Monday, August 21st, 2017

 

Dealer reprimanded, fined and suspended

KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Securities) has publicly reprimanded, imposed a fine of RM60,000 and suspended/restricted Wong Wing Haur for 10 months, for engaging in manipulative trading activities in the securities of six counters.

The six counters are namely Asdion Bhd, Nexgram Holdings Bhd, Ire-Tex Corp Bhd, Nexgram-WA, Nexgram-WC, and MQ Technology Bhd.

In addition, Wong was required to undergo training on conduct or professionalism of dealer’s representatives (DRs)/market offences.

Wong was a dealer’s representative of JF Apex Securities Bhd.

“The finding of the breach and imposition of sanctions on Wong were made according to the rules of Bursa Malaysia Securities after according due process to Wong and taking into consideration all facts and circumstances, including the severity, extent and impact of the breaches and the conduct of Wong and his co-operation with Bursa Securities in the enforcement action against him by admitting/not disputing the breaches, hence resulting in earlier resolution of the case,” it said.


TH Plantations earnings slip on higher effective tax rates

PETALING JAYA: TH Plantations Bhd’s net profit fell 5.1% to RM7.2 million for the second quarter ended June 30, 2017 versus RM7.58 million in the previous corresponding period, on the back of higher effective tax rates.

Its revenue soared 17.4% from RM132.41 million to RM155.43 million.

The group recorded improved selling prices in Q2, with its average crude palm oil (CPO) selling price for the period coming in at RM2,664 per metric tonne, a 10% increase from the same period last year.

However, its average palm kernel (PK) selling price for Q2 fell 10% to RM1,987 per metric tonne as the demand for PK normalised in global markets.

TH Plantations CEO and executive director Datuk Seri Zainal Azwar Zainal Aminuddin said in a statement, the recovery in production and replenished stock levels throughout the industry have caused some downward pressure in CPO and PK prices.

“However, we remain optimistic that the prices will still remain supported by increased demand for palm oil products, particularly in view of higher soybean oil prices in the US. The palm oil outlook for the rest of the year seems optimistic, as industry players continuously look for ways to optimise costs, increase efficiency and internalise sustainable practices throughout their operations,” he noted.

TH Plantations’ first-half net profit leaped more than 42 fold from RM433,000 to RM18.4 million, with revenue rising 44.9% from RM221.92 million to RM321.48 million.

The stock closed two sen higher at RM1.12 today on some 27,700 shares done, giving it a market capitalisation of RM989.9 million.


Nestle posts lower profit in Q2, declares 70 sen dividend

PETALING JAYA: Nestle (Malaysia) Bhd saw a 14.15% dip in profits for the second quarter ended June 30 to RM162.07 million from RM188.79 million due to higher raw material prices and weaker ringgit.

Effective marketing and trade activities in conjunction with Ramadhan and Hari Raya as well as exports contribution helped the group’s revenue for the quarter under review inch slightly higher by 3.75% to RM1.23 billion from RM1.28 billion.

Nestle declared an interim dividend of 70 sen per share.

“In the second half of the year, we expect headwinds especially from raw material prices to continue. However, we are confident that our innovative drive will enable us to maintain a solid growth momentum,” the group’s CEO Alois Hofbauer said in a statement.

“Our balanced approach of proactive cost management and continuous efficiency enhancements across our supply chain will allow us to achieve sustainable and profitable growth moving forward,” he added.

According to Hofbauer, Southeast Asia is a core growth driver for Nestle, of which Malaysia is a key market. He said Nesltle is confident of tapping into the vast potential of the Malaysian market.

Its net profit for the first half of the year stood at RM392.50 million, which is 4.14% lower than the RM409.47 million recorded in the same period last year.

Revenue for the first six months of 2017 improved by 4.11% % to RM2.65 billion from RM2.55 billion.

Its shares closed 0.45% higher at RM84.58 with some 44,100 shares changing hands. Nestle’s market capitalisation stood at RM19.79 billion.


Nestle’s profit dip in Q2, declares 70 sen dividend

PETALING JAYA: Nestle (Malaysia) Bhd saw a 14.15% dip in profits for the second quarter ended June 30 to RM162.07 million from RM188.79 million due to higher raw material prices and weaker ringgit.

Effective marketing and trade activities in conjunction with Ramadhan and Hari Raya as well as exports contribution helped the group’s revenue for the quarter under review inch slightly higher by 3.75% to RM1.23 billion from RM1.28 billion.

Nestle declared an interim dividend of 70 sen per share.

“In the second half of the year, we expect headwinds especially from raw material prices to continue. However, we are confident that our innovative drive will enable us to maintain a solid growth momentum,” the group’s CEO Alois Hofbauer said in a statement.

“Our balanced approach of proactive cost management and continuous efficiency enhancements across our supply chain will allow us to achieve sustainable and profitable growth moving forward,” he added.

According to Hofbauer, Southeast Asia is a core growth driver for Nestle, of which Malaysia is a key market. He said Nesltle is confident of tapping into the vast potential of the Malaysian market.

Its net profit for the first half of the year stood at RM392.50 million, which is 4.14% lower than the RM409.47 million recorded in the same period last year.

Revenue for the first six months of 2017 improved by 4.11% % to RM2.65 billion from RM2.55 billion.

Its shares closed 0.45% higher at RM84.58 with some 44,100 shares changing hands. Nestle’s market capitalisation stood at RM19.79 billion.


HSS Engineers gets nod for Main Market listing

PETALING JAYA: HSS Engineers Bhd (HEB) has obtained the Securities Commission’s approval for the proposed transfer of its listing to the Main Market of Bursa Malaysia Securities Bhd. HEB has been listed on the ACE Market since its admission on Aug 10, 2016.

The market capitalisation of HEB is RM317 million.

HEB is an investment holding company.

Through its subsidiaries, the HEB group is principally involved in the provision of engineering and project management services including engineering design, project management, construction supervision and building information modelling services.

HEB closed unchanged today at RM1.02 with 2.6 million shares traded.


HSS gets nod for Main Market listing

PETALING JAYA: HSS Engineers Bhd (HEB) has obtained the Securities Commission’s approval for the proposed transfer of its listing to the Main Market of Bursa Malaysia Securities Bhd. HEB has been listed on the ACE Market since its admission on Aug 10, 2016.

The market capitalisation of HEB is RM317 million.

HEB is an investment holding company.

Through its subsidiaries, the HEB group is principally involved in the provision of engineering and project management services including engineering design, project management, construction supervision and building information modelling services.

HEB closed unchanged today at RM1.02 with 2.6 million shares traded.


Fiat draws interest in Jeep from Chinese rival amid asset review

BEIJING, Aug 21 — Fiat Chrysler Automobiles NV’s fast-growing Jeep division has elicited takeover interest from a Chinese rival, the latest sign that the Italian-American company’s businesses may be up for grabs just as Asian carmakers hunt…


Esthetics International profit plunges 76% in Q1

PETALING JAYA: Esthetics International Group Bhd saw its net profit plunge 76% to RM760,000 in the first quarter ended June 30, from RM3.22 million in the same quarter last year attributable to foreign exchange losses and higher inventory cost due to a stronger US Dollar.

Despite challenging trading conditions and weak consumer sentiments, its revenue improved by 8% in the quarter under review to RM40.71 million from RM37.65 million supported by its investment in brand building and promotional activities.

Its board of directors said in a filing with Bursa Malaysia, that the beauty and wellness industry market is expected to achieve moderate growth in the longer term.

The group however expects its market to be impacted in the near term should the economic conditions deteriorate further which in turn will impact consumer spending.

Esthetics, which operates AsterSpring skin care salons and retail kiosk, said it will continue to adopt “focused and prudent strategies to execute its strategic long term priorities to grow its core brands and businesses.”

The company's shares closed unchanged at 90 sen, with 39,000 shares traded.It has a market capitalisation of RM213.5 million.


Evergreen Fibreboard Q2 net profit falls more than two third

PETALING JAYA: Evergreen Fibreboard Bhd saw net profit for the second quarter ended June 30, 2017 fall more than two third to RM6.2 million mainly due to lower sales revenue, higher log and glue cost and foreign exchange loss, compared to a gain in the corresponding quarter of the preceding year.

Production volume was reduced as a result of shortage supply of rubber wood and scheduled plants shut down for maintenance during the
Ramadan festive period.

The company made a net profit of RM16.5 million for the second quarter ended June 30, 2016.

This was despite revenue increasing 5.2% to RM260 million for the quarter, compared with RM246 million for the same quarter in the preceding year.

The stock closed half a sen lower to 82 sen today, on 2.2 million shares done. It has a market capitalisation of RM693.7 million.

Evergreen said the Malaysian government's recent move to ban export of raw rubber wood sawn timber and the long overdue drier season
should normalize the supply of logs, which had not only reduced group's production output but also crimped margins.

“The group expects a satisfactory performance moving forward,” it said.

Net profit for the six month ended June 30, 2017 more than halved to RM16.7 million, compared with RM37.1 million for the same period in 2016.

This was despite revenue going up slightly to RM508.5 million, compared with RM493 million for the same period in the year before.


Malaysia’s current account surplus to narrow to RM24.7b

KUALA LUMPUR, Aug 21 — Malaysia’s current account surplus is expected to narrow to RM24.70 billion this year or 1.9 per cent of gross domestic product (GDP), from an estimated RM25.10 billion or 2.4 per cent of GDP in 2016. In a research…