by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 10:58

KUALA LUMPUR (May 17): Notion Vtec Bhd net profit for the second quarter ended March 31, 2012 rose 43.49% to RM15.54 million from RM10.83 million a year earlier, on teh back of higher revenue.

The company said on Thursday that its revenue for the quarter rose 56% to RM84.5 million from RM53.93 million in 2011, due to orders from three new HDD customers and an existing major camera customer to catch up with production back log resulting from the flood in Thailand.

Earnings per share was 10.06 sen compated to 7.01 sen previously, whiel net assets per share was RM1.80.

For the six months ended March 31, Notion’s net profit fell 55.8% to RM10.71 million from RM24.23 million on the back of revenue RM124.14 million compared to RM113.91 million.

Reviewing its performance, Notion said the March Quarter performance was more than a turnaround situation and is attributed to the strong orders from new customers and also recovery orders from the affected customers.

Notion said it was currently experiencing shortage of labour, computer numerically- controlled (CNC) machines and space to meet renewed purchase orders.

It said the strong orders may be attributed to unfulfilled orders of components arising from the Thai flood impact but also from the new customers.

“This trend will continue into the remaining FY2012 quarters and beyond,” it said.

“Based on the prevailing scenario, the Board is fairly confident that our business model is well on the road of recovery and onto another phase of high growth and hopefully with corresponding better financial performance. It is expected that an interim dividend will only be announced in conjunction with the release of the June Quarter results,” it said.

IGB Corp 1Q net profit up 47.96% to RM57.44m

by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 10:01

KUALA LUMPUR (May 17): IGB Corporation Bhd net profit for the first quarter ended March 31, 2012 jumped 47.96% to RM57.44 million from RM38.82 million a year earlier, due to improved performance by all its divisions.

The company said on Thursday that its revenue for the quarter increased 23.7% to RM222.89 million from RM180.07 million in 2011, due to due to higher contributions from all operating divisions.

Earnings per share was 3.93 sen compared to 2.67 sen previously, while net assets per share was RM2.33.

On its prospects, IGB Corp said operating results for the first three months of 2012 had been encouraging with increased turnover contributions from all divisions when compared to the first three months of 2011;

The company said its property development and construction divisions’ turnover both increased by more than 100%, whilst property investment and hotel divisions’ turnover had increased by 6% and 13% respectively.

“With these improved performances, the Board is confident that the Group’s operational results for the current financial year will be better than the previous financial year barring any significant adverse changes in the global and domestic economic conditions,” it said.

Fajarbaru unit gets RM13.65m KLIA2 docking guidance system job from MAHB

by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 09:19

KUALA LUMPUR (May 17): Fajarbaru Builder Group Bhd’s unit has secured contract worth RM13.65 million from Malaysia Airports Holdings Berhad for a visual docking guidance system (VGDS) at KLIA2, KL International Airport in Sepang.

The company said on Thursday that its unit Fajarbaru Builder Sdn Bhd had received a letter of acceptance from MAHB to supply and commission the VGDS.

It said the contract was for a period of 11 months commencing May 30, 2012.

Fajarbaru said the Contract was expected to contribute positively to its earnings for the financial year ending June 30, 2013.

EPF Joins JCorp in KFC & QSR Acquisition

by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 06:41

KUALA LUMPUR (May 17); The Employees Provident Fund (EPF) has joined Johor Corporation (JCorp) to become shareholders of Massive Equity Sdn Bhd (MESB), the special purpose vehicle formed to undertake the acquisition of QSR Brands Bhd (QSR) and KFC Holdings (M) Bhd (KFC).

MESB had in December last year announced its plan to to acquire the entire business and undertakings of KFC at a price equivalent to RM4 per share and RM1 per warrant.

MESB also made a conditional offer to buy the business and undertakings of QSR at a price equivalent to RM6.80 per share and RM3.79 per warrant.

In a joint statement on Thursday, EPF and JCorp said that with the signing of the shareholders’ agreement, JCorp would maintain its 51% stake in MESB, while the EPF-led consortium makes up the remaining 49% via Melati Asia Holdings Limited (MAHL).

?MAHL is 51% owned by EPF, while CVC Capital Partners (CVC) holds the rest. Consequently, 76% of MESB is in Malaysian hands,” they said.

JCorp president and chief executive officer Kamaruzzaman Abu Kassim said it was heartened by EPF’s confidence in JCorp.

“Indeed, EPF’s sterling track record as Malaysia’s premier retirement savings fund and an institutional investor puts us on a firmer footing to ensure greater corporate governance and continued growth for one of our prime investments,” he said.

EPF Deputy Chief Executive Officer for Investment Datuk Shahril Ridza Ridzuan said that the EPF was confident that the investment in a highly cash generative business would meet its long term goals of providing sustainable financial growth coupled with accretive yields.

“The KFC and Pizza Hut brands have been a market leader in Malaysia for decades and we look forward to enhancing the brands and their market share even further in future,” he said.

AMMB 4Q net profit up 8.3% to RM342.63m

by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 06:07

KUALA LUMPUR (May 17): AMMB Holdings Bhd net profit for the fourth quarter ended March 31, 2012 rose 8.3% to RM342.63 million from RM316.35 million a year earlier, due mainly to strong non-interest income growth, lower provisions and well diversified divisional contributions.

AMMB said on Thursday that its revenue for the quarter rose 7.9% to RM1.95 billion from RM1.81 billion in 2011.

Earnings per share was 11.47 sen compared to 10.54 sen previously, while net assets per share was RM3.70.

AMMB declared a final dividend of 13.5 sen.

AMMB managing director Ashok Ramamurthy in a statement on Thursday said FY2012′s improved results demonstrated the group’s disciplined execution of the year’s priorities.

“In delivering profitable growth and rebalancing, we achieved our fifth consecutive year of record performance. Loans and deposits growth remained sound while credit quality continued to improve with lower allowances,” he said.

On the banking group’s outlook, Ramamurthy said that in 2012, Malaysia’s economic growth was expected to remain resilient, driven by domestic demand and private investment expansion.

Incentives and plans announced under the 2012 Budget were likely to encourage private consumption, he said.

He said AMMB expected gross domestic product to experience growth of 4%-5% in 2012, but several risks such as the Euro debt crisis and lower exports remained.

“In the Malaysian banking industry, the rollout and implementation of projects under the Economic Transformation Programme will continue to support lending and capital market activities.

“However, new responsible lending guidelines will moderate consumer loans demand. We anticipate banks to adapt to the changes, but margins will still be impacted by ongoing competition for loans and deposits,” he said.

Scomi to exit machine shop biz with disposal of Nigerian unit & Oiltools Africa for US$39.77m

by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 05:48

KUALA LUMPUR (May 17): Scomi Group Bhd is exiting from the machine shop business after disposing its entire interest in Scomi Nigeria Pte Ltd and 2% equity interest in Oiltools Africa Limited (OAL) for US$39.77 million cash (RM123.90 million).

In a statement Thursday, Scomi chief executive Shah Hakim Zain said that with the strategic sale, the company had intensified its focus on higher margin, high value added activities in high growth markets where Company held leading market positions.

“By actively managing our portfolio we are able to concentrate our people, capabilities and investment on sustaining Scomi’s oil and gas business in for the long term,” he said.

He said the disposal was part of the Company’s divestment plan to strengthen its resources for future investments by unlocking the value of the business.

In 2010 the company sold its subsidiary Scomi Engineering Bhd’s machine shop business in Asia Pacific and the Middle East to Sumitomo Corporate Asia Pte Ltd for US$101.45 million cash.

“This was the first step in a larger divestment strategy to exit the machine shop businesses owned by Scomi around the world. Scomi continued the divestment plan in the following year with the disposal of its machine shop business in Aberdeen, UK for GBP1.0 million,” said Shah Hakim.

He said the sale of the Nigerian machine shop business was the final step in the Company’s exit strategy from the machine shop business.

The Nigerian machine shop business was first acquired by Scomi back in 2005, and since then the Company has grown the

Shah Hakim said the total gain from the sale of all the machine shops is in excess of USD120 million.

The proceeds from the disposal will be used to strengthen the company’s financial structure and the exercise was expected to be completed by the third quarter of 2012, he said.

JCY International 2Q net profit surges 12 fold to RM163.09m

by Surin Murugiah of theedgemalaysia.com on Thursday, 17 May 2012 09:42

KUALA LUMPUR (May 17): JCY International Bhd net profit for the second quarter ended March 31, 2012 surged 12 fold to RM163.09 million from RM12.46 million a year earlier, on the back of 45% increase in revenue.

The company said on Wednesday that its revenue for the period jumped to RM576.58 million from 397.43 million in 2011.

Earnings per share rose to 7.98 sen from 0.61 sen.

JCY declared a single tier tax exempt second interim dividend of 3 sen per ordinary share or 12% for the financial year ending Sept 30, 2012.

For the six months ended March 31, JCY’s net profit jumped to RM325.54 million from RM19.97 million, on the back of revenue RM1.14 billion compared to RM836.34 million a year earlier.

Reviewing its performance, JCY said the improvement in revenue and earnings was due mainly to better Average Selling Prices (“ASP”) as a result of shortages in HDD mechanical components after the October 2011 Thailand floods, favourable exchange rates and higher volumes shipped during the periods.

“For Malaysia and Thailand segments, the increased revenue and improved profit achieved in the reporting quarter and year-to-date period comparing to previous year corresponding periods were due mainly to the same factors above,” it said.

On its prospects, JCY said the HDD Industry Supply Chain was recovering from the structural damage arising from the Thailand floods in October 2011.

However, such recovery still subject to long lead time on a lot of capital equipment and high capital expenditure needed to rebuild all the assets that were destroyed by the floods, it said.

“Barring any unforeseen circumstances and factors beyond our control within the production planning and HDD supply chain, we are optimistic the increases in ASP arising from Thailand floods, our productivity improvements, and the opportunity to capture additional global market share will enable JCY to achieve favourable results for the coming quarters,” it said

Kian Joo Q1 pre-tax profit falls to RM33.6m

Kian Joo Can Factory Bhd’s (KJCF) pre-tax profit for the first quarter ended March 31, 2012 (1Q12) fell to RM33.584 million from RM38.556 million in the same quarter of last year.

Revenue, however, increased to RM266.771 million from RM255.306 million, the company said in a filing to Bursa Malaysia today.

KJCF’s cans division generated a total operating revenue of RM192.4 million in the 1Q12, an increase of seven per cent from the RM180.3 million recorded last year.

The increase in revenue from this division was mainly attributable to the rise in export sales, which accounted for 90 per cent of the total increase in sales in the 1Q12, when compared to the corresponding period of 2011.

Meanwhile, revenue from KJCF’s cartons division rose by seven per cent for the quarter under review to RM58.4 million, backed by revenue growth contribution from Vietnam’s operation.

KJCF’s contract packing services division’s revenue however, declined by 22 per cent from the RM20.6 million registered in 2011, due to a decrease in export sales compared to last year.

On prospects, the group said it would continue its efforts to develop its regional market in the 2012 financial year.

The board expects the group’s overall performance for the year 2012 to be satisfactory. — Bernama

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.

by Surin Murugiah of theedgemalaysia.com on Wednesday, 16 May 2012 09:26

KUALA LUMPUR (May 16): Tradewinds Plantation Bhd net profit for the first quarter ended March 31, 2012 tumbled 91.1% to RM4.34 million from RM48.63 million a year earlier, due to lower production and prices of palm products, higher operating expenses of the plantation segment and operating loss incurred by the overseas operations.

The company said on Wednesday that its revenue for the quarter jumped to RM608.45 million from RM229.93 million in 2011, due to the contribution from Mardec Berhad which was acquired in October 2011.

Earnings per share was 0.69 sen compared to 7.73 sen a year earlier, while net assets per share was RM3.44.

On its outlook, Tradewinds Plantation said that based on the prevailing prices of palm products, the forecast increase in fresh fruit bunches production in the coming months and the improving rubber products trading margins, the company expected the results for the remaining periods of the current financial year to be better than the current quarter.

Media Prima 1Q net profit falls 40.24pct to RM20.79m

by Surin Murugiah of theedgemalaysia.com on Wednesday, 16 May 2012 10:20

KUALA LUMPUR (May 16): Media Prima Bhd net profit for the first quarter ended March 31, 2012 fell 40.24% to RM20.79 million from RM34.79 million a year earlier, mainly due to the lower revenue.

The company said on Monday that its revenue for the period contracted 5.33% RM335.28 million from RM354.19 million

Earnings per share was 1.94 sen compared to 3.36 sen a year earlier, while net assets per share was RM1.29.

Reviewing its performance, Media Prima said its results were significantly driven by its core platforms of television network, print media, outdoor media and radio network.

On its lower revenue, the company said that the first quarter of the year had always been the lowest quarter in terms of advertising spending as compared to other quarters.

On its prospects, Media Prima said whilst the advertisement expenditure slowed down in 1Q, th the company was cautiously optimistic about an improved outlook for both consumers and advertisers.

“The group is committed to maintaining its industry leadership position and its earnings through continued investment in quality, relevant content and branding for its targeted market,” it said.

Media Prima said it would continue to exercise prudent financial and risk management whilst leveraging on operating efficiency.

“The group expects advertisement revenue to improve in the coming months on the expectation of a General Election, a resilient Malaysian economy and two mega sporting events namely UEFA Euro 2012 and the 2012 London Olympics,” it said.

MISC 1Q net loss widens to RM465.08 million

by Surin Murugiah of theedgemalaysia.com on Wednesday, 16 May 2012 05:51

KUALA LUMPUR(May 16): MISC Bhd net loss for the first quarter ended March 31, 2012 widened to RM465.08 million from net loss RM307.88 million a year earlier, on the back of a decrease in revenue.

MISC said on Wednesday that revenue for the quarter fell 17.8% to RM2.40 billion from RM2.92 billion in 2011 due to reduction in liner business revenue from lower volume carried and lower freight rates.

Loss per share was 10.40 sen compared to loss per share of 6.90 sen previously, while net asset per shares was RM4.73.

Reviewing its performance, MISC said lower revenue in the heavy engineering business segment further contributed to the decrease in group revenue. Lower earning days from reduced demand combined with softer rates have translated to 3.5% revenue decrease in Petroleum business, it said.

“The decrease in the Group’s operating profit was largely due to higher losses in Liner business and lower profit in Heavy Engineering business,” it said.

On its outlook, MISC said that compounded by continuing uncertainties in global economic growth, the prospects for the shipping industry remained challenging.

It said low freight rates, rising bunker costs and vessels supply overhang contributed to the challenges faced and did not bode well for the rest of the year, adding that cost management would be an important priority in the coming quarters.

Hock Seng Lee lands RM45.72m Sibu flood mitigation project sub-contract

by Surin Murugiah of theedgemalaysia.com on Wednesday, 16 May 2012 05:28

KUALA LUMPUR (May 16): Hock Seng Lee Bhd (HSL) has inked a sub-contract agreement worth RM45.72 million with PN Construction Sdn Bhd for the flood mitigation project in Sibu, Sarawak.

The company said on Wednesday that the scope of works for the sub-contract included earthworks and piled embankment, drainage, road and construction of a pump station.

HSL said the works of the project would be due to be completed in the second quarter of 2014.

It said the contract was expected to contribute positively to its earnings for the financial years ending 2012 to 2014.

Hong Leong Bank 3Q net profit surges 60.54% to RM465.1 million

by Surin Murugiah of theedgemalaysia.com on Wednesday, 16 May 2012 05:13

KUALA LUMPUR (May 16): Hong Leong Bank Bhd net profit for the third quarter ended March 31, 2012 surged 60.54% to RM465.1 million from RM289.69 million a year earlier,

The banking group said on Wednesday that its revenue for the quarter jumped to RM1.01 billion from RM577.91 million in 2011.

Earnings per share rose to 28.5 sen from 19.95 sen a year earlier, while net assets per share was RM6.24.

For the nine months ended March 31, Hong Leong Bank’s net profit rose more than 50% to RM1.25 billion from RM838.33 million.

The bank declared a second interim single tier dividend of 15 sen per share for the financial year ending 30 June 2012 to be paid on June 26.

Hong Leong Bank group managing director / chief executive Datuk Yvonne Chia in a statement said the bank’s third quarter performance continued to derive value from the merger and deliver benefits to its customers, staff, shareholders and the wider community.

“Hong Leong Bank’s net income remains robust and net profit for the quarter increased 61% over the same period last year, reflecting the consolidated strength of the merged Bank.

“Shareholder value creation remains robust and our earnings per share in the period ended March 2012 rose to 76.8 sen, up 33% from 57.7sen for the same period last year. At the same time, the returns on average shareholder funds rose to 18.2% from 16.6% in the corresponding period last year,” she said.

Chia said Hong Leong Bank’s success emanated from the business momentum built in the enlarged bank and the rapid progress made towards integration within 9 months from vesting.

“The Group’s earnings reflect an increased diversification of business activities, expanding national presence, and resilience to challenges arising from an uncertain global economic environment” she said.

On its outlook, Chia said developments in the most recent period in Europe had continued to increase uncertainties.

“Nevertheless, we are optimistic of Malaysian domestic investment and consumption to spur growth.

The banking system’s good liquidity will also see pressures on margins to continue,” she said.

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.

by Surin Murugiah of theedgemalaysia.com on Tuesday, 15 May 2012 11:16

KUALA LUMPUR (May 15): Kinsteel Bhd posted a net profit of RM10.27 million for the first quarter ended March 31, 2012 compared to net loss RM3.56 million a year earlier, due mainly to lower cost of raw materials and higher steel prices.

The company said on Tuesday that its revenue for the quarter dipped 8.9% to RM506.07 million from RM555.59 million in 2011 due to a drop in sales volume.

Earnings per share was 99 sen compared to loss per share of 37 sen a year earlier, while net assets per share was 63 sen.

On its prospects, Kinsteel said it remained cautiously optimistic on the iron and steel industry for 2011.

“The outlook for the global steel industry is still promising with growth in global demand but the downside risk remains, including further rises in steel raw material prices, continuing sluggish growth in advanced economies and higher oil prices, assuming the market response to the European debt crisis does not result in increased volatility in the global financial system.”

“Meanwhile, in the domestic market, the demand for steel will be supported by various government mega projects to be rolled out under the ETP,’ it said.

Kinsteel said as ire ore prices were expected to remain high, it would have to closely monitor price fluctuations and adopt a prudent purchasing and inventory management strategy.

“We, being one of the larger players in the market, are confident in our ability to capitalise on any turnaround in the market conditions as the Malaysian government rolls our major projects,” it said.

The company also said that its concentration and pelletising plant would significantly reduce its production cost, and enable the company to position itself more competitively going forward.

BHIC posts net loss RM14.51m in 1Q

by Surin Murugiah of theedgemalaysia.com on Tuesday, 15 May 2012 10:46

KUALA LUMPUR (May 15): Boustead Heavy Industries Corporation Bhd (BHIC) posted net loss RM14.51 million for the first quarter ended March 31, 2012 compared to net profit RM10.07 million a year earlier due mainly to lower sales from the group’s manufacturing segment arising from the downturn in the semiconductor equipment industry.

BHIC said on Tuesday that revenue for the quarter dipped 10.2% to RM104.79 million from RM116.69 million in 2011.

Loss per share was 5.84 sen compared to earnings per shares 4.05 sen a year earlier, while net assets per share was RM1.60.

Reviewing its performance, BHIC said a dip in the level of maintenance, repair and overhaul (MRO) activities caused a decline in revenue recognised from the heavy engineering segment.

BHIC said the negative earnings were mainly due to the heavy engineering segment’s lower contribution from subsidiaries involved in MRO, and commercial shipbuilding losses.

The latter arose from material, labour, project management costs and yard overheads to construct the vessels.

Losses were also incurred in the chartering segment due to the unfavourable conditions in the shipping sector.

In a statement Tuesday, BHIC neither managing director Tan Sri Ahmad Ramli Mohd Nor said the company was actively pursuing opportunities to grow our range of products and services.

“Operational efficiencies are being secured, especially in Penang and Langkawi, so that our yards are prepared to respond quickly when the order book picks up,” he said.

Ahmad Ramli said BHIC’s expansion into aerospace electronics manufacturing, along with the award of engineering and integration works for the DCNS SETIS Combat Management System (CMS) and the procurement of the Rheinmetall Fire Control System in connection with the LCS project, meant that the manufacturing segment was expected to show improved results in the coming quarters.

He said that so far this year, the company’s Penang yard had delivered another anchor handling tug supply vessel, while BYO Marine in Langkawi had handed over three more Fast Interceptor Craft (FIC) to the Malaysian Maritime Enforcement Agency, two of which were entirely built in Malaysia.

The remaining four FICs should be delivered by year end, he said.

“The chartering segment is sluggish, with oversupply having an adverse impact on rates. Chulan 1 remains on time charter and Chulan 2, having completed a second spot charter, has now secured a one year Contract of Affreightment which will generate more certain utilisation. Chulan 3 is undergoing final trials and will be available for charter shortly.”

“Our associate, Boustead Naval Shipyard Sdn Bhd continues its mobilisation work on the Littoral Combat Ships (LCS) project, and is progressing with the design activities before commencing physical construction,” he said.

Kencana unit gets EPC contract valued at RM48.9 million

by Surin Murugiah of theedgemalaysia.com on Tuesday, 15 May 2012 10:07

KUALA LUMPUR (May 15): Kencana Petroleum Bhd unit Kencana HL Sdn Bhd (KHL) has entered an engineering, procurement, and construction (“EPC”) contract worth RM48.9 million with Petrofac E & C Sdn Bhd.

The company said on Tuesday that that KHL was to undertake the engineering, procurement, and construction (“EPC”) for the refurbishment, life extension and conversion of a Mobile Offshore Production Unit (MOPU) for development of an oilfield offshore Peninsular Malaysia.

Kencana said the EPC was a one-off contract and was expected to be delivered to the client within the third quarter of calendar year 2012.

It said the Contract was expected to contribute positively to its earnings for the duration of the Contract.

Mitrajaya unit gets contract worth RM111.84m from Putrajaya Holdings

by Surin Murugiah of theedgemalaysia.com on Tuesday, 15 May 2012 09:38

KUALA LUMPUR (May 15): Mitrajaya Holdings Bhd’s unit has secured a contract valued at RM111.84 million from Putrajaya Holdings Bhd to build the City Campus Development in Putrajaya.

In a filing Tuesday, Mitrajaya said its unit Pembinaan Mitrajaya Sdn Bhd had accepted the Letter of Award from Putrajaya Holdings Sdn Bhd development at Precinct 5 in Putrajaya.

It said the contract was to be completed within a period of 24 months.

Mitrajaya said the contract was expected to contribute positively to its future earnings.

Daya Materials’ unit gets RM57m construction contract

by Surin Murugiah of theedgemalaysia.com on Tuesday, 15 May 2012 09:33

KUALA LUMPUR (May 15): Daya Materials Bhd’s wholly-owned subsidiary, Daya CMT Sdn Bhd (DCMT) has secured a construction contract worth RM57 million from Gemesis Malaysia Sdn. Bhd.

In a filing Tuesday, Daya Materials said the contract was to build a new 1-Storey Factory and 2-Storey Office and Facilities at Taman Sains Pulau Pinang, in Penang.

The company said the project was scheduled to begin in June 2012 and expected to be completed within 9 months (June 2012 – March 2013).

DCMT will fund the development of this project through internally-generated funds and bank borrowings, it said.

Daya Materials said the contract was expected to contribute positively towards the its earnings for the period of the project.

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.

by Surin Murugiah of theedgemalaysia.com on Monday, 14 May 2012 09:46

KUALA LUMPUR (May 14): Latexx Partners Bhd net profit for the first quarter ended March 31, 2012 fell 34.34% to RM8.36 million from RM12.73 million a year earlier, due mainly to competitive pricing.

The company said on Monday that its revenue for the quarter rose 4.5% to RM98.99 million from RM94.75 million in 2011due to an increase of demand for gloves.

Reviewing its performance, Latexx said teh improvement in the revenue and operating profit of current quarter compared with the preceding quarter was mainly due to the decline in latex prices along with an increase of sales volume in the current quarter.

It said the demand growth for examination gloves had remained at 8% to 9% annually, adding that higher growth was expected on the demand of nitrile gloves.

It said continuous demand growth in the emerging markets due to improved healthcare standards and the heightening of hygiene and safety awareness in the non-medical sectors remains to be the catalysts of growth for the gloves industry.

“However, the business environment of the glove industry remains to be challenging, volatility of raw material costs and currencies remain to be the two main challenges that glove manufacturers are facing,” said Latexx.

“The current latex prices are comparatively lower than the previous quarters; on the contrary, current nitrile prices are higher. The forex of US dollar has been lingering along 3.03, slightly weaker than the previous quarter.

“The expanded gloves production capacity by the industry, particularly the nitrile production capacity is expected to lead to a more competitive pricing that will result to a slight erosion of profit margin,” it said.

Permaju denies disposing land in Sabah for RM100m

by Surin Murugiah of theedgemalaysia.com on Monday, 14 May 2012 09:16

KUALA LUMPUR (May 14): Permaju Industries Bhd has denied a news article that it was disposing of 30 acres of land in Sabah for RM100 million.

In a filing on Monday, the company in response to an article in Nanyang Siang Pau on May 13 said its directors, after having made due inquiries, wished to advise that to the best of their knowledge and believe, they were not aware of such dealing.

Permaju was among the most actively traded stocks on Monday with 151.14 million shares done. The stock rose one sen to RM1.03.

Shell posts lower Q1 profit

Shell Refining Company (Federation of Malaya) Bhd posted after-tax earnings of RM29 million for the first quarter (Q1)
ended March 31, 2012 compared to RM136 million in Q1 2011.

This is mainly due to weak refining margins and lower stockholding gains after tax in Q1 2012 of RM64mil compared to RM153mil in Q1 2011, the company said in its filing to Bursa.

Refining margins continue to be weak as crude prices remain high while oil product prices have not recovered. The refinery processed 8.8 million barrels of crude oil.

The company buys 56 per cent of its crude from the Far East, Australia and Africa, with the remaining 44 per cent coming from Malaysia.

In the first quarter of 2012, the company registered revenue of RM3.7 billion, 16 per cent higher higher than in the same period last year.

This is attributed to higher sales volume in 2012 of 9.6 million barrels (nine per cent higher than 2011) as well as higher product prices in 2012. — Bernama

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by Syarina Hyzah Zakaria of theedgemalaysia.com on Thursday, 10 May 2012 10:46

KUALA LUMPUR (May 10): Century Logistics Holdings Bhd’s net profit fell 33% to RM4.29 million in its first quarter ended March 31, 2012 from RM6.44 million a year ago due to start-up losses from its double hull product tanker.

In a statement on Bursa Malaysia on Thursday, it said that revenue for the quarter decreased 2.19% to RM65.33 million from RM66.79 million.

Earnings per share were 5.32 sen compared to 8.18 sen a year earlier.

Reviewing its performance, the company attributed its decline in earnings to its new double hull product tanker, Onsys Century 1.

On its prospects, the company said it took cognizance of the current uncertain global economic environment and will ensure that it takes the necessary measures to remain resilient, including focusing on providing value-added logistics solutions as well as maintaining cost efficiencies.

“As a result, the Group remains confident of its business model,” it said.

It added that the group was interested to explore business opportunities in South Asia, South America and Africa due to the growing demand for procurement logistics services in those regions.

Century Logistics said it would be paying a seven sen final dividend in respect of the financial year ended Dec 31, 2011 on May 25, bringing the total single-tier dividend in respect of the year 2011 to 12 sen per share.

Dialog 3Q net profit rises 7.96% to RM41.39m

by Surin Murugiah of theedgemalaysia.com on Thursday, 10 May 2012 10:30

KUALA LUMPUR (May 10): Dialog Group Bhd net profit for the third quarter ended March 31, 2012 rose 7.96% to RM41.39 million from RM38.34 million a year earlier, due mainly to higher revenue and increase in Malaysian operations arising from its provision of specialist products & services, engineering & construction activities and fabrication works.

It said on Thursday that revenue for the quarter jumped 39.5% to RM420.04 million from RM301.16 million in 2011, due consolidation of the revenue of the newly acquired fabrication and multi-disciplined engineering company, Fitzroy Engineering Group Limited, based in New Zealand contributed to the increase in the Group’s revenue.

Earnings per share was 1.75 sen compared to 1.79 sen previously, while net assets per share was 52.66 sen.

For the nine months ended March 31, Dialog’s net profit rose 18.5% to RM127.39 million from RM107.43 million on the back of revenue RM1.13 billion.

Dialog declared an interim 1.1 sen single tier cash dividend per share to be paid on June 29.

Reviewing its performance, Dialog said contribution from Malaysia and Asia operation such as Brunei, Thailand, Middle East and China, also increased significantly mainly due to higher revenue of Specialist Products & Services recorded.

It said its Singapore operation however registered lower revenue mainly affected by lesser works undertaken for its engineering and construction and plant maintenance activities.

On its prospects, Dialog said the development under Economic Transformation Programme in both upstream and downstream sectors would generate tremendous opportunities for the local oil and gas players.

“In this connection, being an integrated specialist technical services provider to the oil, gas and petrochemical industry, the Group will benefit from such opportunities,” it said.

Dialog said the development of the Independent Deepwater Terminal in Pengerang will not only bring in short to medium term contribution from engineering and construction activities in Malaysia, but also long term recurring income when the tank facilities are operational.

“In addition, the Group is investing in the upstream oil and gas opportunities, including the development and production of petroleum under the Small Field Risk Service Contract.

“The Group continues to grow its technical services, such as, its specialist products & services, engineering, procurement, commissioning & construction and plant maintenance services,’ it said.

Pelikan posts higher Q1 pre-tax profit

Pelikan International Corp Bhd has recorded a higher pre-tax profit of RM8.647 million in the first quarter ended
March 31, 2012, compared to RM4.3 million in the same period last year.

Revenue, however, declined to RM417.523 million from RM460.75 million as the company continued to streamline its products and eliminate non-profitable business segments/products from its products assortments, resulting in lower revenue especially in the printer consumable segment.

“The lower translation rate in euro has also partly contributed to the lower sales in the current quarter,” the company said in a filing to Bursa Malaysia today.

The company anticipates a challenging quarter ahead especially in the European market which is its main market. However, the company has embarked on counter measures to restructure its

operations to cushion any further negative development of the market as well as continuous efforts in developing its markets outside Europe especially in regions such as Latin America and Asia which have good growth prospects.

Going forward, the company said the company expected to change certain operating structures of the production, sales and distribution units to cater to the volume of business, structural changes to the distribution market and its customers. — Bernama

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.

by Surin Murugiah of theedgemalaysia.com on Wednesday, 09 May 2012 10:14

KUALA LUMPUR (May 9): Petronas Gas Bhd (PetGas) posted net profit RM333.46 million for the three months ended March 31, 2012, which was relatively flat year-on-year.

The company said on Wednesday that its revenue for the quarter rose 2.6% of RM23.6 million to RM914.8 million, mainly due to higher utilities sales and gas transportation revenue.

“Profit before tax for the current quarter was RM446.9 million, a decrease of RM17.7 million (3.8%) from the preceding quarter ended 31 December 2011 mainly due to higher other expense resulting from unrealised loss from the revaluation of Currency Exchange Agreement (CEA) and retranslation of term loan,” it said.

Earnings per share was 16.85 sen while net assets per share was RM4.49.

Reviewing it s performance, PetGas said its earnings will remain stable as a result of the fixed fee structure under the Gas Processing and Transmission Agreement (GPTA) with additional earnings potential from performance based structure which is dependent on the level of production of by-products and their prices.

“The completion of the LNG Regasification Terminal in Melaka within the next twelve months will have a positive impact to the group’s earnings in terms of additional income from regasification and transportation services,” it said.

On its outlook, PetGas said prospects for the utilities business will mainly depend on petrochemical customer demand.

“Any variation in gas price will be immediately reflected in the pricing to customers,” it said.

Frasers Hospitality to manage First Hotel Residence

by Syarina Hyzah Zakaria of theedgemalaysia.com on Wednesday, 09 May 2012 10:50

KUALA LUMPUR (May 9): UOA Development Bhd has engaged Frasers Hospitality Pte Ltd to manage ten premium floors of its 34-storey Camellia Services Suites in Bangsar South.

The 34-storey development in Bangsar South, UOA’s flagship mixed use development, will comprise 720 units with an estimated gross development value of RM500 million and is due to be completed by mid-2013.

In a statement Wednesday, UOA Development chief operating officer David Khor said the collaboration was a testament to its strong relationship with Frasers that was built upon mutual trust and admiration for our respective business practices and company cultures.

“It also serves as an ideal platform for both companies to work in synergy by leveraging on each other’s strong brand reputation and expertise to meet the increasing demand for quality hotel residences,” he said.

UOA Development said the ten premium floors comprising 240 units including two exclusive rooftop levels equipped for recreational and business activities would be managed by Frasers under a boutique hotel residence concept, Capri by Fraser.

A key feature of the hotel residence is its creative high-tech chilled out vibe, which will be reflected with its iPad activated check-ins that do away with formal paperwork and interactive e-concierge services to coordinate every aspect of the guest’s stay, from dinner reservations, spa treatments to transport arrangements, it said.

“The opening of the first Capri by Fraser in Malaysia is significant, not only because it further extends our presence in the country but also marks the launch of an exciting new hotel residence concept by Frasers, which reaffirms our confidence in the country’s strong growth potential,” added Fraser chief executive officer Choe Peng Sum.

“With an estimated 2.9 million business travellers projected to enter the country who will contribute US$1.2 billion (RM3.68 billion) in incremental Gross National Income (GNI) 1 by 2020, Malaysia is focused on becoming one of the top five meeting destinations in the Asia Pacific. We are confident that, with our partnership with UOA, we are well positioned to meet the anticipated burgeoning demand for good quality extended stay accommodation,” Choe added.

MMHE 1Q net profit falls 39.16% in 1Q12 to RM78.27m

by Syarina Hyzah Zakaria of theedgemalaysia.com on Wednesday, 09 May 2012 09:59

KUALA LUMPUR (May 9): Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) net profit for the first quarter ended Mar 31, 2012 fell 39.16% to RM78.27 million from RM128.64 million a year ago due to the completion of contracts under its engineering and construction arm as well as its marine conversion and repair arm.

In a statement on Bursa Malaysia on Wednesday, the group said its revenue also decreased 27.95% to RM665.27 million from RM923.29 million a year earlier.

Earnings per share were 4.90 sen compared to 8.00.

MHB attributed the lower earnings to the completion of its engineering, procurement, construction, installation and commissioning (EPCIC) contract in Turkmenistan and its progress on two conversion contracts as well as higher rigs and support vessel repair works secured during the quarter.

Southern Steel in JV with Belgian firm to make steel wires in Asean region.

by Surin Murugiah of theedgemalaysia.com on Wednesday, 09 May 2012 05:16

KUALA LUMPUR (May 9): Southern Steel Bhd has entered into a joint venture (JV) agreement with Belgium-based NV Bekaert SA (NV BK) to form a JV company in Singapore to manufacture specified steel wires in the ASEAN region.

Southern Steel said in a filing on on Wednesday that it would hold 45% in the JV and NV BK the remaining 55%.

“NV BK is a public company listed on Euronext Brussels (BEKB).

“It is a global player in drawn steel wire products and technologically strong in advanced solutions based on metal transformation and coatings. Presently, NV BK serves customers in more than 120 countries,” it said.

Southern Steel said it would sell its entire equity interests in three of its subsidiaries to the JV company while NV BK would sell its entire stake in its Indonesian subsidiary to the JV for an aggregate consideration of the equivalent of US$44.6 million.

Southern Steel said it would sell its entire equity interests in its wholly-owned subsidiaries, Southern Speciality Wire Sdn Bhd (“SSW”) and Southern Wire Industries (Malaysia) Sdn Bhd (“SWI”) together with its wholly-owned subsidiary, Cempaka Raya Sdn Bhd to the JV Co.

It said NV BK will sell its entire galvanized and multi-coated wire business in Indonesia currently undertaken by its Indonesian subsidiary, PT Bekaert Indonesia to the JV Co

Southern Steel said the JV would provide it the opportunity to expand its steel wire manufacturing and sale business and to jointly promote the Southern Steel and NV BK brand in the Aseaon market.

Sime, CapitaMalls inks mall venture

Sime Darby Property and CapitaMalls Asia Ltd today entered into a conditional agreement to form a 50:50 joint venture to develop a shopping mall on a freehold site in Taman Melawati here. The total development cost is expected to be about RM500 million.

“We are confident that our partnership with CapitaMalls Asia is the best strategy to maximise the returns on our investment and diversify our income portfolio,” said Group Chief Operating Officer of Sime Darby Bhd, Datuk Wahab Maskan, in a statement today.

“The synergistic partnership provides us the platform to leverage on their experience as the leading shopping mall developer, owner and manager in Asia,” said Wahab who is also the Managing Director of Sime Darby Property.

The joint venture will develop the shopping mall with a total net
lettable area (NLA) of about 635,000 sq ft. Once completed in 2016, it will serve a catchment population of around 800,000 people within a 10-minute drive.

The mall is also expected to be a catalyst to enhance the overall value of properties within its vicinity. — Bernama

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by Surin Murugiah of theedgemalaysia.com on Tuesday, 08 May 2012 04:54

KUALA LUMPUR (May 8): Permaju Industries Bhd said it was not aware of any corporate developments relating to its business and affairs that could account for the unusual market activity (UMA) involving its shares.

Responding on Tuesday to an UMA query from Bursa Malaysia Securities Bhd a day earlier, Permaju said it was not aware of any rumour or report, or any other possible explanation to account for the unusual market activity.

At the mid-day break on Tuesday, Permaju rose 11 sen to 84 sen with 21.35 million shares traded.

Harlega 4Q net profit down 4.55% to RM50.01m, declares third interim dividend of 6 sen

by Surin Murugiah of theedgemalaysia.com on Tuesday, 08 May 2012 11:40

KUALA LUMPUR (May 8): Hartalega Holdings Bhd net profit for the fourth quarter ended March 31, 2012 fell 4.55% to RM50.01 million from RM52.39 million a year earlier, despite a 24.77% increase in revenue to RM240.22 million.

The company said on Tuesday that the significant increase in revenue was in line with the continuous expansion in production capacity and increase in demand.

However, its bottom line was impacted by the increase in raw material prices of nitrile latex, fuel cost and more competitive sales pricing for the current quarter compared with the corresponding quarter of the preceding year, it said.

Earnings per share was 13.73 sen compared with 14.42 sen a year earlier, whiel net assets per share was RM1.70.

The company declared a third interim dividend of six sen per share single tier for the financial year ended March 31, 2012 to be paid on June 13.

For the financial year ended March 31, Hartalega’s net profit was up 5.95% to RM201.62 million from RM190.29 million.

Hartalega said revenue for the year rose to RM931.08 million from RM734.92 million.

Reviewing its performance, Hartalega said the global demand for nitrile gloves continued to grow by 29% for the year 2011 due mainly to switching momentum from natural rubber gloves to nitrile gloves.

It said his had spurred a significant increase in nitrile gloves production capacity by the industry which it was confident would be more than matched by resilient demand dynamics.

‘Furthermore, we do not expect a price war from the second half of 2012, as claimed by certain quarters as global demand growth continues to outpace growth in industry capacity,” it said.

The company said that on the contrary, it had to put some of its customers on allocation for their April 2012 purchase and beyond despite adding two new production lines in plant 5 to meet escalating demand.

“Based on our experiences, there are no expectations for a price war in the foreseeable future.

“Rather, the continued expansion in global demand for nitrile rubber gloves would be satisfied by industry capacity increase. This would only generate healthy competition among competitive rubber glove manufacturers,” it said.

Hartalega said it had achieved the internal target growth for both sales revenue and net profit for the financial year ended 31 March 2012.

“The board of directors is optimistic that the Group will achieve continuous growth and securing better results for the next financial year,” it said.

Kencana unit gets RM460m EPCC job from Murphy Sarawak

by Syarina Hyzah Zakaria of theedgemalaysia.com on Tuesday, 08 May 2012 09:57

KUALA LUMPUR (May 8): Kencana Petroleum Bhd’s unit Kencana HL Sdn Bhd has been awarded RM460 million engineering, procurement, construction and commissioning (EPCC) contract from Murphy Sarawak Oil Co Ltd.

In a statement on Bursa Malaysia on Tuesday, Kencana said that its subsidiary had received a letter of award from Murphy for the fabrication of offshore topsides.

“It is estimated value of the contract is between RM460 million to RM474 million and is expected to commence in the first half of 2013.”

“The Contract is expected to contribute positively to the earnings and net assets per share of Kencana Petroleum Group for the duration of the Contract,” it said.

NV Multi’s PN17 status to be uplifted

by Surin Murugiah of theedgemalaysia.com on Tuesday, 08 May 2012 09:18

KUALA LUMPUR (May 8): NV Multi Corporation Bhd status as a Practice Note 17 (PN17) company will be lifted effective May 9 after the company completed its restructuring scheme (except for the offer for sale to NV MULTI shareholders to meet the public shareholding spread requirement).

In a filing to Bursa Malaysia Securities Bhd on Tuesday, NV Multi said AYS Ventures Bhd had assumed the its listing status.

“With the above, the Company has regularised its financial condition and no longer triggers the criteria under Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd,” it said.

CIMB acquires 60% stake in Bank of Commerce for RM881m

by Surin Murugiah of theedgemalaysia.com on Tuesday, 08 May 2012 08:06

KUALA LUMPUR (May 8): CIMB Group Holdings has entered into conditional share purchase agreements (SPA) with San Miguel Properties, Inc., San Miguel Corporation Retirement Plan and various minority shareholders for the proposed acquisition of 60% of Bank of Commerce (BoC) in the Philippines.

In a statement Tuesday, CIMB said the acquisition was for the equivalent of RM881 million cash.

“BoC is valued at a price to book of 1.14 times as at Dec 31, 2011; but upon full alignment with CIMB Group’s accounting and provisioning policies, the effective price to book is expected to be about 1.30 times,” it said.

CIMB Group chief executive officer Datuk Seri Nazir Razak said that as an ASEAN universal bank, the extension to the Philippines was a very natural one.

“I believe we are entering this market at the right time, with the right deal and right partner,” he said.

CIMB said that BoC was the 16th largest bank in the Philippines in terms of total assets.

“It offers a wide range of banking and other financial products and services including traditional deposit products, corporate banking, consumer banking, treasury, asset management, trust services, trade and credit card services targeting consumer, small-to-medium enterprises and corporate customers,” it said.

BoC currently operates 122 branches and 300 ATMs throughout the Philippines, said CIMB.

Nazir said BoC was small but it could grow quickly with its low loan to deposit base and high capital ratios.

“BoC also strengthens CIMB Group’s overall regional value proposition of facilitating intra-ASEAN investments and trade as well as travel.”

“With this acquisition, our retail network will increase to 1,239 full branches, reaffirming our credential of having ASEAN’s largest branch footprint,” he said.

Kelington proposes one-for-one bonus issue

Kelington Group Bhd has proposed a bonus issue of up to 86.19 million new shares on the basis of one bonus share for every one share held on an entitlement date to be determined later.

The company’s enlarged issued and paid-up capital would rise to up to RM17.24 million from RM7.9 million currently, a level which is more reflective of its current scale of operations, Kelington said in a statement here today.

Its shareholders’ equity has risen by 47 per cent in a span of two years from RM34.4 million on Dec 31, 2009 to RM50.4 million as at Dec 31, 2011.

The company said its balance sheet remains strong with half of the shareholders’ equity backed by a cash balance of RM25.1 million.

With minimal borrowings of RM2.7 million, the company remains in a strong net cash position, it said. The proposed bonus issue is subject to shareholders’ approval at an extraordinary general meeting to be convened.

The exercise is expected to be completed by the third quarter of 2012. The company said TA Securities has been appointed as the adviser for the proposed bonus issue exercise. — Bernama

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by Syarina Hyzah Zakaria of theedgemalaysia.com on Monday, 07 May 2012 12:27

KUALA LUMPUR (May 7): Fraser & Neave Holdings Bhd (F&N) net profit fell 18.93% to RM107.01 million in its second quarter ended Mar 31,2012 from RM131.99 million a year earlier as a result of the cessation of its Coca-Cola business and flood disruptions in Thailand.

Revenue decreased 27.61% to RM730.43 million from RM1.00 billion a year ago. Meanwhile, earnings per share were 29.70 sen compared to 36.80 sen last year.

F&N declared an interim single tier dividend of 20 sen per share for the financial year ending Sept 30, 2012 amounting to RM73 million to be paid on August 1.

F&N chief executive officer Datuk Ng Jui Sia in a statement Monday said while the lower revenue was already expected due to the cessation of the Coca-Cola business, the natural calamity in Thailand caused extensive damage to production facilities, leading to production and sales losses.

He added that excluding the Coca-Cola revenue contribution of RM269 million, F&N’s 17% drop in revenue was attributed to the loss in revenue in Thailand, lower sales in its dairies segment and the absence of property sales.

Although revenue had generally fallen, F&N reported an 8% increase in its soft drinks revenue on the back of an 11% rise in volume, boosted by post Chinese New Year sales of 100PLUS, a 6% growth in its Seasons range and a 29% jump in Red Bull sales.

“While we navigate through one of the most challenging periods of our long-standing history of success, our fundamentals are strong and paradoxically, the natural calamity in Thailand has in fact propelled us ahead of the competition,” Ng said.

The Thai flooding had effectively placed F&N’s entire Thai business in a reset mode, fortunately giving the group the advantage to jumpstart full operations ahead of the market, he added.

For the first six months ended Mar 31, revenue fell 27.94% to RM1.47 billion from RM2.04 billion a year ago while profit decreased 37.76% to RM148.8 million from RM239.07 million.

MSM 1Q net profit up 7.05% to RM66.39m

by Syarina Hyzah Zakaria of theedgemalaysia.com on Monday, 07 May 2012 10:38

KUALA LUMPUR (May 7): MSM Malaysia Holdings Bhd profits rose 7.05% in its first quarter ended Mar 31, 2012 to RM66.39 million from RM62.02 million a year ago, due to higher sales volume and average selling prices.

It said on Monday that its revenue for the quarter increased 5.68% to RM531.76 million from RM503.17 million a year earlier.

“The profit before tax for current quarter ended Mar 31 is 2% lower in other words RM88.0 million as compared to RM90.0 million for the same quarter last year due to lower gross profit margin recorded during the quarter as a result of higher cost of sales caused mainly by increase in raw sugar price,” it added.

Earnings per share were 9.44 sen compared to 10.76 sen a year earlier.

Bumi Armada unit gets RM198.9m contract

by Surin Murugiah of theedgemalaysia.com on Monday, 07 May 2012 09:35

KUALA LUMPUR (May 7): Bumi Armada Bhd’s unit has secured a five-year contract worth US$65 million (RM198.9 million) to provide an accommodation workboat.

The company said on Monday that its subsidiary, Bumi Armada Navigation Sdn Bhd (“BAN”) had been awarded the contract by Tecnologías Relacionadas con Energía y Servicios Especializados, S.A. de C.V. (TRESE).

“The Vessel will be providing accommodation and offshore support services in the Mexican territorial waters.

“TRESE is a Mexican Oil & Gas services company with interests in drilling, vessel chartering and accommodation services in Mexico,” said Bumi Armada.

The company said the Contract was for a period of five (5) years with an extension option of an additional five (5) years, and was expected to be effective from May 7, 2012.

Bumi Armada said the contract was expected to contribute positively to its earnings for the financial year ending Dec 31, 2012 and the financial periods thereafter for the duration of the contract.

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.

by surin murugiah of theedgemlaysia.com on Thursday, 03 May 2012 12:52

KUALA LUMPUR (May 3): Fajarbaru Builder Group Bhd has secured a sub-contract worth RM299.84 million to build a power substation from Malaysian Resources Corporation Bhd.

The company said on Thursday that its unit Fajarbaru Builder Sdn. Bhd had received a letter of acceptance to build the Kg Kuala Sungai Baru substation and other associated works for the Ampang (AMG) Line Extension project.

Fajarbaru said the construction period of the sub-contract would be 30 months from the commencement date.

It said the sub-contract was expected to contribute positively to its earnings for the financial years ending June 30, 2012 to June 30, 2015.

APFT inks Multi-crew Pilot License training agreement with Canada’s CAE

by Surin Murugiah of theedgemalaysia.com on Thursday, 03 May 2012 10:31

KUALA LUMPUR (May 3): APFT Bhd’s unit Asia Pacific Flight Training Sdn Bhd (APFTSB), has signed a five-year MPL Services Agreement with Canada-based CAE Inc (CAE) on the Multi-crew Pilot License (MPL) training for AirAsia cadets.

In a statement to Bursa Malaysia on Thursday, A PFT said this was the first and only MPL training in Malaysia.

it said that previous batches of AirAsia CAE MPL cadets were trained in Canada.

“The signing of the said MPL Services Agreement will see APFT working with CAE and AirAsia to train AirAsia future first officers.

“CAE and AirAsia have decided to transfer their MPL technology to Malaysia and have chosen APFTSB to conduct the basic, core and transition phases of its MPL program,” it said.

APFTSB operates a flight training academy in Kota Bharu with detachments in Subang, Kuala Terengganu and Ipoh.

The company said that it was formed six years ago and to-date, 600 cadets from various airlines as well as private students had graduated from the flight training academy of APFTSB.

“On the other hand, CAE is the world’s leading provider of commercial aviation and ab initio training,” it said.

Canada-registered CAE is based in the City of Saint Laurent, Province of Quebec, Canada, it said.

APFT said the MPL agreement would contribute positively to its bottom line from the financial year ending Dec 31, 2013 onwards.

Tenaga names COO as its new president and CEO

by Surin Murugiah of theedgemalaysia.com on Thursday, 03 May 2012 10:18

KUALA LUMPUR (May 3): Tenaga Nasional Bhd has named its chief operating officer Datuk Ir Azman Mohd as its president and chief executive officer.

In a filing to Bursa Malaysia Securities on Thursday, Tenaga said that Azman was its COO from 2010 until his appointment as president.

Azman, who holds a Bachelor of Engineering from the University of Liverpool, started his career at Tenaga as an Assistant District Engineer for Temerloh and Mentakab in 1979, the utility company said.

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.

by surin murugiah of theedgemlaysia.com on Wednesday, 02 May 2012 12:57

KUALA LUMPUR (May 2): The RM1.1 billion share-swap deal involving beleaguered Malaysian Airline System Bhd (MAS) and AirAsia Bhd has been called off, according to filings to Bursa Malaysia Securities Bhd on Wednesday.

Shares in both MAS and AirAsia were suspended from trading on Wednesday ahead of the announcement.

In separate announcements, the two airlines said they had entered into a Supplemental Agreement to vary the terms and scope of the original collaboration agreement inked last August.

The share-swap last August saw AirAsia’s Tan Sri Tony Fernandes and his partner Datuk Kamarudin Meranun taking up a 20.5% interest in MAS and two board positions, in exchange for Khazanah owning a 10% stake in the regional budget airline.

The airlines said on Wednesday that pursuant to the Supplemental Agreement, they had separately entered into memorandums of understanding (MoU) in respect of firstly, to jointly explore the setting up of the joint-venture company by MAS, AirAsia and AAX to provide aircraft component maintenance support and repair services.

Secondly, the MoU was to establish the broad set of business principles for the establishment of a special purpose vehicle (SPV) by MAS, AirAsia and AAX to improve value for money and increase competitiveness and benefits to customers through procurement synergies by outsourcing to the SPV the procurement processes for identified goods and services in agreed categories

Opcom clinches RM82 million variation order from Telekom

by Chong Jin Hun of theedgemalaysia.com on Wednesday, 02 May 2012 11:10

KUALA LUMPUR (May 2) : Opcom Holdings Bhd, a fibre-optic cable manufacturer, has secured an RM82 million variation order to an existing RM359 million contract with Telekom Malaysia Bhd.

In a statement to the exchange, Opcom said it had secured the RM359 million fiber-to-the-home contract from Telekom in April 2009. Opcom had in May 2011 secured a two-year extension for the project till April 19, 2013.

“The variation order is expected to contribute positively towards Opcom’s group earnings and net assets for the remaining period of the contract which is expiring on April 19, 2013.

“The risk factors which may affect the variation order include but not limited to ordinary business risks, competition risks, operation risks, economic risks and regulatory risks,” it said.

HLS Corp now a PN17 company

by Surin Murugiah of theedgemalaysia.com on Wednesday, 02 May 2012 11:08

KUALA LUMPUR (May 2): Hock Lok Siew Corporation Bhd said on Wednesday that it has been designated a Practice Note 17 company after triggering the prescribed criterias of the Listing Rules.

The company said that on April 4 this year, Malayan Banking Berhad’s (MBB) claim of about RM18million against the company based on the corporate guarantees provided by the company has been allowed and that it had proceeded to file a notice of appeal to the Court of Appeal against that decision and an application for stay of execution of the judgement sum by MBB.

HSL said its external auditors had provided a matter of emphasis on the audited financial statements of the dompany for the year ended Dec 31, 2011 highlighting the negative shareholders’ equity position of the Group and of the Company of RM8.12 million and RM14.14 million respectively.

“Consequently, the Company has triggered the Prescribed Criterias 2.1(a) and (e) of PN17 of the Main Market LR,” it said.

Daya Materials unit gets RM270 million mixed development job in KL

by Surin Murugiah of theedgemalaysia.com on Wednesday, 02 May 2012 10:47

KUALA LUMPUR (May 2): Daya Materials Bhd’s unit Daya CMT Sdn Bhd has secured a construction contract worth RM270 million from Yuk Tung Corporation Sdn Bhd.

Daya said on Wednesday that Daya CMT had been awarded the contract as the principal sub-contractor for the development comprising 3-Blocks of 28-Storey mixed development consisting soho units, office lots, podium car park and basement car park at Jalan Sungai Besi in Kuala Lumpur.

Heitech secures RM15 million NRD job

by Chong Jin Hun of theedgemalaysia.com on Wednesday, 02 May 2012 10:37

KUALA LUMPUR (May 2) : Heitech Padu Bhd, an information and communication technology specialist, has secured a RM15.2 million job from the national registration department.

Heitech told the exchange that it has accepted the letter of award for the wide area network maintenance services extension which is a one-year job starting from July 1 this year to June 30 next year.

“The letter of award will have a positive effect on the earnings per share. Nevertheless, the contract will have no material effect to the dividend policy, gearing, share capital and the substantial shareholders’ shareholdings of the company for the financial year ending December 31, 2012,” Heitech said.

The firm said any further extension to the duration of the project is at the discretion of the government.

Unisem posts net loss RM13.52m in 1Q

by Surin Murugiah of theedgemalaysia.com on Wednesday, 02 May 2012 09:44

KUALA LUMPUR (May 2: Unisem (M) Bhd posted net loss RM13.52 million for the first quarter ended March 31, 2012 compared with net profit RM5.09 million a year earlier.

It said on Wednesday that revenue for the quarter fell to RM256.61 million from RM291.97 million in 2011.

Unisem attributed the declines in its revenue and profit to reduced sales volume, a one-time retrenchment costs of RM5.7 million arising from a efficiency/redundancy exercise at PT Unisem and higher depreciation charges.

Loss per share was 2.01 sen compared to earnings per share of 0.75 sen previously.

Net assets per share was RM1.56.

On its outlook, Unisem said it expects its revenue and earnings in the second quarter to improve from that achieved in the first quarter and to continue to improve to the end of the financial year.

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.