Friday, August 25th, 2017
KUALA LUMPUR, Aug 25 ― Bursa Malaysia ended Friday on a weaker note on persistent selling in heavyweights, despite the uptrend on Asian bourses, a dealer said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 6.33 points to 1,769.17 after…
PETALING JAYA: Sime Darby Bhd is targeting a year-on-year(yoy) increase of 5% in its fresh fruit bunches (FFB) production for its plantation arm in FY18.
In terms of FFB yield for its Malaysian operations, president and group CEO Tan Sri Mohd Bakke Salleh said Sime Darby is looking to increase production to 21 metric tonnes/hectare(Mt/ha) against the 20.76 Mt/ha produced last year.
“Looking at the second half of the calendar year from July, August right up to October, we expect to see production higher than the previous year but come of October up until the first half of next year, we expect to see a drop in production,” Mohd Bakke told reporters at a media briefing held in conjunction with the group's announcement of its financial results.
For the financial year 2017 (FY17) ended June 30, Sime Darby achieved a 9.78% increase in FFB production from its overall operations against the previous year's 9.62%. Its FFB yield stood at 19.4mt/ha.
The group's full-year net profit rose 0.7% to RM2.44 billion from RM2.42 billion, exceeding its key performance indicator (KPI) target by 11%. Its revenue on the other hand increased 5.6% to RM31.09 billion from RM29.45 billion in the previous financial year.
Sime Darby also recorded an impairment of RM700 million for FY17. Mohd Bakke said the impairment recorded is the group's largest by far, but will allow it to start with a clean chit for its demerger exercise, which it is aggressively targeting to conclude by end of November.
The demerger will see the separate listings of its business arms, namely the Sime Darby Plantation Bhd, Sime Darby Property Bhd and Sime Darby Bhd itself.
KUALA LUMPUR (Aug 25): Petroliam Nasional Bhd (Petronas) will raise its dividend payout to the Malaysian government to RM16 billion this year from the RM13 billion…
PETALING JAYA: DRB-Hicom Bhd's net loss slightly widened to RM169.71 million for the first quarter ended June 30, 2017 from RM169.3 million in the previous corresponding period, due to higher cost of sales, operating expenses and taxation.
Its revenue, however, soared 33.4% from RM2.5 billion to RM3.34 billion, thanks to better performance from Proton Holdings Bhd and Pos Malaysia Bhd.
The group said in a filing with the stock exchange that following the signing of the definitive agreement between DRB-Hicom and Chinese automaker Zhejiang Geely Holding Group Ltd (ZGH) in late June, teams from both companies and Proton have been working hard towards getting the necessary regulatory approvals for the transaction.
“Consent from shareholders of DRB-Hicom will also be sought at the EGM of the company that will be held on August 30,” it noted.
DRB-Hicom said the deal with ZGH will put Proton in a stronger position as the Chinese group will bring along its technology and expertise to Malaysia's first carmaker in an effort to reclaim the mantle in the domestic car market.
DRB-Hicom shares fell two sen to close at RM1.59 on Friday, with some 3.7 million shares changing hands. It has a market capitalisation of RM3.07 billion.
PETALING JAYA: AirAsia Bhd is selling its entire 50% stake in Asian Aviation Centre of Excellence Sdn Bhd (AACE）for US$100 million (RM429.3 million) to its joint venture (JV) partner CAE International Holding Ltd , as part of its plan to dispose of non-core assets.
The carrier told Bursa Malaysia that it had on August 24 executed a share purchase agreement with CAE for the disposal.
AACE provides training services for pilots, cabin crew, engineers, ramp handlers, guest services and aviation management.
AirAsia is expected to realise a gain on disposal of RM304.8 million in the fourth quarter and RM187.6 million will be recognised at the group consolidated level.
“The net assets and cash balance of the company will increase by RM304.8 million and RM386.4 million respectively immediately after the sale,” it noted.
AirAsia said will continue to regularly dispose of non-core investments and dividend most of it out, subject to board approval.
“In the long run, the transaction allows AirAsia to concentrate on its core business by completely outsourcing its training needs to CAE Group and also avoid making further significant capital investments in the JV company,” it added.
Proceeds from the disposal will be used for AirAsia's working capital and increase its liquidity.
SEOUL, Aug 25 ― Over four decades, Choi Gee-sung, the fourth son of a poor civil servant, worked his way to the top of South Korea’s Samsung Group, one of the world’s leading business empires, inspiring a legion of salaried workers. Today,…
HONG KONG, Aug 25 ― JD.com Inc has invested in Indonesian ride-hailing startup Go-Jek, people familiar with the matter told Reuters, in the latest move by China’s second-largest e-commerce firm to tap growth in South-east Asian mobile-based…
PETALING JAYA: Bumi Armada Bhd returned to the black registering a net profit of RM116.59 million for the second quarter ended June 30, 2017 against a net loss of RM518.32 million in the previous corresponding period, underpinned by stronger contributions from both the floating production and operation (FPO) and offshore marine services (OMS) segments.
Its revenue soared 72.4% from RM402.87 million to RM694.42 million.
The offshore energy facilities and services provider said in a filing with the stock exchange that its firm orderbook at the end of the second quarter of 2017 was about RM23.7 billion, with additional optional extensions of up to RM13.3 billion.
Bumi Armada noted that it had a full quarter of contributions from both the Armada LNG Mediterrana FSU and the Armada Olombendo FPSO in Malta and Angola, respectively.
“We also saw revenue starting for the Armada Kraken FPSO in UK towards the end of the second quarter. With Karapan Armada Sterling III FPSO in Indonesia having passed its 72-hour test since the end of Q2 2017 and starting to contribute as well, we will further improve the income streams for the group in the second half of 2017 and will complete a challenging, but progressive transformation year in our FPO business unit.
“We will bid for new FPO projects and have been progressing our efforts on selected tenders, and we expect to see decisions over the course of 2018,” it noted.
Nonetheless, Bumi Armada said it is cautious in the short-term as oil prices remain at depressed level.
“We believe this is likely to delay the recovery in new exploration activities, which in turn, will negatively impact the OMS business. With the completion of the four major conversion projects in 2017, we expect revenue to improve for the remaining period of the financial year,” it explained.
For the first half of the year, Bumi Armada reported a net profit of RM164.7 million versus a net loss of RM494.89 million in the same period last year. This was on the back of a 31.8% rise in revenue from RM833.64 million to RM1.1 billion.
At noon break, the stock rose half a sen to 73 sen on some 1.14 million shares done, giving it a market capitalisation of RM4.28 billion.
(Kuala Lumpur, 22 Aug 2017) APPASIA (0119) reported net profit of RM20,000 in the second quarter of fiscal year 2017, thanks to the strong growth of its B2B e-commerce business. APPASIA reported to Bursa Malaysia Stock Exchange that driven by the e-commerce business, the company’s second quarter revenue jumped five times, reported RM7.72 million, compared with the same quarter of previous fiscal year, RM1.18 million. “The company’s e-commerce business grew 53.3%, and the information and communications technology (ICT) security and cloud business performance was stable.” At the same time, theRead More