Bursa Malaysia announcement highlights
Wednesday, February 29th, 2012 Posted by in postSime Darby 2Q earnings up 25.5% to RM1.1bn
by Joseph Chin of theedgemalaysia.com on Wednesday, 29 February 2012 05:20
KUALA LUMPUR (Feb 29): Sime Darby Bhd posted net profit of RM1.1 billion in the second quarter ended Dec 31, 2011, which was 25.5% above the RM877.06 million a year ago.
It said on Wednesday its revenue increased by 13.9% to RM11.39 billion from RM9.993 billion while earnings per share were 18.32 sen compared with 14.60 sen.
For the first half, it reported a 42% increase in net profit to RM2.175 billion from RM1.531 billion in the previous corresponding period. Its revenue showed a 20.2% increase to RM22.45 billion from RM18.668 billion.
As for its profit before tax, it recorded a 39.9% increase in profit before tax of RM3.089 billion as compared to the previous year’s profit of RM2.207 billion.
“This was achieved on the back of higher revenue which rose by 20.3% to RM22.5 billion from RM18.7 billion previously. All divisions recorded higher contributions with net earnings registering a 42.0% increase over the previous year,” said Sime Darby.
Commenting on the various segments of its businesses, it said the plantations’ operating profit rose 38% to RM1.8 billion due to higher realised crude palm oil (CPO) prices and operational efficiency improvements.
The industrial division benefited from the robust activity in the mining, logging and construction sectors in Australia and Malaysia, which saw its operating profit increase 38% to RM628 million.
As for the motors division, it said the Malaysia and China operations continued to be the main forces behind the unit’s resilient performance which saw its operating profit rising 11% from RM277 million to RM308 million.
The property division showed a significant increase of 46 percent in its operating profit to RM193 million.
The energy & utilities Division’s operating profit grew by 127 percent in the first half of the year due to the recognition of deferred revenue of RM99 million from the Malaysia power plant.
The healthcare division posted a higher operating profit of RM14 million, a 7% increase over the previous corresponding half.
Kencana secures RM74m fabrication job from ExxonMobil
by Joseph Chin of theedgemalaysia.com on Wednesday, 29 February 2012 05:03
KUALA LUMPUR (Feb 29): Kencana Petroleum Bhd has secured a RM74 million contract from ExxonMobil Exploration and Production Malaysia (EMEPMI) to fabricate the substructure for a platform off Terengganu.
The company said on Wednesday its unit Kencana HL Sdn. Bhd was awarded the contract to fabricate the substructures which include jacket, piles and related components which formed part of Tapis R central processing platform for the Tapis re-development project off the coast of Terengganu.
“The total value of the contract is approximately RM74 million. It is a one-off EPC contract and is expected to be delivered to EMEPMI within the second quarter of calendar year 2013,” it said.
Silver Bird to probe into accounts, MD, 2 key execs suspended
by Joseph Chin of theedgemalaysia.com on Wednesday, 29 February 2012 12:32
KUALA LUMPUR (Feb 29): Silver Bird Group Bhd has suspended its group managing director, Datuk Tan Han Kook and two other key executives effective Feb 24 as it undertakes an internal inquiry into allegations of irregularities in the company’s accounts.
The company said on Wednesday the other two who were suspended were the executive director Ching Siew Cheong and the general manager for accounts and finance Lai Poh Mei. All three were suspended with full pay and benefits.
“Their suspension is to facilitate the conduct of an internal inquiry into allegations of, amongst others, irregularities in the company’s accounts which were recently brought to the attention of the board of directors when the auditors expressed concerns over the validity and recording of certain transactions for which the auditors were not able to obtain the relevant supporting evidence and satisfactory explanations from the management of the company,” said the company.
The announcement confirmed The Edge Financial Daily report on Wednesday that three key executives were suspended pending the outcome of an internal investigation into what is alleged to be financial irregularities.
Silver Bird also said the board of directors had resolved to maintain its financial year end at Oct 31, 2011.
“Hence, the company will issue its AAA (audited annual accounts) for the financial year ended Oct 31, 2011 by Feb 29, 2012,” it said.
Silver Bird said among the main concerns expressed by the auditors, were the contract for the design, renovation or refurbishment to an existing warehouse and factory with a contract sum of RM10.6 million.
There were also concerns about payments made to an equipment supplier of RM69.0 million for up to Oct 31, 2011; the sweetened creamers business segment which recorded a revenue of RM31.9 million for the FYE 2011 and audit trail of all sales transactions.
Silver Bird said a special committee comprising of five non-executive directors had been set up to oversee the operations of the group.
“At this stage, the board of directors is not able to ascertain the extent of the financial and operational impact of the alleged irregularities, although, based on the issues highlighted by the auditors, the maximum exposure faced by the group arising from the alleged irregularities may amount to approximately RM111.5 million,” it said.
Silver Bird also said in order to ascertain the financial position of the group, the company had on Feb 26, appointed PKF Advisory Sdn Bhd as the forensic accountants to conduct a forensic review into the affairs of the company.
The board of directors had appointed Messrs Wong Kian Kheong on Feb 25, 2012 as legal advisors for the company and intends to form an inquiry committee to look into the investigation on the group’s accounts.
“The forensic accountants and the inquiry committee shall be required to complete their investigations within three months from the date of this announcement,” it said.
The board has lodged a police report in relation to the alleged financial irregularities on Feb 26 and reported the matter to the Securities Commission, Bursa Malaysia Securities Berhad and the Companies Commission of Malaysia on Feb 27.
“Given that the auditors have expressed a disclaimer opinion on the company’s latest audited accounts for the financial year ended Oct 31, 2011, the shareholders and investors are advised to trade cautiously with regard to the company’s securities,” it said.
Proton posts 3Q net loss of RM88.2m
by Joseph Chin of theedgemalaysia.com on Wednesday, 29 February 2012 11:33
KUALA LUMPUR (Feb 29): Proton Holdings Bhd posted heavier net losses of RM88.20 million in the third quarter ended Dec 31, 2011 compared with the net loss of RM60.10 million a year ago due to a decline in year-end sales.
It said on Wednesday that total sales volume was lower when compared to the immediate preceding quarter due to the expected slowdown in buying trend as customers opted to wait until after the new year to purchase a new vehicle in order to capitalise on better future resale value.
“Customer demand over the period also showed an unfavourable volume mix of Proton models, which further affected the profit margin. Consequently, the lower sales volume also resulted in the group having had to adjust production numbers to better manage cost,” it said.
Proton said its 3Q revenue was lower at RM1.432 billion compared with RM1.833 billion a year ago. Loss per share was 16.10 sen compared with loss per share of 10.90 sen a year ago.
For the nine-month period, its registered net loss of RM68.09 million compared with net profit of RM90.50 million a year ago. Its revenue was lower at RM5.928 billion compared with RM6.363 billion a year ago.
Proton group chairman Datuk Seri Mohd Nadzmi Mohd Salleh said the lower profit was largely due to lower revenue from domestic sales.
“However, the unfavourable impact from the lower revenue was cushioned by a decrease in manufacturing overheads and lower administrative expenses incurred in the same financial period. Additionally, the result was also affected by lower volume sale of Lotus cars in Europe in the past quarter,” he said.
Nadzmi said the one-month delay of the launch of Proton’s latest model, the Exora Bold, a turbocharged variant of its popular-selling people carrier had also affected projected sales.
However, he added the delay was necessary to ensure that all issues were addressed and that the customers would get the best from the car.
MAS posts 4Q net loss RM1.27bn, FY11 net loss RM2.52bn
by Ben Shane Lim of theedgemalaysia.com on Wednesday, 29 February 2012 11:25
KUALA LUMPUR (Feb 29): Malaysian Airline System Bhd (MAS) posted net losses totaling RM1.277 billion in the fourth quarter ended Dec 31, 2011 versus net profit of RM225.92 million a year ago as it severly affected by high fuel costs and non-fuel expenses.
It said on Wednesday that its revenue was RM3.678 billion, almost unchanged from the RM3.669 billion a year ago. Loss per share was 38.22 sen compared with earnings per share of 6.76 sen.
For the financial year ended Dec 31, 2011, MAS posted net loss of RM2.524 billion compared with net profit of RM234.47 million a year ago. Its revenue was 2% higher at RM13.901 billion compared with RM13.585 billion a year ago.
“The group’s full year performance was severely impacted by a 21% increase in expenditure over the previous year (2011: RM16.20 billion versus 2010: RM13.41 billion) attributed to a 33% year-on-year increase in fuel cost (2011: RM5.85 billion versus 2010: RM4.38 billion) and a 15% increase in non-fuel expenses (2011: RM10.43 billion versus 2010: RM9.03 billion).
MAS chief executive officer Ahmad Jauhari Yahya said the bottomline group losses for 2011 underscored the imperative need for MAS to immediately adopt strong measures to stop the bleeding.
“These include staff redeployment, increasing productivity and efficiency, relentless cost control and making further route reviews. We are also implementing an aggressive sales and marketing strategy,” he said.
Mah Sing buys 157 acres of land in Gombak, plans projects with RM650 GDV
by Joseph Chin of theedgemalaysia.com on Wednesday, 29 February 2012 05:43
KUALA LUMPUR (Feb 29): Mah Sing Group Bhd expanded its land bank with the latest acquisition of 157 acres (63.4 ha) in Bandar Kundang, Gombak for RM40.94 million about RM6 per sq ft.
It said on Wednesday the land was one km south of the group’s project, M Residence@Rawang — a 226 acre township development acquired in October last year.
Mah Sing proposed to build a self-contained, secured lifestyle township named M Residence 2@Rawang with a gross development value of about RM650 million.
“Based on preliminary plans, the township shall comprise mainly linked semi-detached homes to capture the spillover demands for such products from M Residence. The group intends to replicate the success of Aman Perdana township in Meru-Shah Alam by offering semi-detachedhomes at link house pricing,” it said.
Mah Sing said its units Major Land Development Sdn Bhd and Elite Park Development Sdn Bhd had on Wednesday signed separate sale and purchase agreements with Vibrant Domain Sdn Bhd and Topaz Best Sdn Bhd to acquire the adjacent parcels of land.
Financial results:
VASTALX
CYMAO
Disclaimer: the above are solely the opinion of the author. spot4value.com & the author will not be responsible for any possible loss or damage cause by using this website.
You can follow any responses to this entry through the RSS 2.0 You can skip to the end and leave a response. Pinging is currently not allowed.
