Tuesday, May 30th, 2017

 

Wall Street opens slightly lower as investors digest data

NEW YORK, May 30 — US stocks opened slightly lower today after a three-day holiday weekend as oil prices fell and investors parsed a barrage of economic data for a reading on the health of the economy. While stocks are trading at record…


Barakah Offshore posts RM4.6m net loss in Q1

PETALING JAYA: Barakah Offshore Petroleum Bhd registered a net loss of RM4.6 million in the first quarter (Q1) ended March 31, 2017, from a net profit of RM1.27 million in the previous corresponding quarter.

Revenue dropped 25.6% to RM76.84 million, compared with RM103.3 million in the same period last year, mainly due to lower revenue from installation and construction services (ICS).

In a filing with Bursa Malaysia yesterday, the group said ICS generated a total revenue of RM45.78 million, which is a decrease of 44.32% from the corresponding quarter.

It said this was mainly due to the completion of the transportation and installation (T&I) works which were brought forward from the previous year and no new work orders received for the T&I services during the period.

Commenting on prospects, Barakah Offshore said the group believes the financial year ending Dec 31, 2017 will continue to be a very challenging year as it is experiencing low utilisation for its main asset.

“Despite having the umbrella and long term contracts, the flow of work orders is still low and subject to clients' final decision before execution,” it added.

Nevertheless, the group said it would remain resilient and continue to implement various cost cutting measures to improve its operational efficiency, and continue to explore various opportunities to expand its revenue base.


LBS Bina’s earnings up 46.9% in first quarter

PETALING JAYA: LBS Bina Group Bhd's net profit for the first quarter ended March 31, 2017 rose 46.92% to RM24.77 million from RM16.86 million a year ago due to contribution from several projects.

In a filing with Bursa Malaysia yesterday, the group said the improved results were mainly attributable to projects at Bandar Saujana Putra, D' Island Residence, Cameron Golden Hills, Bandar Putera Indah, Sinaran Mahkota, Midhills, Alam Awana and Desiran Bayu.

Revenue rose 23.38% to RM247.35 million from RM200.47 million a year ago due to contribution from the projects above.

As at April 30, 2017, the group has 17 ongoing projects and unbilled sales of about RM1.41 billion. Combined with new projects launches this year, the group is confident of achieving further improvement in its financial performance this year.


LBS Bina’s net profit up 46.92% in Q1

PETALING JAYA: LBS Bina Group Bhd's net profit for the first quarter ended March 31, 2017 rose 46.92% to RM24.77 million from RM16.86 million a year ago due to contribution from several projects.

In a filing with Bursa Malaysia yesterday, the group said the improved results were mainly attributable to projects at Bandar Saujana Putra, D' Island Residence, Cameron Golden Hills, Bandar Putera Indah, Sinaran Mahkota, Midhills, Alam Awana and Desiran Bayu.

Revenue rose 23.38% to RM247.35 million from RM200.47 million a year ago due to contribution from the projects above.

As at April 30, 2017, the group has 17 ongoing projects and unbilled sales of about RM1.41 billion. Combined with new projects launches this year, the group is confident of achieving further improvement in its financial performance this year.


Mudajaya Q1 results hit by associate losses

PETALING JAYA: Mudajaya Group Bhd reported a net loss of RM26.76 million in the first quarter ended March 31, 2017 compared with a net profit of RM5.95 million a year ago due to the equity accounting of associate losses.

Revenue for the quarter fell 11.53% to RM156.99 million from RM177.45 million a year ago due to lower revenue in almost every segment.

Mudajaya expects the construction sector to remain vibrant with the ongoing stream of mega infrastructure projects and is confident that it will benefit from some of these projects. Its order book of RM2.4 billion as at end March 2017 is expected to sustain its operations for the medium term.

However, the investment in the independent power producer (IPP) in India via 26% associate RKM Powergen Private Ltd continues to pose a very challenging prospect.

“Despite limited control and influence, the group's management continues to make strenuous efforts with RKM to ensure that all four units of the IPP development come on stream to enhance the value of assets, in addition to providing recurring income to the group,” it said.

The group said it will continue to pursue new investments locally and abroad to build up its assets with recurring income streams to cushion the cyclical nature of construction sector. It also plans to expand on its precast concrete manufacturing business.


Mudajaya posts RM26.76 million net loss in Q1

PETALING JAYA: Mudajaya Group Bhd reported a net loss of RM26.76 million in the first quarter ended March 31, 2017 compared with a net profit of RM5.95 million a year ago due to the equity accounting of associate losses.

Revenue for the quarter fell 11.53% to RM156.99 million from RM177.45 million a year ago due to lower revenue in almost every segment.

Mudajaya expects the construction sector to remain vibrant with the ongoing stream of mega infrastructure projects and is confident that it will benefit from some of these projects. Its order book of RM2.4 billion as at end March 2017 is expected to sustain its operations for the medium term.

However, the investment in the independent power producer (IPP) in India via 26% associate RKM Powergen Private Ltd continues to pose a very challenging prospect.

“Despite limited control and influence, the group's management continues to make strenuous efforts with RKM to ensure that all four units of the IPP development come on stream to enhance the value of assets, in addition to providing recurring income to the group,” it said.

The group said it will continue to pursue new investments locally and abroad to build up its assets with recurring income streams to cushion the cyclical nature of construction sector. It also plans to expand on its precast concrete manufacturing business.


Ringgit closes lower on cautious investor sentiment

KUALA LUMPUR, May 30 — The ringgit closed easier today as traders were still unimpressed with the outcome of the Organisation of the Petroleum Exporting Countries (Opec) meeting last week, which had a negative impact on the foreign exchange…


Indonesia’s 2017 growth rate could top govt target, finance minister says

JAKARTA, May 30 — Indonesian Finance Minister Sri Mulyani Indrawati said today that economic growth this year could top the current official target, thanks to better trade numbers and investment than in 2016. Indrawati said growth of 5.3 per…


Bursa ends mixed on cautious trading

KUALA LUMPUR, May 30 — Bursa Malaysia ended mixed in cautious trading as gains in key heavyweights were offset by losses in small-cap stocks. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at 1,765.34, up 0.45 of-a-point from…


Bursa malaysia ends mixed in cautious trading

KUALA LUMPUR: Bursa Malaysia ended mixed in cautious trading as gains in key heavyweights were offset by losses in small-cap stocks.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at 1,765.34, up 0.45 of-a-point from yesterday's close of 1,764.89.

After opening 0.5 of-a-point lower at 1,764.39, the market bellwether moved between 1,762.43 and 1,767.4 throughout the day.

On the broader market, losers thumped gainers 680 to 235, with 348 counters unchanged, 510 untraded and 42 others suspended.

Volume increased to 2.61 billion units valued at RM2.15 billion, from 2.31 billion units valued at RM1.86 billion recorded yesterday.

A dealer said cautious sentiment continued to cloud the market ahead of the release of several economic data scheduled for this week, namely US jobs data and Malaysia's manufacturing Purchasing Managers' Index (PMI).

“Furthermore, buying support was dampened by US Federal Reserve Bank of San Francisco President John Williams' comments that three interest-rate increases this year make sense as the central bank takes gradual steps to tighten monetary policy and shrink its balance sheet,” he added.

Among heavyweights, Maybank eased four sen to RM9.36, while Public Bank added four sen to RM20.06, TNB gained six sen to RM13.78, Sime Darby rose one sen to RM9.34 and Petronas Chemicals increased two sen to RM7.27.

Of actives, Hibiscus Petroleum was 5.5 sen higher at 46.5 sen, Luster Industries fell 1.5 sen to 12 sen and AirAsia X declined one sen to 39.5 sen.

The FBM Emas Index was 25.3 points lower at 12,570.9, the FBMT 100 Index shed 20.07 points to 12,213.08 but the FBM Emas Syariah Index added 0.31 of-a-point to 12,849.85.

The FBM Ace fell 48.83 points to 6,219.25 and the FBM 70 decreased 111.67 points to 14,921.71.
Sector-wise, the Finance Index fell 53.45 points to 16,382.68, the Industrial Index increased 13.65 points to 3,260.36 and the Plantation Index was down 40.03 points at 8,010.2.

Main Market turnover improved to 1.76 billion units worth RM2.03 billion from 1.57 billion units worth RM1.74 billion yesterday.

Volume on the ACE Market rose to 607.09 million units valued at RM99.25 million, from 504.27 million units, valued at RM101.63 million.

Warrants widened to 231.52 million units valued at RM20.82 million from 223.1 million units valued at RM23.4 million previously.

Consumer products accounted for 129.83 million shares traded on the Main Market, industrial products (690.76 million), construction (89.72 million), trade and services (89.72 million), technology (515.31 million), infrastructure (9.83 million), SPAC (888,400), finance (73.92 million), hotels (1.25 million), properties (169.5 million), plantations (15.18 million), mining (10,000), REITs (10.53 million), and closed/fund (10,000).

The physical price of gold as at 5.00pm stood at RM168.35 per gramme, down 37 sen from RM168.72 at 5.00pm yesterday. — Bernama