Malaysia today.
The group said the increase in revenue was mainly attributable to better selling prices coupled with higher domestic sales volume.
Going forward, the group is optimistic of a stronger demand in cement and other building materials in the current financial year with more active construction activities as a result of public and private sector projects and investments.
However, the rising costs of fuel and other raw materials and the weaker US dollar might have a negative impact on export revenues, it added. -- Bernama
PPB Group Q1 profit shrinks to RM283.4m
PPB Group Bhd recorded a lower pre-tax profit of RM283.495 million in the first quarter ended March 31, 2011, compared
to RM302.588 million in the same period last year.
Owned by business magnate, Tan Sri Robert Kuok, the company's revenue increased to RM580 million, up 15 per cent, from RM503.633 million previously.
In a filing to Bursa Malaysia, the company said the increase was due mainly to higher flour revenue and increased grains trading volume recorded by the grains trading, flour and feed milling divisions.
The environmental engineering, chemicals trading and manufacturing division as well as the livestock farming division also contributed higher revenue for the quarter.
PPB said volatile commodity prices, rising fuel costs coupled with fluctuating currency exchange rates were the main challenging factors.
These are expected to continue to affect the group's operating results for the present financial year, said the group which, apart from its core grains trading, flour and animal feed milling, also owns Golden Screen Cinemas Sdn Bhd.
Notwithstanding the above, it said the outlook for consumer demand in Malaysia and the Asian region remained encouraging and the group was optimistic of satisfactory performance for the year. -- Bernama
to RM302.588 million in the same period last year.
Owned by business magnate, Tan Sri Robert Kuok, the company's revenue increased to RM580 million, up 15 per cent, from RM503.633 million previously.
In a filing to Bursa Malaysia, the company said the increase was due mainly to higher flour revenue and increased grains trading volume recorded by the grains trading, flour and feed milling divisions.
The environmental engineering, chemicals trading and manufacturing division as well as the livestock farming division also contributed higher revenue for the quarter.
PPB said volatile commodity prices, rising fuel costs coupled with fluctuating currency exchange rates were the main challenging factors.
These are expected to continue to affect the group's operating results for the present financial year, said the group which, apart from its core grains trading, flour and animal feed milling, also owns Golden Screen Cinemas Sdn Bhd.
Notwithstanding the above, it said the outlook for consumer demand in Malaysia and the Asian region remained encouraging and the group was optimistic of satisfactory performance for the year. -- Bernama
AirAsia Q1 profit falls to RM202.9m
AirAsia Bhd recorded a lower pre-tax profit of RM202.874 million in the first quarter ended March 31, 2011, compared with RM256.182 million in the same period last year.
Its revenue, however, increased to RM1.05 billion from RM870.605 million previously.
'What is particularly significant for us is that our operating profit margins were also significantly higher year-on-year, demonstrating that we are maintaining tight control of costs even as we grow revenues,' said Group Chief Executive Officer, Tony Fernandes in a statement today.
'Yes, fuel prices shot up - but that is something beyond our control. Our response is not to wring our hands and moan, but to use our creativity to address the issue and find ways to overcome this challenge. And our first quarter results indicate that we are on the right path,' he said.
On fuel hedges, he said the low cost airline operator had hedged
approximately 17 per cent of its fuel requirements for the second half so far for this year.
'We are monitoring oil prices very closely and the moment we perceive an opportunity, we will not hesitate to add to our hedges,' he added. -- Bernama
Its revenue, however, increased to RM1.05 billion from RM870.605 million previously.
'What is particularly significant for us is that our operating profit margins were also significantly higher year-on-year, demonstrating that we are maintaining tight control of costs even as we grow revenues,' said Group Chief Executive Officer, Tony Fernandes in a statement today.
'Yes, fuel prices shot up - but that is something beyond our control. Our response is not to wring our hands and moan, but to use our creativity to address the issue and find ways to overcome this challenge. And our first quarter results indicate that we are on the right path,' he said.
On fuel hedges, he said the low cost airline operator had hedged
approximately 17 per cent of its fuel requirements for the second half so far for this year.
'We are monitoring oil prices very closely and the moment we perceive an opportunity, we will not hesitate to add to our hedges,' he added. -- Bernama
RHBCap Q1 pre-tax profit up 8pc
RHB Capital Bhd has recorded an eight per cent increase in pre-tax profit to RM511.6 million for the first quarter
ended March 31, 2011 from RM474.2 million in the previous corresponding quarter.
The group attributed its improved performance to higher net interest income, other operating income, income from Islamic Banking business and lower allowance for impairment on loans, financing and other losses, partially offset by higher
other operating expenses. Revenue rose to RM1.65 billion from RM1.398 billion previously.
'The group is optimistic of stronger market demand for banking products and services and a more active capital market.
'It will remain focused on building its core businesses and will continue to look for opportunities to expand its market share and increase its leadership position in targeted markets and product segments,' said Chairman Datuk Mohamed Khadar Merican in a statement today.
He added that the outlook of the Malaysian banking sector remained positive, supported by the underlying strengths of the domestic economy and the roll out of the large-scale infrastructure projects under the Economic Transformation Programme.
RHB Bank Bhd continued to be the largest contributor to the group, accounting for 92 per cent of the group's profit.
For the quarter under review, gross loans grew by RM3.6 billion or 4.3 per cent to reach RM87.3 billion, which was broad based across different segments, in particular lending for the purchase of securities, working capital, purchase of residential property and transport vehicles.
Its customers' deposit base also grew by 4.7 per cent to reach RM98.9 billion, of which domestic customer deposits increased by 4.5 per cent as compared to the industry benchmark of 2.8 per cent.
In addition, the group achieved an annualised return on equity of 15.1 per cent and return on assets of 1.2 per cent, while its total assets expanded by three per cent to RM133.1 billion, mainly due to the increases in loans and investment assets. -- Bernama
ended March 31, 2011 from RM474.2 million in the previous corresponding quarter.
The group attributed its improved performance to higher net interest income, other operating income, income from Islamic Banking business and lower allowance for impairment on loans, financing and other losses, partially offset by higher
other operating expenses. Revenue rose to RM1.65 billion from RM1.398 billion previously.
'The group is optimistic of stronger market demand for banking products and services and a more active capital market.
'It will remain focused on building its core businesses and will continue to look for opportunities to expand its market share and increase its leadership position in targeted markets and product segments,' said Chairman Datuk Mohamed Khadar Merican in a statement today.
He added that the outlook of the Malaysian banking sector remained positive, supported by the underlying strengths of the domestic economy and the roll out of the large-scale infrastructure projects under the Economic Transformation Programme.
RHB Bank Bhd continued to be the largest contributor to the group, accounting for 92 per cent of the group's profit.
For the quarter under review, gross loans grew by RM3.6 billion or 4.3 per cent to reach RM87.3 billion, which was broad based across different segments, in particular lending for the purchase of securities, working capital, purchase of residential property and transport vehicles.
Its customers' deposit base also grew by 4.7 per cent to reach RM98.9 billion, of which domestic customer deposits increased by 4.5 per cent as compared to the industry benchmark of 2.8 per cent.
In addition, the group achieved an annualised return on equity of 15.1 per cent and return on assets of 1.2 per cent, while its total assets expanded by three per cent to RM133.1 billion, mainly due to the increases in loans and investment assets. -- Bernama
MBM Res registers RM46m Q1 profit
MBM Resources Bhd achieved a higher pre-tax profit of RM46.37 million for the first quarter ended March 31, 2011, compared with RM45.2 million recorded the previous corresponding quarter.
Revenue rose to RM409.81 million, from RM363.83 million, recorded
previously.
In a filing to Bursa Malaysia, the group said the spillover of orders last year coupled with strong customers' demand, resulted in higher vehicle sales and revenue.
'The second quarter performance will probably be dampened by the issue of parts supply arising from the recent earthquake in Japan,' it said.
However, the group expects a recovery in volume from the third quarter onwards.
'The ongoing development of additional branches for the dealership businesses is expected to contribute positively in the second-half of the year,' it said. -- Bernama
Revenue rose to RM409.81 million, from RM363.83 million, recorded
previously.
In a filing to Bursa Malaysia, the group said the spillover of orders last year coupled with strong customers' demand, resulted in higher vehicle sales and revenue.
'The second quarter performance will probably be dampened by the issue of parts supply arising from the recent earthquake in Japan,' it said.
However, the group expects a recovery in volume from the third quarter onwards.
'The ongoing development of additional branches for the dealership businesses is expected to contribute positively in the second-half of the year,' it said. -- Bernama
Pos registers higher Q1 pre-tax profit
Pos Malaysia Bhd registered a higher pre-tax profit of RM48.699 million in the first quarter ended March 31, 2011, compared with RM9.418 million recorded the same period last year.
The company's revenue increased to RM304.509 million, from RM231.079 million, registered previously.
With the full year impact of the new tariff structure for its regulated mail products and the on-going transformation initiatives, the board is optimistic the group's performance will be favourable during the financial year. -- Bernama
The company's revenue increased to RM304.509 million, from RM231.079 million, registered previously.
With the full year impact of the new tariff structure for its regulated mail products and the on-going transformation initiatives, the board is optimistic the group's performance will be favourable during the financial year. -- Bernama
QSR Brands records RM63.7m Q1 profit
QSR Brands Bhd registered a pre-tax profit of RM63.7 million in the first quarter ended March 31, 2011, compared with RM60.0 million in the same quarter of 2010.
Its revenue increased 7.6 per cent to RM779.8 million from RM724.7 million previously.
In a filing to Bursa Malaysia today, QSR said the improved performance in the current quarter was primarily due to the better contributions from its KFC operations in Malaysia and its Singapore's Pizza Hut operations.
On prospects for the year, QSR said with the increasing inflationary pressures, the company was taking several initiatives to develop and introduce new products and promotions as well as enhance customer experience, expand the restaurant network, while developing better cost efficiencies and improving productivity.
The board is confident of maintaining the group's current growth trend for the balance of the year, he added. -- Bernama
Its revenue increased 7.6 per cent to RM779.8 million from RM724.7 million previously.
In a filing to Bursa Malaysia today, QSR said the improved performance in the current quarter was primarily due to the better contributions from its KFC operations in Malaysia and its Singapore's Pizza Hut operations.
On prospects for the year, QSR said with the increasing inflationary pressures, the company was taking several initiatives to develop and introduce new products and promotions as well as enhance customer experience, expand the restaurant network, while developing better cost efficiencies and improving productivity.
The board is confident of maintaining the group's current growth trend for the balance of the year, he added. -- Bernama
Dayang posts higher Q1 pre-tax profit
Dayang Enterprises Holdings Bhd recorded an increased pre-tax profit of RM22.2 million in the first quarter ended March
31, 2011, compared to RM16.229 million in the same period last year.
The company's revenue advanced to RM83.357 million, up 94 per cent, from RM43.048 million previously.
In a filing to Bursa Malaysia, the company said it remained positive for the remaining quarters of the current financial year, as it has ongoing contracts exceeding RM1.5 billion to last at least until 2016.
Dayang Enterprises has commenced mobilisation for the new contract from Petronas Carigali Sdn Bhd for its Sarawak Operations beginning March this year.
It would see contributions for this new contract from the second quarter onwards. -- Bernama
31, 2011, compared to RM16.229 million in the same period last year.
The company's revenue advanced to RM83.357 million, up 94 per cent, from RM43.048 million previously.
In a filing to Bursa Malaysia, the company said it remained positive for the remaining quarters of the current financial year, as it has ongoing contracts exceeding RM1.5 billion to last at least until 2016.
Dayang Enterprises has commenced mobilisation for the new contract from Petronas Carigali Sdn Bhd for its Sarawak Operations beginning March this year.
It would see contributions for this new contract from the second quarter onwards. -- Bernama
Monday, May 23, 2011
Bina Puri records RM2.96m Q1 profit
Bina Puri Holdings Bhd's pre-tax profit for the first quarter ended March 31, 2011, increased slightly to RM2.96 million
from the RM2.6 million recorded in the same period last year.
However, revenue, fell to RM289.3 million from RM298.4 million previously.
The decrease in revenue was mainly due to near completion of the 2,000 units of affordable houses in Brunei, Bina Puri said in a statement today.
The company said it would continue to focus on and enhance its main core business, as the current value of contract work in progress of approximately RM2.45 billion, is expected to provide a steady revenue stream for the group over the next three years. -- Bernama
from the RM2.6 million recorded in the same period last year.
However, revenue, fell to RM289.3 million from RM298.4 million previously.
The decrease in revenue was mainly due to near completion of the 2,000 units of affordable houses in Brunei, Bina Puri said in a statement today.
The company said it would continue to focus on and enhance its main core business, as the current value of contract work in progress of approximately RM2.45 billion, is expected to provide a steady revenue stream for the group over the next three years. -- Bernama
QL Resources Q4 profit jumps to RM40.5m
QL Resources Bhd's pre-tax profit for the fourth quarter ended March, 31, 2011,jumped to RM40.45 million from the RM34.91
million recorded in the same period last year.
Revenue rose to RM502.6 million from RM413 million previously, the company said in a statement today.
For the whole financial year ended March 31, 2011, the company registered a higher pre-tax profit of RM160.8 million, compared to the RM136 million recorded previously.
Revenue increased to RM1.777 billion from RM1.476 billion in 2010. -- Bernama
million recorded in the same period last year.
Revenue rose to RM502.6 million from RM413 million previously, the company said in a statement today.
For the whole financial year ended March 31, 2011, the company registered a higher pre-tax profit of RM160.8 million, compared to the RM136 million recorded previously.
Revenue increased to RM1.777 billion from RM1.476 billion in 2010. -- Bernama
Favelle Favco increases Q1 pre-tax profit
Favelle Favco Bhd has posted an increase in profit before tax to RM4.183 million for the first quarter ended March 31, 2011 from RM3.783 million in the previous corresponding quarter.
Revenue rose to RM85.181 million from RM74.950 million, the company said in a filing to Bursa Malaysia today.
Favelle said its group outstanding order book was RM496.4 million, the majority of which was from oil and gas cranes for the offshore oil and gas exploration and production activities while the remaining were from the shipyard, construction and wind turbine industries.
It expected to maintain its market share although the outlook remains challenging. -- Bernama
Revenue rose to RM85.181 million from RM74.950 million, the company said in a filing to Bursa Malaysia today.
Favelle said its group outstanding order book was RM496.4 million, the majority of which was from oil and gas cranes for the offshore oil and gas exploration and production activities while the remaining were from the shipyard, construction and wind turbine industries.
It expected to maintain its market share although the outlook remains challenging. -- Bernama
Evergreen Q1 pre-tax profit shrinks
Evergreen Fibreboard Bhd's pre-tax profit decreased to RM4.3 million for the first quarter ended March 31, 2011, compared
to RM36.96 million in the same period last year.
Its pre-tax profit decreased due to the impact of the weakening US dollar and a drastic hike in log cost.
Revenue for the quarter also decreased by 2.2 per cent to RM233.56 million from the RM238.69 million previously.
'The decline in revenue was due to a lower sales volume which was the result of lower production,' it said in a filling to Bursa Malaysia today.
The company said it is confident of achieving a better result in the next quarter based on the current increase in MDF and Particle Board demand. -- Bernama
to RM36.96 million in the same period last year.
Its pre-tax profit decreased due to the impact of the weakening US dollar and a drastic hike in log cost.
Revenue for the quarter also decreased by 2.2 per cent to RM233.56 million from the RM238.69 million previously.
'The decline in revenue was due to a lower sales volume which was the result of lower production,' it said in a filling to Bursa Malaysia today.
The company said it is confident of achieving a better result in the next quarter based on the current increase in MDF and Particle Board demand. -- Bernama
Tasco Q1 pre-tax profit up 48.3pc
Tasco Bhd's pre-tax profit rose 48.3 per cent to RM8.605 million for the first quarter ended March 31, 2011 from RM5.827
million in last year's corresponding quarter.
The company's revenue increased to RM118.363 million from RM90.679 million previously.
'The significantly better result was due to the better performance of our domestic business solutions,' the company said in a filing to Bursa Malaysia today.
Tasco also said the prospects of the group's business was very much dependent on the performance of the Malaysian and world economies which has a direct impact on the health and vibrancy of the local manufacturing sector and international trade.
'We remain cautiously optimistic of the prospects of the group for the rest of the financial year, and we will continue to remain focused in our effort to service our customers with innovative logistics solution and expand our logistics capacity where it is appropriate to do so, after consideration of the
risk factors,' it said. -- Bernama
million in last year's corresponding quarter.
The company's revenue increased to RM118.363 million from RM90.679 million previously.
'The significantly better result was due to the better performance of our domestic business solutions,' the company said in a filing to Bursa Malaysia today.
Tasco also said the prospects of the group's business was very much dependent on the performance of the Malaysian and world economies which has a direct impact on the health and vibrancy of the local manufacturing sector and international trade.
'We remain cautiously optimistic of the prospects of the group for the rest of the financial year, and we will continue to remain focused in our effort to service our customers with innovative logistics solution and expand our logistics capacity where it is appropriate to do so, after consideration of the
risk factors,' it said. -- Bernama
YNH Property enjoys higher Q1 pre-tax profit
YNH Property Bhd achieved a higher pre-tax profit of RM21.43 million for the first quarter ended March 31, 2011, compared
with RM20.55 million registered in the previous corresponding quarter.
However, revenue declined to RM55.26 million, from RM93.80 million, registered previously.
In a filing to Bursa Malaysia today, the group said its performance was mainly derived from the recognition of progressive sales of its inventories, development properties and commercial properties.
It said the global economic climate remained challenging after almost three years from the 2008 financial crisis.
'Notwithstanding the challenging environment, the group had been achieving strong demand for its projects such as Manjung Point Seksyen 5, Taman Seri Melor, Taman Sejati III and Taman Pantai Remis in Seri Manjung as well as the balance units in Ceriaan Kiara in Month Kiara,' it said.
The company expects sales from both the township projects in Manjung and Klang Valley to continue its contribution to the group's income. -- Bernama
with RM20.55 million registered in the previous corresponding quarter.
However, revenue declined to RM55.26 million, from RM93.80 million, registered previously.
In a filing to Bursa Malaysia today, the group said its performance was mainly derived from the recognition of progressive sales of its inventories, development properties and commercial properties.
It said the global economic climate remained challenging after almost three years from the 2008 financial crisis.
'Notwithstanding the challenging environment, the group had been achieving strong demand for its projects such as Manjung Point Seksyen 5, Taman Seri Melor, Taman Sejati III and Taman Pantai Remis in Seri Manjung as well as the balance units in Ceriaan Kiara in Month Kiara,' it said.
The company expects sales from both the township projects in Manjung and Klang Valley to continue its contribution to the group's income. -- Bernama
Friday, May 20, 2011
Affin Bank eyes RM2b for OMG campaign
Affin Bank Bhd is targeting less than RM2 billion for the second Oh My Goshh! (O.M.G) deposit savings campaign to be launched on June 1.
'As our OMG campaign ended in April this year, we have received an overwhelming response with over 9.7 million entries and garnering in excess of RM1.2 billion retail deposits growth during the eight months with about 70,000 new customers,' said Consumer Banking director Idris Abd Hamid at the OMG prize- giving ceremony and preview of OMG Two.
The main objective of the campaign was to focus on customers' loyalty and to value-add products and services in increasing customer base and reduce carbon footprint by going paperless or 'no forms' at all the branches.
Among the contributing factors are the variety of interest rates which have been revised, especially for the fixed deposit, and the ongoing drive to all of the branches to drive this campaign.
Last year, Affin Bank recorded a significant growth of 16.7 per cent in deposits to RM30.8 billion as compared to RM26.4 billion in 2009.
The bank's current and savings account growth last year was phenomenal at RM750 million, with almost half a million customers, he added. -- Bernama
'As our OMG campaign ended in April this year, we have received an overwhelming response with over 9.7 million entries and garnering in excess of RM1.2 billion retail deposits growth during the eight months with about 70,000 new customers,' said Consumer Banking director Idris Abd Hamid at the OMG prize- giving ceremony and preview of OMG Two.
The main objective of the campaign was to focus on customers' loyalty and to value-add products and services in increasing customer base and reduce carbon footprint by going paperless or 'no forms' at all the branches.
Among the contributing factors are the variety of interest rates which have been revised, especially for the fixed deposit, and the ongoing drive to all of the branches to drive this campaign.
Last year, Affin Bank recorded a significant growth of 16.7 per cent in deposits to RM30.8 billion as compared to RM26.4 billion in 2009.
The bank's current and savings account growth last year was phenomenal at RM750 million, with almost half a million customers, he added. -- Bernama
Sumitomo proposes to buy stake in RHB Capital
Sumitomo Mitsui Financial Group Inc offered to buy a 25 per cent stake in RHB Capital Bhd, Malaysia's fourth-largest bank by assets, two people with knowledge of the matter said.
Carlyle Group, the Washington-based private equity firm, is also considering a bid, people familiar with the process said, declining to be identified. RHB Capital rose as much as 2.4 per cent to a 14-year high in Kuala Lumpur trading today, valuing the stake at RM5 billion (US$1.66 billion), data compiled by Bloomberg show.
Sumitomo Mitsui, Japan's second-largest bank by market value, joins Japanese companies including Takeda Pharmaceutical Co and Toshiba Corp in pursuing overseas assets after the country's strongest earthquake exacerbated an economic slump. Takeda and Toshiba yesterday announced a combined US$16 billion of overseas takeovers.
Abu Dhabi Commercial Bank PJSC is seeking to sell its 25 per cent stake in RHB. The United Arab Emirates' third-biggest bank by assets appointed Goldman Sachs Group Inc and Bank of America Corp to advise it on the sale, Chief Executive Officer Ala'a Eraiqat said last month.
Mitsui Sumitomo Insurance Co said this month it agreed to pay 7 trillion rupiah (US$820 million) for half of PT Sinar Mas Multiarta's life insurance unit in Indonesia. In April, trading company Mitsui and Co bought a 30 per cent stake in Malaysian hospital operator Integrated Healthcare Holdings for RM3.3 billion.
A spokesman for Sumitomo Mitsui in Tokyo, who declined to be identified, said he had no comment. Dorothy Lee, a Hong Kong- based spokeswoman for Carlyle, declined to comment.
Open to Merger
Hong Leong Bank Bhd this month completed the acquisition of EON Capital Bhd to create what may become Malaysia's fourth-largest lender with assets of more than RM140 billion. China Construction Bank Corp, the country's second-biggest bank, expressed interest in buying EON Capital, people with knowledge of the matter said in April.
RHB is open to a merger, its biggest shareholder, state-run pension fund Employees Provident Fund, said last month. The fund added that no transaction is currently being planned. EPF holds a 45 per cent stake in RHB Capital, according to data compiled by Bloomberg.
EON Capital this month rose to the highest level in almost four years in Kuala Lumpur trading after its board accepted Hong Leong Bank's RM5.06 billion offer. The takeover helped billionaire Quek Leng Chan's Hong Leong, Malaysia's sixth- largest bank, displace RHB Capital as the Southeast Asian nation's fourth-biggest banking group by assets.
Malaysia's economy is forecast by the government to grow as much as 6 per cent this year following a 7.2 per cent expansion last year, which was the fastest pace in a decade. The central bank raised its benchmark overnight policy rate by 0.25 percentage point to 3 per cent on May 5 to fight inflation. -- Bloomberg
Carlyle Group, the Washington-based private equity firm, is also considering a bid, people familiar with the process said, declining to be identified. RHB Capital rose as much as 2.4 per cent to a 14-year high in Kuala Lumpur trading today, valuing the stake at RM5 billion (US$1.66 billion), data compiled by Bloomberg show.
Sumitomo Mitsui, Japan's second-largest bank by market value, joins Japanese companies including Takeda Pharmaceutical Co and Toshiba Corp in pursuing overseas assets after the country's strongest earthquake exacerbated an economic slump. Takeda and Toshiba yesterday announced a combined US$16 billion of overseas takeovers.
Abu Dhabi Commercial Bank PJSC is seeking to sell its 25 per cent stake in RHB. The United Arab Emirates' third-biggest bank by assets appointed Goldman Sachs Group Inc and Bank of America Corp to advise it on the sale, Chief Executive Officer Ala'a Eraiqat said last month.
Mitsui Sumitomo Insurance Co said this month it agreed to pay 7 trillion rupiah (US$820 million) for half of PT Sinar Mas Multiarta's life insurance unit in Indonesia. In April, trading company Mitsui and Co bought a 30 per cent stake in Malaysian hospital operator Integrated Healthcare Holdings for RM3.3 billion.
A spokesman for Sumitomo Mitsui in Tokyo, who declined to be identified, said he had no comment. Dorothy Lee, a Hong Kong- based spokeswoman for Carlyle, declined to comment.
Open to Merger
Hong Leong Bank Bhd this month completed the acquisition of EON Capital Bhd to create what may become Malaysia's fourth-largest lender with assets of more than RM140 billion. China Construction Bank Corp, the country's second-biggest bank, expressed interest in buying EON Capital, people with knowledge of the matter said in April.
RHB is open to a merger, its biggest shareholder, state-run pension fund Employees Provident Fund, said last month. The fund added that no transaction is currently being planned. EPF holds a 45 per cent stake in RHB Capital, according to data compiled by Bloomberg.
EON Capital this month rose to the highest level in almost four years in Kuala Lumpur trading after its board accepted Hong Leong Bank's RM5.06 billion offer. The takeover helped billionaire Quek Leng Chan's Hong Leong, Malaysia's sixth- largest bank, displace RHB Capital as the Southeast Asian nation's fourth-biggest banking group by assets.
Malaysia's economy is forecast by the government to grow as much as 6 per cent this year following a 7.2 per cent expansion last year, which was the fastest pace in a decade. The central bank raised its benchmark overnight policy rate by 0.25 percentage point to 3 per cent on May 5 to fight inflation. -- Bloomberg
Thursday, May 19, 2011
Kossan Rubber Q1 pre-tax profit down 28pc
Kossan Rubber Industries Bhd's pre-tax profit fell 28.04 per cent to RM27.9 million in the first quarter ended March 2011 from RM38.8 million in the same quarter last year.
Its turnover also declined 2.41 per cent to RM256.4 million from RM262.8 million in 2010.
In a filing to Bursa Malaysia, it said the lower turnover was partly due to the buyers holding lower stock levels amid the increase in raw materials, while the lower pre-tax profit was following the surge in natural rubber latex cost.
Kossan Rubber said the results for the first quarter was within
expectations, taking into consideration the increase in raw materials cost of natural latex and the weakening US dollar. -- Bernama
Its turnover also declined 2.41 per cent to RM256.4 million from RM262.8 million in 2010.
In a filing to Bursa Malaysia, it said the lower turnover was partly due to the buyers holding lower stock levels amid the increase in raw materials, while the lower pre-tax profit was following the surge in natural rubber latex cost.
Kossan Rubber said the results for the first quarter was within
expectations, taking into consideration the increase in raw materials cost of natural latex and the weakening US dollar. -- Bernama
Tradewinds turns in RM76m Q1 pre-tax
Tradewinds Plantation Bhd's pre-tax profit for the first quarter ended March 2011 rose to RM75.7 million from RM39.8 million in the same quarter last year.
Its revenue increased to RM229.9 million from RM183.4 million previously, mainly due to the increase in the prices of palm products, it said in a filing to Bursa Malaysia today.
Tradewinds expected the results for the remaining quarters of the current financial year ending December 2011 to be better than the current quarter's.
This is based on the prevailing prices of palm products and the forecast increase in production in the coming quarters, it said. -- Bernama
Its revenue increased to RM229.9 million from RM183.4 million previously, mainly due to the increase in the prices of palm products, it said in a filing to Bursa Malaysia today.
Tradewinds expected the results for the remaining quarters of the current financial year ending December 2011 to be better than the current quarter's.
This is based on the prevailing prices of palm products and the forecast increase in production in the coming quarters, it said. -- Bernama
Latexx gains on gettingRM1.4b merger offer
Latexx Partners Bhd, a Malaysian rubber-glove maker, rose in Kuala Lumpur trading after receiving an offer to merge with rival YTY Industry Holdings Sdn Bhd in a transaction valued at RM1.37 billion.
The stock advanced 1.6 per cent to RM2.55 at 9:11 a.m. local time, extending yesterday's 4.6 per cent gain.
Latexx will buy four units of YTY by paying RM409.5 million in cash and the balance RM955.5 million in new stock at RM2.50 a share, the company said in a statement in Kuala Lumpur late yesterday.
Latexx will deliberate on the offer, which will remain open for 21 days, it said. -- Bloomberg
The stock advanced 1.6 per cent to RM2.55 at 9:11 a.m. local time, extending yesterday's 4.6 per cent gain.
Latexx will buy four units of YTY by paying RM409.5 million in cash and the balance RM955.5 million in new stock at RM2.50 a share, the company said in a statement in Kuala Lumpur late yesterday.
Latexx will deliberate on the offer, which will remain open for 21 days, it said. -- Bloomberg
Paramount enjoys 16pc rise in Q1 profit
Paramount Corp Bhd's pre-tax profit for the first quarter ended March 31, 2011 rose by 16.3 per cent to RM25.7 million
from RM22.1 million in the same quarter 2010.
Its revenue grew by 1.5 per cent to RM103.9 million from RM102.4 million previously, the company said in a filing to Bursa Malaysia today.
Paramount said the higher profit was attributable to a better performance by the property development sector.
The performance for the group for the next three quarters will be driven mainly by the property development sector, underpinned by lock-in sales from robust demand that continue to spill into 2011, it said. -- Bernama
from RM22.1 million in the same quarter 2010.
Its revenue grew by 1.5 per cent to RM103.9 million from RM102.4 million previously, the company said in a filing to Bursa Malaysia today.
Paramount said the higher profit was attributable to a better performance by the property development sector.
The performance for the group for the next three quarters will be driven mainly by the property development sector, underpinned by lock-in sales from robust demand that continue to spill into 2011, it said. -- Bernama
Xingquan posts lower Q3 pre-tax profit
Xingquan International Sports Holdings Ltd's pre-tax profit for the third quarter ended March 31, 2011 fell to RM36.52 million from RM37.36 million in the same quarter of 2010.
Revenue, however, rose to RM178.48 million from RM164.34 million previously, it said in a filing to Bursa Malaysia today.
For the nine-month period ended March 31, 2011, its pre-tax profit rose to RM101.08 million from RM98.98 million in the same period of 2010.
Revenue increased to RM527.66 million from R450.97 million previously.
Xingquan said the prospect for financial year ending June 30, 2011 was expected to be positive, supported by the expansion of sales outlets and branding initiatives. -- Bernama
Revenue, however, rose to RM178.48 million from RM164.34 million previously, it said in a filing to Bursa Malaysia today.
For the nine-month period ended March 31, 2011, its pre-tax profit rose to RM101.08 million from RM98.98 million in the same period of 2010.
Revenue increased to RM527.66 million from R450.97 million previously.
Xingquan said the prospect for financial year ending June 30, 2011 was expected to be positive, supported by the expansion of sales outlets and branding initiatives. -- Bernama
TSH Resources posts higher Q1 pre-tax profit
TSH Resources Bhd registered a higher pre-tax profit of RM33.640 million for the first quarter ended March 31, 2011, compared to RM17.918 million in the same period last year driven by strong
plantation earnings.
The company's revenue increased five per cent to RM252.599 million from RM240.476 million previously.
'Overall, the palm and bio-integration business segment's performance improved as result of higher crude palm oil prices and crop production, arising mainly from higher hectarage of mature plantation fields in Indonesia,' it said in a filing to Bursa Malaysia today.
The cocoa manufacturing segment also reported a better result due to an improved margin and stable prices.
However, as for the wood products segment whose bulk of its sale are exported, the operating environment in Europe and the United
States remains difficult.
The weak market coupled with the strengthening of the ringgit against the euro and the US dollar also dented the margins.
Palm oil prices are expected to be maintained above RM3,000 and the group is expected to achieve a satisfactory level of profitability. -- Bernama
plantation earnings.
The company's revenue increased five per cent to RM252.599 million from RM240.476 million previously.
'Overall, the palm and bio-integration business segment's performance improved as result of higher crude palm oil prices and crop production, arising mainly from higher hectarage of mature plantation fields in Indonesia,' it said in a filing to Bursa Malaysia today.
The cocoa manufacturing segment also reported a better result due to an improved margin and stable prices.
However, as for the wood products segment whose bulk of its sale are exported, the operating environment in Europe and the United
States remains difficult.
The weak market coupled with the strengthening of the ringgit against the euro and the US dollar also dented the margins.
Palm oil prices are expected to be maintained above RM3,000 and the group is expected to achieve a satisfactory level of profitability. -- Bernama
JCY Q2 pre-tax profit drops to RM12.5m
JCY International Bhd's pre-tax profit for the second quarter ended March 31, 2011 dropped to RM12.52 million from RM66.23
million in the same period last year.
Revenue also decreased to RM397.43 million from RM549.69 million previously, the company said in a filing to Bursa Malaysia today.
For the six-month period, the company's pre-tax profit fell to RM20.08 million from RM144.02 million while revenue fell to RM836.34 million from RM1.08 billion.
It said the lower revenue was due to depreciating US dollar against ringgit and lower volume of components sold for the current quarter as a result of weaking global demand for Hard Disk Drive (HDD).
The lower pre-tax was mainly due to increase in the cost of production resulting from increase in the cost of raw materials like aluminium and stainless steel and also increase in labour cost, it added. -- Bernama
million in the same period last year.
Revenue also decreased to RM397.43 million from RM549.69 million previously, the company said in a filing to Bursa Malaysia today.
For the six-month period, the company's pre-tax profit fell to RM20.08 million from RM144.02 million while revenue fell to RM836.34 million from RM1.08 billion.
It said the lower revenue was due to depreciating US dollar against ringgit and lower volume of components sold for the current quarter as a result of weaking global demand for Hard Disk Drive (HDD).
The lower pre-tax was mainly due to increase in the cost of production resulting from increase in the cost of raw materials like aluminium and stainless steel and also increase in labour cost, it added. -- Bernama
Tan Chong registers higher Q1 pre-tax profit
Tan Chong Motor Holdings Bhd registered a higher pre-tax profit of RM105.152 million for the first quarter ended March 31,
2011 compared to RM88.913 million in the same period last year.
Revenue grew to RM1.132 billion from RM870.367 million previously, the company said in a filing to Bursa Malaysia today.
'Although booking levels remain elevated, we started to pace production as a response to mitigate risks in the auto supply chain, since the earthquake in Japan on March 11,' it said
Tan Chong Motor said sales momentum might slow in the second quarter but pick up again in the second half of this year.
It said Nissan was focusing all efforts to ensure swift restoration of its production operations.
'Despite an uncertain production environment in the near-term related to the disaster in Japan, we are rightsizing our working capital by de-leveraging, reducing inventory and increasing cash in the second quarter to be ready for a recovery led by stock replenishment,' it said. -- Bernama
2011 compared to RM88.913 million in the same period last year.
Revenue grew to RM1.132 billion from RM870.367 million previously, the company said in a filing to Bursa Malaysia today.
'Although booking levels remain elevated, we started to pace production as a response to mitigate risks in the auto supply chain, since the earthquake in Japan on March 11,' it said
Tan Chong Motor said sales momentum might slow in the second quarter but pick up again in the second half of this year.
It said Nissan was focusing all efforts to ensure swift restoration of its production operations.
'Despite an uncertain production environment in the near-term related to the disaster in Japan, we are rightsizing our working capital by de-leveraging, reducing inventory and increasing cash in the second quarter to be ready for a recovery led by stock replenishment,' it said. -- Bernama
JobStreet records higher Q1 pre-tax profit
JobStreet Corporation Bhd recorded a 27.5 per cent increase in pre-tax profit to RM16.137 million for the first quarter
ended March 31, 2011 from RM12.656 million in previous corresponding period.
Revenue rose 21.7 per cent to RM33.626 million from RM27.627 million, the company said a filing to Bursa Malaysia today.
It said the increase in revenue was mainly due to higher sales reflecting higher recruitment activities.
'Revenue from job fairs in Indonesia and consulting services in Japan had also contributed to the increase in consolidated revenue,' it added.
On prospects for 2011, Jobstreet said the job market in the region and the demand for recruitment advertising services remained solid.
'During 2010, our primary regional competitor was acquired by SEEK Asia, whose ultimate parent company owns 22.2 per cent of JobStreet Corporation.
'This may lead to changes in the competitive environment going forward,' it said.
The performance of the group for the financial year ending Dec 31, 2011 is expected to be satisfactory, with the outcome dependent on sustained economic growth, the competitive environment, the ability of the group to increase sales and the performance of its investments. -- Bernama
ended March 31, 2011 from RM12.656 million in previous corresponding period.
Revenue rose 21.7 per cent to RM33.626 million from RM27.627 million, the company said a filing to Bursa Malaysia today.
It said the increase in revenue was mainly due to higher sales reflecting higher recruitment activities.
'Revenue from job fairs in Indonesia and consulting services in Japan had also contributed to the increase in consolidated revenue,' it added.
On prospects for 2011, Jobstreet said the job market in the region and the demand for recruitment advertising services remained solid.
'During 2010, our primary regional competitor was acquired by SEEK Asia, whose ultimate parent company owns 22.2 per cent of JobStreet Corporation.
'This may lead to changes in the competitive environment going forward,' it said.
The performance of the group for the financial year ending Dec 31, 2011 is expected to be satisfactory, with the outcome dependent on sustained economic growth, the competitive environment, the ability of the group to increase sales and the performance of its investments. -- Bernama
Wednesday, May 18, 2011
Guan Chong on track to hit earnings growth
Guan Chong Bhd, one of the largest cocoa processors in the region, is on track to meet the full-year robust earnings growth of 19 per cent, says HwangDBS Vickers Research Sdn Bhd.
In a research note today, HwangDBS said it expected a rise in effective tax rate with the full year estimate of 19.3 per cent amid rising contribution from Guan Chong's new plant in Batam, Indonesia.
Guan Chong's new grinding facility in Batam, completed in February with an annual capacity of 60,000 metric tonnes, annually, will contribute 40 per cent of quarterly sales volume from the second quarter, HwangDBS said.
As of the first quarter, Guan Chong's Batam plant was already churning an operating profit of RM1.5 million despite barely being in operation for one month.
'We understand that Guan Chong's current running capacity of 140,000 metric tonnes (Pasir Gudang and Batam) is fully taken up, thus providing earnings visibility for financial year 2011,' HwangDBS said.
Guan Chong reported first quarter 2011 net profit of RM30.1 million, an increase of 52.5 per cent, year-on-year, on the back of RM290 million revenue driven by higher sales volume, better margins and lower effective tax rate.
Bottomline was also lifted by lower effective tax rate of 10.8 per cent as Guan Chong utilised most of the outstanding export tax incentives upfront in the first quarter the year.
HwangDBS said it still liked Guan Chong as an undervalued global manufacturer of cocoa ingredients as capacity boost and secured orders were expected to drive earnings momentum ahead. -- Bernama
In a research note today, HwangDBS said it expected a rise in effective tax rate with the full year estimate of 19.3 per cent amid rising contribution from Guan Chong's new plant in Batam, Indonesia.
Guan Chong's new grinding facility in Batam, completed in February with an annual capacity of 60,000 metric tonnes, annually, will contribute 40 per cent of quarterly sales volume from the second quarter, HwangDBS said.
As of the first quarter, Guan Chong's Batam plant was already churning an operating profit of RM1.5 million despite barely being in operation for one month.
'We understand that Guan Chong's current running capacity of 140,000 metric tonnes (Pasir Gudang and Batam) is fully taken up, thus providing earnings visibility for financial year 2011,' HwangDBS said.
Guan Chong reported first quarter 2011 net profit of RM30.1 million, an increase of 52.5 per cent, year-on-year, on the back of RM290 million revenue driven by higher sales volume, better margins and lower effective tax rate.
Bottomline was also lifted by lower effective tax rate of 10.8 per cent as Guan Chong utilised most of the outstanding export tax incentives upfront in the first quarter the year.
HwangDBS said it still liked Guan Chong as an undervalued global manufacturer of cocoa ingredients as capacity boost and secured orders were expected to drive earnings momentum ahead. -- Bernama
AMMB Q4 profit rises to RM316.3m
AMMB Holdings Bhd, Malaysia's fifth- biggest lender, said profit surged 31 per cent in the fourth quarter on increased lending and fewer provisions for bad debt.
Net income climbed to RM316.3 million or 10.54 sen a share, in the three months ended March 31, from RM241.7 million, or 8.03 sen, a year earlier, AMMB said in an exchange filing today. Revenue increased 9 per cent to RM1.81 billion.
AMMB joins Malayan Banking Bhd and Public Bank Bhd. in reporting higher profits after the Southeast Asian economy grew at the fastest pace in a decade last year, spurring demand for loans and prompting the government to raise interest rates four times since March 2010 to contain inflation. AMMB also proposed boosting its final dividend 14 per cent to 12 sen a share.
The bank expects increased activity in the lending, fund management and debt markets after Prime Minister Datuk Seri Najib Razak identified US$444 billion of private sector-led investments to drive growth this decade, Managing Director Cheah Tek Kuang said in the statement.
'The banking sector is set to benefit from the economic transformation program,' he said. 'We are well-positioned to benefit from these opportunities.'
Loan Income Rises
Net interest income, or revenue from borrowers after deducting interest paid to depositors, advanced 7 per cent to RM550.8 million in the quarter through March, AMMB said. Allowances for bad loans and financing fell 23 per cent to RM114.2 million, it said.
The central bank has boosted interest rates to curb inflation, which accelerated to a 23-month high in March. It last raised the benchmark overnight policy rate to 3 per cent from 2.75 per cent on May 5. The government will release first-quarter gross domestic product and April inflation data today.
AMMB, part-owned by Australia and New Zealand Banking Group Ltd, expects the benchmark rate to remain at 3 per cent for this year, Cheah said.
Malaysia's economy may have expanded 4.9 per cent in the first quarter through March after a 7.2 per cent growth last year, according to the median forecast of 20 economists surveyed by Bloomberg News.
Shares of the Kuala Lumpur-based lender fell 0.5 per cent to RM6.37 at 10.34 am in Kuala Lumpur after trading resumed at 10 am.
The stock had been suspended from trading before the announcement. - Bloomberg
Net income climbed to RM316.3 million or 10.54 sen a share, in the three months ended March 31, from RM241.7 million, or 8.03 sen, a year earlier, AMMB said in an exchange filing today. Revenue increased 9 per cent to RM1.81 billion.
AMMB joins Malayan Banking Bhd and Public Bank Bhd. in reporting higher profits after the Southeast Asian economy grew at the fastest pace in a decade last year, spurring demand for loans and prompting the government to raise interest rates four times since March 2010 to contain inflation. AMMB also proposed boosting its final dividend 14 per cent to 12 sen a share.
The bank expects increased activity in the lending, fund management and debt markets after Prime Minister Datuk Seri Najib Razak identified US$444 billion of private sector-led investments to drive growth this decade, Managing Director Cheah Tek Kuang said in the statement.
'The banking sector is set to benefit from the economic transformation program,' he said. 'We are well-positioned to benefit from these opportunities.'
Loan Income Rises
Net interest income, or revenue from borrowers after deducting interest paid to depositors, advanced 7 per cent to RM550.8 million in the quarter through March, AMMB said. Allowances for bad loans and financing fell 23 per cent to RM114.2 million, it said.
The central bank has boosted interest rates to curb inflation, which accelerated to a 23-month high in March. It last raised the benchmark overnight policy rate to 3 per cent from 2.75 per cent on May 5. The government will release first-quarter gross domestic product and April inflation data today.
AMMB, part-owned by Australia and New Zealand Banking Group Ltd, expects the benchmark rate to remain at 3 per cent for this year, Cheah said.
Malaysia's economy may have expanded 4.9 per cent in the first quarter through March after a 7.2 per cent growth last year, according to the median forecast of 20 economists surveyed by Bloomberg News.
Shares of the Kuala Lumpur-based lender fell 0.5 per cent to RM6.37 at 10.34 am in Kuala Lumpur after trading resumed at 10 am.
The stock had been suspended from trading before the announcement. - Bloomberg
OSK 'underweight' on auto sector
OSK Research is maintaining an 'underweight' call on the automotive sector, reflecting a cautious stance on s nuclear electricity shortage.
The research house suspects that summer power shortages in Japan will create complications for a swift recovery, although recent developments in the country have given some room for optimism.
'We think it is still too early for a re-entry in the sector,' it said in a research note today.
OSK's 'top sell' is UMW and it is likely to revise downwards the earnings forecast for Tan Chong pending the results to be released today.
It has a 'buy' call on Proton, citing depressed valuation and noting that, its domestic market share has since expanded further.-- Bernama
The research house suspects that summer power shortages in Japan will create complications for a swift recovery, although recent developments in the country have given some room for optimism.
'We think it is still too early for a re-entry in the sector,' it said in a research note today.
OSK's 'top sell' is UMW and it is likely to revise downwards the earnings forecast for Tan Chong pending the results to be released today.
It has a 'buy' call on Proton, citing depressed valuation and noting that, its domestic market share has since expanded further.-- Bernama
Monday, May 16, 2011
Guan Chong's Q1 profit jump 53pc
Guan Chong Bhd's (GCB) net profit increased 53 per cent to RM30 million in the first quarter ended March 2011 from RM19.7 million in the same period last year.
GCB, one of the largest cocoa processors in the region, said the higher profits were largely attributed to the eight per cent increased sales.
Its revenue was RM21 million or eight per cent better at RM290 million during the quarter, from the RM269 million achieved in the same period last year.
In a statement today, GCB said the revenue growth was spurred by a 37.3 per cent increase in sales tonnage to 22,939 metric tonnes, as well as better selling prices of its cocoa ingredients.
'Our production facility at Pasir Gudang was working at maximum capacity utilisation to meet our clients' orders from the beginning of the year,' said GCB's managing director and chief executive officer, Brandon Tay Hoe Lian.
'As we mainly export our products, the continued strong demand from our overseas clientele only reflects that our cocoa ingredients are of high quality and accepted by world-renowned chocolate producers,' he added.
Typically, GCB exports its cocoa ingredients to mainly the United States and Europe. Export sales constituted 92 per cent of group revenue in the financial year 2010.
On the group's prospects, Tay said GCB continues to enjoy a full order book for its Pasir Gudang plant for this year, while at the same time, the increased customer orders will be met by the new factory in Batam, Indonesia.
The plant was commissioned in February 2011.
Tay said GCB's profitability is also expected to improve as a result of the zero tariff cocoa beans sourced in Indonesia for its Batam plant.
The plant was set up in mid-2010 in reaction to the Indonesian government imposing an export tax on cocoa beans of up to 15 per cent last year.
GCB also proposed a final tax-exempt single-tier dividend of three sen per ordinary share in respect of financial year 2010, amounting to a payout of about RM9.6 million.
The dividend is subject to shareholders' approval at the forthcoming annual general meeting next month. - Bernama
GCB, one of the largest cocoa processors in the region, said the higher profits were largely attributed to the eight per cent increased sales.
Its revenue was RM21 million or eight per cent better at RM290 million during the quarter, from the RM269 million achieved in the same period last year.
In a statement today, GCB said the revenue growth was spurred by a 37.3 per cent increase in sales tonnage to 22,939 metric tonnes, as well as better selling prices of its cocoa ingredients.
'Our production facility at Pasir Gudang was working at maximum capacity utilisation to meet our clients' orders from the beginning of the year,' said GCB's managing director and chief executive officer, Brandon Tay Hoe Lian.
'As we mainly export our products, the continued strong demand from our overseas clientele only reflects that our cocoa ingredients are of high quality and accepted by world-renowned chocolate producers,' he added.
Typically, GCB exports its cocoa ingredients to mainly the United States and Europe. Export sales constituted 92 per cent of group revenue in the financial year 2010.
On the group's prospects, Tay said GCB continues to enjoy a full order book for its Pasir Gudang plant for this year, while at the same time, the increased customer orders will be met by the new factory in Batam, Indonesia.
The plant was commissioned in February 2011.
Tay said GCB's profitability is also expected to improve as a result of the zero tariff cocoa beans sourced in Indonesia for its Batam plant.
The plant was set up in mid-2010 in reaction to the Indonesian government imposing an export tax on cocoa beans of up to 15 per cent last year.
GCB also proposed a final tax-exempt single-tier dividend of three sen per ordinary share in respect of financial year 2010, amounting to a payout of about RM9.6 million.
The dividend is subject to shareholders' approval at the forthcoming annual general meeting next month. - Bernama
IOI Q3 pre-tax jumps to RM780.9m
IOI Corp's pre-tax for the third quarter ended March 31, 2011 rose to RM780.964 million from RM709.268 million in the same quarter last year.
Its revenue increased to RM4.340 billion from RM3.147 billion previously.
In a filing to Bursa Malaysia today, IOI said the higher profit was mainly due to increase in overall operating profit of the group, as well as an increase in contributions from jointly-controlled entities.
For the nine months to March 31, 2011, its pre-tax profit rose to RM2.131 billion from RM1.932 billion in the same period of 2010.
IOI said this was due to higher profit contributions from the plantation and property segments.
Its revenue climbed to RM11.83 billion from RM9.48 billion previously. - Bernama
Its revenue increased to RM4.340 billion from RM3.147 billion previously.
In a filing to Bursa Malaysia today, IOI said the higher profit was mainly due to increase in overall operating profit of the group, as well as an increase in contributions from jointly-controlled entities.
For the nine months to March 31, 2011, its pre-tax profit rose to RM2.131 billion from RM1.932 billion in the same period of 2010.
IOI said this was due to higher profit contributions from the plantation and property segments.
Its revenue climbed to RM11.83 billion from RM9.48 billion previously. - Bernama
Glenealy's 3Q pre-tax surges to RM35.3m
Glenealy Plantations (M) Bhd's pre-tax profit for the third quarter ended March 31, 2011 surged to RM35.4 million from RM18.1 million in the same period last year.
Revenue jumped to RM69.14 million from RM54.51 million previously, it said in a filing to Bursa Malaysia today.
The group achieved an earnings before interest, tax, depreciation and amortization of RM44 million.
Glenealy said palm oil production was expected to pick up in the next few months due to a recovery from biological stress experienced in the previous periods.
'The price may see some correction but the outlook remains stable due to tight vegetable oil and grains stocks worldwide,' it said. - Bernama
Revenue jumped to RM69.14 million from RM54.51 million previously, it said in a filing to Bursa Malaysia today.
The group achieved an earnings before interest, tax, depreciation and amortization of RM44 million.
Glenealy said palm oil production was expected to pick up in the next few months due to a recovery from biological stress experienced in the previous periods.
'The price may see some correction but the outlook remains stable due to tight vegetable oil and grains stocks worldwide,' it said. - Bernama
Latexx Q1 pre-tax falls to RM14.9m
Latexx Partners Bhd's pre-tax profit for the first quarter ended March 31, 2011 fell to RM14.94 million from RM23.25 million in the same period last year.
Revenue dropped to RM94.75 million from RM126.17 million previously due to high latex price and continuous weakening of the US dollar, it said in a filing to Bursa Malaysia today.
It said global demand for gloves was still strong and continued to grow.
'This is contributed by the growing hygiene awareness and standard in both medical and non-medical sectors as well as the aging of world population, and the expanded healthcare expenditure worldwide,' it said. - Bernama
Revenue dropped to RM94.75 million from RM126.17 million previously due to high latex price and continuous weakening of the US dollar, it said in a filing to Bursa Malaysia today.
It said global demand for gloves was still strong and continued to grow.
'This is contributed by the growing hygiene awareness and standard in both medical and non-medical sectors as well as the aging of world population, and the expanded healthcare expenditure worldwide,' it said. - Bernama
Esso Q1 pre-tax profit surges to RM215m
Esso Malaysia Bhd's pre-tax profit surged to RM215 million in the first quarter ended March 2011 from RM84.6 million in the same period last year.
In a filing to Bursa Malaysia today, the company said its revenue rose to RM2.6 billion from RM2 billion previously, reflecting higher average product prices and increased retail volume.
Esso Malaysia said net profit increased to RM155 million from RM61 million previously, mainly driven by inventory holding gains caused by the significant increase in crude and product prices.
Recognising the potential earnings volatility, Esso Malaysia said it will continue to focus on sustaining flawless operations, cost control and product and service quality, while sustaining its competitive position. - Bernama
In a filing to Bursa Malaysia today, the company said its revenue rose to RM2.6 billion from RM2 billion previously, reflecting higher average product prices and increased retail volume.
Esso Malaysia said net profit increased to RM155 million from RM61 million previously, mainly driven by inventory holding gains caused by the significant increase in crude and product prices.
Recognising the potential earnings volatility, Esso Malaysia said it will continue to focus on sustaining flawless operations, cost control and product and service quality, while sustaining its competitive position. - Bernama
Wednesday, May 11, 2011
Petra gets RM73m charter jobs
Petra Perdana Bhd has secured RM73 million worth of new charter contracts for three mid-sized anchor handling tug supply (AHTS) vessels.
In the first contract, a 12,000 bhp (brake horsepower) AHTS would be on a six-month charter from May 1 for deployment in Labuan, while in the second contract, another 12,000 bhp AHTS would be on 18-month charter from May 7 to work from its Kemaman base.
In a statement today, Petra Perdana said each of the charters could be extended for a period of up to two months.
Petra Perdana said it has also secured a one-year charter renewal, effective June 23, 2011, for a 10,800 bhp AHTS vessel that was currently supporting Petronas Carigali's operations.
Its managing director, Shamsul Saad, said the new charters confirmed that demand recovery was well in progress, especially in medium-sized AHTS segment.
The utilisation rate of our newbuilds has been improving, albeit gradually, to more than 80 per cent now from less than 60 per cent at the beginning of the year, he said. -- Bernama
In the first contract, a 12,000 bhp (brake horsepower) AHTS would be on a six-month charter from May 1 for deployment in Labuan, while in the second contract, another 12,000 bhp AHTS would be on 18-month charter from May 7 to work from its Kemaman base.
In a statement today, Petra Perdana said each of the charters could be extended for a period of up to two months.
Petra Perdana said it has also secured a one-year charter renewal, effective June 23, 2011, for a 10,800 bhp AHTS vessel that was currently supporting Petronas Carigali's operations.
Its managing director, Shamsul Saad, said the new charters confirmed that demand recovery was well in progress, especially in medium-sized AHTS segment.
The utilisation rate of our newbuilds has been improving, albeit gradually, to more than 80 per cent now from less than 60 per cent at the beginning of the year, he said. -- Bernama
Results: Wah Seong Q1 profit jumps
Petronas Gas Bhd reported a 53 per cent increase in pre-tax profit to RM1.9 billion for the year ended March 31, 2011 from RM1.244 billion, registered previously.
Wah Seong Corp Bhd pre-tax profit jumped to RM68.68 million in the first quarter ended March 31, 2011, from RM38.47 million registered in same period last year.
Malaysia Building Society Bhd posted a pre-tax profit of RM91 million, up 111 per cent, for the first quarter ended March 31, 2011, from RM43.2 million, registered in the same period last year.
Petra Energy Bhd pre-tax profit was almost reduced by half to RM6.5 million in the first quarter ended March 31, 2011, from RM12 million recorded in the same quarter last year.
MISC Bhd pre-tax profit for financial year ended March 31, 2011 rose to RM2.244 billion from RM911.914 million in the same period last year. - Bernama
Wah Seong Corp Bhd pre-tax profit jumped to RM68.68 million in the first quarter ended March 31, 2011, from RM38.47 million registered in same period last year.
Malaysia Building Society Bhd posted a pre-tax profit of RM91 million, up 111 per cent, for the first quarter ended March 31, 2011, from RM43.2 million, registered in the same period last year.
Petra Energy Bhd pre-tax profit was almost reduced by half to RM6.5 million in the first quarter ended March 31, 2011, from RM12 million recorded in the same quarter last year.
MISC Bhd pre-tax profit for financial year ended March 31, 2011 rose to RM2.244 billion from RM911.914 million in the same period last year. - Bernama
Tuesday, May 10, 2011
AmFIRST maintains 9.75 sen payout
Am ARA REIT Managers Sdn Bhd (Am ARA), the Manager of AmFIRST Real Estate Investment Trust (AmFIRST or the Trust), registered
gross revenue of RM88,538,863 and property expenses of RM32,011,135 for the year ended 31 March 2011.
Total income was RM45,362,246 of which RM3,612,387 was attributed to fair value adjustments and net realizable income available for distribution was RM41,749,859.
For the six-month financial period ended 31 March 2011, the Trust declared a final income distribution per unit (DPU) of 4.94 sen.
Taking into account the interim DPU payout of 4.81 sen, the total DPU was maintained at 9.75 sen, similar to the previous year.
Based on the closing price of RM 1.16 per unit, this represented a dividend yield of 8.4 per cent.
At the end of the current financial year, unitholders were rewarded with a total return of 13.9 per cent, comprising of a capital gain of 5.45 per cent and dividend yield of 8.41 per cent (based on RM 1.16 per unit as at 31 March 2011).
Although the commercial office market is expected to remain competitive, AmFIRST is confident of delivering its rental income stream through focusing on active asset and portfolio management.
The government's initiatives via the Economic Transformation Programmes as well as other liberalization measures will no doubt
be an economic driver for the continued growth of the office market.
Besides, the Trust is actively exploring acquisitions to grow its investment portfolio, said Mr YP Lim, Chief Executive Officer, Am ARA REIT Managers Sdn Bhd. - Bernama
gross revenue of RM88,538,863 and property expenses of RM32,011,135 for the year ended 31 March 2011.
Total income was RM45,362,246 of which RM3,612,387 was attributed to fair value adjustments and net realizable income available for distribution was RM41,749,859.
For the six-month financial period ended 31 March 2011, the Trust declared a final income distribution per unit (DPU) of 4.94 sen.
Taking into account the interim DPU payout of 4.81 sen, the total DPU was maintained at 9.75 sen, similar to the previous year.
Based on the closing price of RM 1.16 per unit, this represented a dividend yield of 8.4 per cent.
At the end of the current financial year, unitholders were rewarded with a total return of 13.9 per cent, comprising of a capital gain of 5.45 per cent and dividend yield of 8.41 per cent (based on RM 1.16 per unit as at 31 March 2011).
Although the commercial office market is expected to remain competitive, AmFIRST is confident of delivering its rental income stream through focusing on active asset and portfolio management.
The government's initiatives via the Economic Transformation Programmes as well as other liberalization measures will no doubt
be an economic driver for the continued growth of the office market.
Besides, the Trust is actively exploring acquisitions to grow its investment portfolio, said Mr YP Lim, Chief Executive Officer, Am ARA REIT Managers Sdn Bhd. - Bernama
Monday, May 9, 2011
AmFIRST REIT posts lower profit of RM45m
AmFIRST Real Estate Investment Trust recorded a lower pre-tax profit of RM45.362 million for the financial year ended March 31, 2011, compared with RM54.057 million recorded last year.
In a filing to Bursa Malaysia, the company said revenue decreased to RM88.539 million, for the period under review, from RM98.188 million registered previously.
Meanwhile, Am ARA REIT Managers Sdn Bhd, the manager for AmFIRST, declared a final income distribution per unit of 4.94 sen for the six-months ended March 31, 2011.
Taking into account the interim distribution payout of 4.81 sen, the total dividend was maintained at 9.75 sen, similar to the previous year. -- Bernama
In a filing to Bursa Malaysia, the company said revenue decreased to RM88.539 million, for the period under review, from RM98.188 million registered previously.
Meanwhile, Am ARA REIT Managers Sdn Bhd, the manager for AmFIRST, declared a final income distribution per unit of 4.94 sen for the six-months ended March 31, 2011.
Taking into account the interim distribution payout of 4.81 sen, the total dividend was maintained at 9.75 sen, similar to the previous year. -- Bernama
EONCap, Hong Leong shares actively traded
EON Capital Bhd (EONCap) and Hong Leong Bank Bhd shares were actively traded this morning following the completion of their merger.
The acquisition of the assets and liabilities of EONCap by Hong Leong Bank was completed on May 6 following the full remittance of the RM5.1 billion sale consideration to EONCap.
As at 10.35am, EONCap was up ten sen at RM7.50 while Hong Leong Bank advanced 22 sen to RM10.66.
EONCap shares gained after the company planned to distribute RM312 million in specisl dividend, which it accrued from EON Bank Bhd, to all entitled shareholders.
HwangDBS Vickers Research Sdn Bhd, in its research note today, said its top and Buy pick was Hong Leong Bank due to its domestic strength and prospects of an enlarged entity with the inclusion of EONCap.
It also maintained a hold for EONCap. - Bernama
The acquisition of the assets and liabilities of EONCap by Hong Leong Bank was completed on May 6 following the full remittance of the RM5.1 billion sale consideration to EONCap.
As at 10.35am, EONCap was up ten sen at RM7.50 while Hong Leong Bank advanced 22 sen to RM10.66.
EONCap shares gained after the company planned to distribute RM312 million in specisl dividend, which it accrued from EON Bank Bhd, to all entitled shareholders.
HwangDBS Vickers Research Sdn Bhd, in its research note today, said its top and Buy pick was Hong Leong Bank due to its domestic strength and prospects of an enlarged entity with the inclusion of EONCap.
It also maintained a hold for EONCap. - Bernama
Friday, May 6, 2011
Coastal Contracts proposes bonus share issue
Coastal Contracts Bhd is proposing to undertake a bonus share issue and free warrants in a move to enhance its capital base and also reward its shareholders.
Under the proposal, Coastal Contracts will issue one bonus share for every three existing shares held and one warrant for every eight shares held after the proposed bonus issue.
The proposed exercise is expected to be completed by the third quarter of this year, the company said in a filing to Bursa Malaysia today.
The company has also proposed to seek shareholders' approval for the authority to purchase the company's own shares up to ten per cent of the issued and paid-up share capital of the company as quoted on Bursa Securities as at the point of purchase. -- Bernama
Under the proposal, Coastal Contracts will issue one bonus share for every three existing shares held and one warrant for every eight shares held after the proposed bonus issue.
The proposed exercise is expected to be completed by the third quarter of this year, the company said in a filing to Bursa Malaysia today.
The company has also proposed to seek shareholders' approval for the authority to purchase the company's own shares up to ten per cent of the issued and paid-up share capital of the company as quoted on Bursa Securities as at the point of purchase. -- Bernama
Integrax shareholders vote 3 directors out
Integrax Bhd shareholders voted today in favour of the removal of three directors and the appointment of five new persons
to its board of directors.
Its non-executive and non-independent director Amin Halim said the removal was necessary to restore proper management to the company, while the appointments would enhance its corporate governance.
'All resolutions were carried out by a show of hands and ballot,' he told reporters after the company's extraordinary general meeting, here.
As a result, the port operator's board of directors now consists of Amin and a Tenaga Nasional Bhd (TNB) nominee director, Rafiq Merican as well as five new directors. TNB has a 22 per cent stake in Integrax.
Amin said Integrax's immediate focus would be in finding the balance within the board, commencing a relationship healing process and building the necessary facilities planned on time.
This will put in place a good corporate governance framework to
reconstitute the board and chart the right direction to enhance shareholders value, he said.
Amin said Integrax was also set on making the Lumut Maritime Terminal as a bio hub by putting the necessary facilities for the whole palm oil business value chain for customers around the area including Acheh and North Sumatera, Indonesia.
It will identify and attract palm oil players to provide the burgeoning infrastructures such as mills and refinery, while Integrax will set up tanks within its facility in Lumut, he said.
On its Lekir Bulk Terminal, he said Integrax planned to submit the logistic solutions for iron ore producer, Vale, for their iron ore transportation.
Amin said the company was also looking into installing two conveyer lines to handle the transshipment of TNB coal and lime stones. -- Bernama
to its board of directors.
Its non-executive and non-independent director Amin Halim said the removal was necessary to restore proper management to the company, while the appointments would enhance its corporate governance.
'All resolutions were carried out by a show of hands and ballot,' he told reporters after the company's extraordinary general meeting, here.
As a result, the port operator's board of directors now consists of Amin and a Tenaga Nasional Bhd (TNB) nominee director, Rafiq Merican as well as five new directors. TNB has a 22 per cent stake in Integrax.
Amin said Integrax's immediate focus would be in finding the balance within the board, commencing a relationship healing process and building the necessary facilities planned on time.
This will put in place a good corporate governance framework to
reconstitute the board and chart the right direction to enhance shareholders value, he said.
Amin said Integrax was also set on making the Lumut Maritime Terminal as a bio hub by putting the necessary facilities for the whole palm oil business value chain for customers around the area including Acheh and North Sumatera, Indonesia.
It will identify and attract palm oil players to provide the burgeoning infrastructures such as mills and refinery, while Integrax will set up tanks within its facility in Lumut, he said.
On its Lekir Bulk Terminal, he said Integrax planned to submit the logistic solutions for iron ore producer, Vale, for their iron ore transportation.
Amin said the company was also looking into installing two conveyer lines to handle the transshipment of TNB coal and lime stones. -- Bernama
Hong Leong completes EONCap buy
Hong Leong Bank Bhd has completed the acquisition of EON Capital Bhd's asset and liabilities for RM5 billion, after almost 15
months, making it the fourth largest banking group in Malaysia. -- Bernama
months, making it the fourth largest banking group in Malaysia. -- Bernama
No layoffs after EONCap, Hong Leong merger
Hong Leong Bank Bhd (HLBB) has completed the acquisition of EON Capital Bhd's assets and liabilities for RM5.06 billion, after almost 15 months of battle, making it the fourth largest banking group in Malaysia with combined assets of more than RM140 billion.
It is an exciting day, a beaming Yvonne Chia, the group managing director and chief executive said, flanked by her board members.
Sending a sense of relief to the combined 12,000 workforce, she also said there would be no layoffs amid the shortage of talents in the banking industry.
So, within EON bank itself there is tremendous opportunity. When we move towards growing the franchise, we believe a lot of roles will be reconfigured into new roles and probably there will be less multi-tasking, she said.
Rest assured that employees' welfare and interests have been and will continue to be a priority for the group, she said.
Under the new entity, there will be a total of 300 branches and 1,200 self service terminals.
Both HLB and EON are committed to making the integration as seamless as possible for everyone, she said at a press conference here, today.
Also present was EON Bank Bhd's head, group business and
investment banking, Peter Chow and board members.
With the acquisition, EON Bank Bhd, EONCAP Islamic Bank Bhd and MIMB Investment Bank Bhd now become part of Hong Leong Bank Group.
As for regional presence, Chia said although EON Bank was not there yet, it still led certain segments in Malaysia and this will strengthen the group. She said the group will invest considerable sum in rebranding EON.
On MIMB's licence, she said that under the present regulations they could have only one licence.
We intend to put into our investment bank some of the assets that are relevant to the investment bank.
However, plans are still being finalised and for the time being MIMB will remain under the group, said Chia.
Asked if the appeal by Primus Pacific Partners Ltd will have any bearing on the acquisition, she said the most important thing was that the transaction had been legally completed. Both the banks will work towards the integration, she added.
EON Capital's largest shareholder Primus Pacific had attempted to block the transaction and has filed a suit via its local unit Primus (M) Sdn Bhd. However, the court had ruled in favour of EON Capital. -- Bernama
It is an exciting day, a beaming Yvonne Chia, the group managing director and chief executive said, flanked by her board members.
Sending a sense of relief to the combined 12,000 workforce, she also said there would be no layoffs amid the shortage of talents in the banking industry.
So, within EON bank itself there is tremendous opportunity. When we move towards growing the franchise, we believe a lot of roles will be reconfigured into new roles and probably there will be less multi-tasking, she said.
Rest assured that employees' welfare and interests have been and will continue to be a priority for the group, she said.
Under the new entity, there will be a total of 300 branches and 1,200 self service terminals.
Both HLB and EON are committed to making the integration as seamless as possible for everyone, she said at a press conference here, today.
Also present was EON Bank Bhd's head, group business and
investment banking, Peter Chow and board members.
With the acquisition, EON Bank Bhd, EONCAP Islamic Bank Bhd and MIMB Investment Bank Bhd now become part of Hong Leong Bank Group.
As for regional presence, Chia said although EON Bank was not there yet, it still led certain segments in Malaysia and this will strengthen the group. She said the group will invest considerable sum in rebranding EON.
On MIMB's licence, she said that under the present regulations they could have only one licence.
We intend to put into our investment bank some of the assets that are relevant to the investment bank.
However, plans are still being finalised and for the time being MIMB will remain under the group, said Chia.
Asked if the appeal by Primus Pacific Partners Ltd will have any bearing on the acquisition, she said the most important thing was that the transaction had been legally completed. Both the banks will work towards the integration, she added.
EON Capital's largest shareholder Primus Pacific had attempted to block the transaction and has filed a suit via its local unit Primus (M) Sdn Bhd. However, the court had ruled in favour of EON Capital. -- Bernama
Faber Q1 pre-tax profit up RM25.6m
Faber Group Bhd has chalked up a pre-tax profit of RM25.6 million for the first quarter ended March 2011, up from RM23.9
million raked in the corresponding quarter last year.
The higher pre-tax profit was mainly due to higher revenue accrued from its integrated facilities management (IMF) and property businesses, it said in a filing to Bursa Malaysia today.
The company's revenue, for the quarter under review, rose 7.70 per cent to RM198.2 million, from RM184 million, registered in the same period last year.
Faber said the IFM concession business recorded higher revenue due to higher variation orders, higher bed occupancy rates and additional new facilities at government hospitals within its concession area.
On prospects, Faber said it would endeavour to improve contribution from all business divisions and focus its effort on IFM business expansion.
However, in view of the non renewal of IFM non-healthcare contracts in United Arab Emirates, the company said it expects the revenue contribution from IFM non-concession in the current financial year to be lower.
Faber expects higher contribution from the property division following the launch of several projects in the last quarter of 2010 and first quarter of this year, it added. -- Bernama
million raked in the corresponding quarter last year.
The higher pre-tax profit was mainly due to higher revenue accrued from its integrated facilities management (IMF) and property businesses, it said in a filing to Bursa Malaysia today.
The company's revenue, for the quarter under review, rose 7.70 per cent to RM198.2 million, from RM184 million, registered in the same period last year.
Faber said the IFM concession business recorded higher revenue due to higher variation orders, higher bed occupancy rates and additional new facilities at government hospitals within its concession area.
On prospects, Faber said it would endeavour to improve contribution from all business divisions and focus its effort on IFM business expansion.
However, in view of the non renewal of IFM non-healthcare contracts in United Arab Emirates, the company said it expects the revenue contribution from IFM non-concession in the current financial year to be lower.
Faber expects higher contribution from the property division following the launch of several projects in the last quarter of 2010 and first quarter of this year, it added. -- Bernama
Thursday, May 5, 2011
New Hoong Fatt posts higher Q1 pre-tax profit
New Hoong Fatt Holdings Bhd has chalked up a higher pre-tax profit of RM7.809 million in the first quarter ended March 31, 2011, up 8.3 per cent, compared with RM7.190 million chalked up in the same period last year.
In a statement today, the company said higher income from the sale of steel scrap contributed to the better showing.
Revenue also increased to RM53.710 million, during the peiod under review, from RM52.845 million previously.
The group expects operating conditions to remain challenging and competitive, it said, adding that rising cost pressures and margin squeeze would remain a challenge for the company.
Barring unforeseen circumstances, the group is optimistic it will continue its positive performance in the current financial year. -- Bernama
In a statement today, the company said higher income from the sale of steel scrap contributed to the better showing.
Revenue also increased to RM53.710 million, during the peiod under review, from RM52.845 million previously.
The group expects operating conditions to remain challenging and competitive, it said, adding that rising cost pressures and margin squeeze would remain a challenge for the company.
Barring unforeseen circumstances, the group is optimistic it will continue its positive performance in the current financial year. -- Bernama
Daibochi Q1 net profit falls 7.4pc
Daibochi Plastic and Packaging Industry Bhd says its net profit for the first quarter ended March 31, 2011, was down by 7.4 per cent despite higher revenue.
The net profit declined to RM4.6 million from RM5 million previously due to the uptrending costs of raw materials since the second half of the financial year 2010, it said in a statement today.
Daibochi, the leading flexible packaging solutions provider, recorded a higher revenue of RM67.7 million in the first quarter from RM59.7 million in last year's corresponding quarter.
It said the 13.4 per cent growth in revenue was mainly attributed to its packaging segment, which increased by 9.9 per cent to RM65.1 million from RM59.2 million previously.
This was due to the upward-adjusted selling prices in response to the increasing costs of raw materials, it added.
On the property segment, Daibochi said it contributed RM2.6 million in revenue, to the first quarter performance versus RM0.5 million previously.
This was due to higher sales recognised from the further stage of completion of a commercial property development project in Melaka.
The first quarter basic earnings per share was 6.20 sen compared with 6.68 sen previously.
Daibochi declared an interim tax exempt dividend of three sen per share, which amounts to RM2.24 million.
Entitlement to the interim dividend would be based on the record of depositors as at May 26, and payable on June 10.
Daibochi supplies flexible packaging predominantly to food and beverage and Fast Moving Consumer Goods industries.
To date, the group has built a reputable customer base consisting of leading players in these sectors including Nestle, Cadbury, Kraft/Danone, PepsiCo, Munchy's, Cocoaland, Power Root and Mamee.-- Bernama
The net profit declined to RM4.6 million from RM5 million previously due to the uptrending costs of raw materials since the second half of the financial year 2010, it said in a statement today.
Daibochi, the leading flexible packaging solutions provider, recorded a higher revenue of RM67.7 million in the first quarter from RM59.7 million in last year's corresponding quarter.
It said the 13.4 per cent growth in revenue was mainly attributed to its packaging segment, which increased by 9.9 per cent to RM65.1 million from RM59.2 million previously.
This was due to the upward-adjusted selling prices in response to the increasing costs of raw materials, it added.
On the property segment, Daibochi said it contributed RM2.6 million in revenue, to the first quarter performance versus RM0.5 million previously.
This was due to higher sales recognised from the further stage of completion of a commercial property development project in Melaka.
The first quarter basic earnings per share was 6.20 sen compared with 6.68 sen previously.
Daibochi declared an interim tax exempt dividend of three sen per share, which amounts to RM2.24 million.
Entitlement to the interim dividend would be based on the record of depositors as at May 26, and payable on June 10.
Daibochi supplies flexible packaging predominantly to food and beverage and Fast Moving Consumer Goods industries.
To date, the group has built a reputable customer base consisting of leading players in these sectors including Nestle, Cadbury, Kraft/Danone, PepsiCo, Munchy's, Cocoaland, Power Root and Mamee.-- Bernama
Guinness Anchor Q3 profit rises to RM49m
Guinness Anchor Bhd, Malaysia's biggest brewer by market value, said third-quarter net income rose to RM49 million from RM46.7 million a year earlier.
Revenue dropped to RM351.9 million in the three months ended March, from RM370.8 million a year ago, the company said in an exchange filing in Kuala Lumpur today. -- Bloomberg
Revenue dropped to RM351.9 million in the three months ended March, from RM370.8 million a year ago, the company said in an exchange filing in Kuala Lumpur today. -- Bloomberg
Latex price toppish: OSK
OSK Research believes the latex price is toppish and on the high side due to heavy rain and severe floods in southern Thailand as well as weaker Japanese auto sales.
The commodity which of late is locked between RM8.61 per kg (recent low) to about RM11 per kg (all time-high)had been on an uptrend since September last year.
'This price band is attributed to a clash between two factors, namely heavy rain and severe floods in southern Thailand, resulting in a scarcity of latex supply, being offset by weaker Japanese auto sales after the devastating earthquake created an auto parts shortage that will dampen tyre demand,' it said.
In a research note, it also said the risk of a potential auto parts shortage, especially in Japan would then have a negative impact on the global supply chain.
Japan is the world's second largest auto parts exporter behind Germany.
'Other than this, we believe that automakers in the other parts of Asia may also face the same risk as nearly half of all Japanese auto parts shipments are destined for China and other Asian nations,' OSK explained.
As such, the research house viewed the demand for rubber, to drop significantly.
Top Glove, Supermax and Kossan remained as OSK's top pick of the industry players as these companies would be the main beneficiaries when latex price eases, since they have a higher natural rubber glove mix.
Besides that, the three companies would also benefit when latex price falls as they have the largest production capacity for medical gloves.
OSK maintained an 'overweight' call for the rubber gloves industry. -- Bernama
The commodity which of late is locked between RM8.61 per kg (recent low) to about RM11 per kg (all time-high)had been on an uptrend since September last year.
'This price band is attributed to a clash between two factors, namely heavy rain and severe floods in southern Thailand, resulting in a scarcity of latex supply, being offset by weaker Japanese auto sales after the devastating earthquake created an auto parts shortage that will dampen tyre demand,' it said.
In a research note, it also said the risk of a potential auto parts shortage, especially in Japan would then have a negative impact on the global supply chain.
Japan is the world's second largest auto parts exporter behind Germany.
'Other than this, we believe that automakers in the other parts of Asia may also face the same risk as nearly half of all Japanese auto parts shipments are destined for China and other Asian nations,' OSK explained.
As such, the research house viewed the demand for rubber, to drop significantly.
Top Glove, Supermax and Kossan remained as OSK's top pick of the industry players as these companies would be the main beneficiaries when latex price eases, since they have a higher natural rubber glove mix.
Besides that, the three companies would also benefit when latex price falls as they have the largest production capacity for medical gloves.
OSK maintained an 'overweight' call for the rubber gloves industry. -- Bernama
Wednesday, May 4, 2011
ECS Q1 pre-tax profit rises 20.3pc
ECS ICT Bhd's pre-tax profit increased 20.3 per cent to RM9.26 million for the first quarter ended March 31, 2011 compared
to RM7.7 million in the same quarter last year.
Revenue, however, decreased 11.5 per cent to RM278.9 million from the RM315.1 million recorded previously.
In a statement here today, ECS said its revenue was lower compared from the previous period due to lower sales of volume products in the ICT distribution segment.
ECS ICT managing director Foo Sen Chin said the company's distributorships with Samsung, Dell Inc. and Apple iPad reinforced the position of ECS ICT as the leading and preferred ICT channel partner in Malaysia.
'These distributorships would undoubtedly contribute positively to the group's financial results in financial year 2011 and onwards,' Foo added. -- Bernama
to RM7.7 million in the same quarter last year.
Revenue, however, decreased 11.5 per cent to RM278.9 million from the RM315.1 million recorded previously.
In a statement here today, ECS said its revenue was lower compared from the previous period due to lower sales of volume products in the ICT distribution segment.
ECS ICT managing director Foo Sen Chin said the company's distributorships with Samsung, Dell Inc. and Apple iPad reinforced the position of ECS ICT as the leading and preferred ICT channel partner in Malaysia.
'These distributorships would undoubtedly contribute positively to the group's financial results in financial year 2011 and onwards,' Foo added. -- Bernama
Tuesday, May 3, 2011
Sunway REIT records RM43.7m Q3 pre-tax
Sunway Real Estate Investment Trust (Sunway REIT) posted a pre-tax profit of RM43.7 million and a revenue of RM82.3 million
for the third quarter ended March 31, 2011.
In a filing to Bursa Malaysia today, the company said it registered a gross revenue of RM240.1 million and net property income of RM179.0 million for year-to-date ended March 31, 2011.
Its pre-tax income was RM399.6 million comprising realised net income of RM126.2 million and unrealised income of RM273.4 million arising mainly from fair value adjustment on investment properties.
On prospects, Sunway REIT said its retail properties will be able to enjoy another year of robust performance, underpinned by growth in visitorship, double digit growth in rental reversions and continued growth in consumer spending.
It said the Sunway Pyramid Shopping Mall recorded an increase in visitorship of 2.3 per cent for the nine-month period ended March 31, 2011 as compared to the previous corresponding period whilst its Sunway Carnival Shopping Mall registered 6.3 per cent growth.
'Occupancy remained strong with Sunway Pyramid Shopping Mall at 99 per cent, Sunway Carnival Shopping Mall at 92 per cent and SunCity Ipoh Hypermarket at 100 per cent,' it said.
For the nine-month period ended March 31, 2011, Sunway REIT said all its hotel properties achieved higher average daily rates compared to the previous corresponding period.
It said occupancy rates improved for Sunway Resort Hotel and Spa, Pyramid Tower Hotel and Sunway Hotel Seberang Jaya to 68.4 per cent, 80.4 per cent and 79.1 per cent respectively compared to 66.2 per cent, 80.1 per cent and 76.5 per cent respectively previously.
On the office market, Sunway REIT said rental income was sustainable but there was limited upside due to the softer market sentiments. -- Bernama
for the third quarter ended March 31, 2011.
In a filing to Bursa Malaysia today, the company said it registered a gross revenue of RM240.1 million and net property income of RM179.0 million for year-to-date ended March 31, 2011.
Its pre-tax income was RM399.6 million comprising realised net income of RM126.2 million and unrealised income of RM273.4 million arising mainly from fair value adjustment on investment properties.
On prospects, Sunway REIT said its retail properties will be able to enjoy another year of robust performance, underpinned by growth in visitorship, double digit growth in rental reversions and continued growth in consumer spending.
It said the Sunway Pyramid Shopping Mall recorded an increase in visitorship of 2.3 per cent for the nine-month period ended March 31, 2011 as compared to the previous corresponding period whilst its Sunway Carnival Shopping Mall registered 6.3 per cent growth.
'Occupancy remained strong with Sunway Pyramid Shopping Mall at 99 per cent, Sunway Carnival Shopping Mall at 92 per cent and SunCity Ipoh Hypermarket at 100 per cent,' it said.
For the nine-month period ended March 31, 2011, Sunway REIT said all its hotel properties achieved higher average daily rates compared to the previous corresponding period.
It said occupancy rates improved for Sunway Resort Hotel and Spa, Pyramid Tower Hotel and Sunway Hotel Seberang Jaya to 68.4 per cent, 80.4 per cent and 79.1 per cent respectively compared to 66.2 per cent, 80.1 per cent and 76.5 per cent respectively previously.
On the office market, Sunway REIT said rental income was sustainable but there was limited upside due to the softer market sentiments. -- Bernama
AmResearch: 'Overweight' on banking sector
AmResearch has maintained a 'overweight' call on the banking sector amid stronger loans application growth driven by higher growth of corporate loans applied and approved.
AmResearch in a research note today said loans application growth surged 37.5 per cent year-on-year in March, from 17 per cent year-on-year in February.
Loans approved growth picked up strongly to 44.7 per cent year-on-year in March, after rising only 7.1 per cent year-on-year in February.
'Moving forward, we foresee a stronger second half of 2011 as we still expect a pick up in corporate loans with the likely rollout of the government's Economic Transformation Programme by then,' it said.
Meanwhile, OSK Research in a separate research note said loans growth increased to 13.2 per cent year-on-year in March compared to 12.2 per cent year-on-year in February, mainly underpinned by growth in the business and household sectors.
The stronger growth in the business sector was due to higher loans growth for construction (17.7 per cent) and working capital (10.3 per cent) while better demand in credit cards (12.5 per cent) and personal use (14.3 per cent) contributed to household loans growth, it added. -- Bernama
AmResearch in a research note today said loans application growth surged 37.5 per cent year-on-year in March, from 17 per cent year-on-year in February.
Loans approved growth picked up strongly to 44.7 per cent year-on-year in March, after rising only 7.1 per cent year-on-year in February.
'Moving forward, we foresee a stronger second half of 2011 as we still expect a pick up in corporate loans with the likely rollout of the government's Economic Transformation Programme by then,' it said.
Meanwhile, OSK Research in a separate research note said loans growth increased to 13.2 per cent year-on-year in March compared to 12.2 per cent year-on-year in February, mainly underpinned by growth in the business and household sectors.
The stronger growth in the business sector was due to higher loans growth for construction (17.7 per cent) and working capital (10.3 per cent) while better demand in credit cards (12.5 per cent) and personal use (14.3 per cent) contributed to household loans growth, it added. -- Bernama
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