Thursday, August 17th, 2017

 

MK Land: Unit has legal grounds to challenge IRB notices, penalties

PETALING JAYA: MK Land Holdings Bhd said its wholly owned subsidiary Saujana Triangle Sdn Bhd has all the legal grounds to disagree to the notices of assessment and penalties served to it by the Inland Revenue Board (IRB).

This is in relation to the Notices of Assessment for the Years of Assessment 2009-2011 and 2013, both dated May 4.

The notices stipulate that RM80.76 million is payable by Saujana Triangle to the IRB, which includes an additional income tax of RM55.70 million and a 45% penalty amounting to RM25.06 million.

MK Land’s board of directors said it had appealed to the Court of Appeal after its application for a judicial review was dismissed by the High Court on Aug 9.

The IRB served Saujana Triangle with the notices in view of the gains from the disposal of land in 2009, for which the tax authority was said to have disregarded the five-year time-barred period to raise the assessments in respect of the land disposal.

“IRB has disallowed certain development costs on the basis that these are only provisions and the amounts have yet to be paid. Thus, IRB does not treat them to be incurred for the purpose of Section 33 (1) of the Income Tax Act, 1967,” it added.


Malaysia’s medical inflation at double-digit pace

KUALA LUMPUR: Beside rising food prices, Malaysians are facing double-digit healthcare inflation, according to a global survey done by consulting and broking entity Mercer Marsh…


Century Logistics Q2 net profit falls 44%

PETALING JAYA: Century Logistics Holdings Bhd saw a 44.36% fall in its net profit for the second quarter ended June 30, to RM3.01 million from RM5.41 million a year ago due to lower activity in total and procurement logistic services due to the Hari Raya festival during second quarter.

Its revenue for the quarter under review, fell 12.87% to RM71.94 million from RM82.57 million primarily driven by contributions from its logistics services. The logistics service provider has proposed an interim dividend of 0.5 sen per share.

Its board of directors said in a Bursa Malaysia filing that, in view of the challenging climate in the logistics sector, the group will be leveraging on its extensive customer base as well as provide value added logistics solutions, while maintaining cost efficiencies.

“The ongoing synergy process, the group also intends to tap on the extensive network and infrastructure of its major shareholder, CJ Logistics Group. The group is currently setting up the necessary infrastructure to roll-out its parcel delivery operation and expects to commence the operation soon,” it added.

Its cumulative net profit for the first half of the year stood at RM7.86 million, which is 20.44% lower than the RM9.88 million registered in the same period last year.

Revenue from year-to date also declined by 6% to RM142.97 million from RM152.11 million.

The group's shares gained 1.68% to close at RM1.21 with some 1.72 million shares changing hands. Its market capitalisation stood at RM475.07 million.


Bursa ends higher amid cautious trading

KUALA LUMPUR, Aug 17 — Trading in Bursa Malaysia, which was cautious and within a tight range, ended slightly higher today amid mixed performances on regional bourses, dealers said. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 2.56 points…


Crest Builder wins RM16.28m Media City contract

PETALING JAYA: Crest Builder Holdings Bhd has bagged a RM16.28 million contract under the proposed Media City Angkasapuri project in Kuala Lumpur.

The construction firm told Bursa Malaysia, its wholly owned subsidiary CBTECH (M) Sdn Bhd was awarded a contract by China State Construction Engineering (M) Sdn Bhd for the supply, delivery, installation and commissioning of air conditioning and mechanical ventilation services for the Media City project.

The contract period is 23 months from July 28, 2017 to June 11, 2019.

Crest Builder expects the contract to contribute positively to its earnings for the financial years ending Dec 31, 2017 and onwards.

Its shares rose half a sen to close at RM1 on some 97,900 shares done, giving it a market capitalisation of RM176.92 million.


Singapore home sales rise 35pc in July on new projects

KUALA LUMPUR, Aug 17 — Singapore home sales rose 35 per cent in July, as more new projects were launched. Developers sold 1,108 units last month, compared with 820 in June, according to Urban Redevelopment Authority data released Tuesday. A…


Oil steady as high US output balances crude stock draw

LONDON, Aug 17 — Oil prices steadied today after US data showed a big fall in crude stockpiles but also an increase in production, taking US crude output to its highest in more than two years. Brent crude was unchanged at US$50.27 a barrel by…



Vehicle sales zoom up 14% in July

PETALING JAYA: Vehicle sales grew 14.3% or 6,070 units year-on-year to 48,553 units for July 2017 compared with 42,483 units registered in the same month last year, according to the Malaysian Automotive Association (MAA).

On a month-on-month basis, vehicle sales were 3.4% or 1,718 units lower, due to post-Hari Raya holiday and technical glitches in “e-registration” system, which had affected the vehicle registration process.

Year to date, the sales volume rose 4.7% from 317,966 to 333,010 units.

MAA said in a statement that it expects sales volume for August to be slightly better than in July, given the ongoing promotional campaign by car companies and the fulfilment of back orders as the e-registration system is expected to return to normal.


KLCI trends higher in line with regional peers

KUALA LUMPUR (Aug 17): The FBM KLCI trended higher this morning in line with its regional peers, lifted by select blue chips including index-linked plantation…