Friday, November 24th, 2017

 

‘Black Friday’ sales bonanza fails to boost London stock market

LONDON, Nov 24 — London’s stock market fell today, bucking an upwards trend elsewhere, as ‘Black Friday’ price-slashing wooed customers but was expected to hurt the bottom line of Britain’s biggest retailers. So-called Black Friday,…


Bank Negara to promote inclusive finance, says governor

KUCHING, Nov 24 ― Bank Negara Malaysia (BNM) will continue to promote inclusive finance to ensure that the rakyat gets quality financial services, said Governor, Tan Sri Muhammad Ibrahim. Muhammad said the financial services in Sarawak had…


UMW O&G swings back to the black in Q3

PETALING JAYA: UMW Oil and Gas Corp Bhd (UMW O&G) swung back to the black in the third quarter ended September 30, with a net profit of RM3.37 million against the net loss of RM135.43 million recorded in the same period last year on the back of higher revenue supported by the stabilising crude oil prices.

Revenue increased more than three fold to RM180.51 million as compared to the RM49.65 million recorded in the previous corresponding quarter, underpinned by stronger demand for drilling services as a result of higher levels of oil and gas activities due to greater certainty and stability in oil prices.

Its board of directors told the stock exchange that the group is presently on a stronger financial footing with the completion of the recapitalisation and refinancing exercises in October and November 2017,

“Total borrowings of the group has reduced significantly and the loan repayment profile is now more in line with the remaining useful
life of the Group assets, resulting in an improved cash flows for the group. Higher utilisation of the group assets and continuous cost optimization initiatives are also expected to contribute positively to the financial performance of the Group for the final quarter of 2017.”

However, UMW O&G noted that one-time write off of unamortised transaction costs related to the comprehensive recapitalisation and group debt restructuring exercises as well as potential asset impairment loss arising from year-end review, are expected to impact the 2017 financial performance.

The group was still in the red for the cumulative period of nine months, although its net loss narrowed to RM151.74 million from RM267.76 million last year. Revenue for the period under review improved by 47.6% to RM394.7 million compared with the RM267.34 million recorded last year.

UMW O&G's shares gained 1.7% to close at 30 sen with some 8.24 million shares done.


Supermax MD Stanley Thai jailed five years for insider trading

KUALA LUMPUR, Nov 24 — Glove manufacturing tycoon Datuk Seri Stanley Thai was sentenced to five years’ imprisonment and an RM5 million fine today for insider trading, but was granted a stay of execution. The Securities Commission said that…


No formal plans to set up nor appoint official cryptocurrency exchange, says Bank Negara

KUALA LUMPUR, Nov 24 — Bank Negara Malaysia (BNM) has categorically stated that there are no formal plans to establish nor appoint an official cryptocurrency exchange in Malaysia. In a statement today, BNM said, the article, published by…


Icon Offshore’s earnings plummet 90.4% due to higher cost of sales

PETALING JAYA: Icon Offshore Bhd's net profit plunged 90.4% to RM205,000 for the third quarter ended September 30, 2017 versus RM2.15 million in the previous corresponding period, dragged down by higher cost of sales arising from additional cost of new accommodation work barge vessel.

Its revenue declined 7.7% from RM63 million to RM58.13 million, due to lower average daily charter rates despite higher utilisation rate of 68.5%.

Icon Offshore's nine-month net loss widened from RM2.24 million to RM12.97 million, while revenue dropped 11.1% from RM173.71 million to RM154.47 million.

Looking ahead, the group said it continues to focus on securing new contracts and maximising utilisation rates through competitive tendering for domestic and regional contracts, as well as leveraging on its expanded presence in Brunei.

“The upstream exploration and production activities in Malaysia is expected to continue to be volatile and underpin the demand for OSV. The Group continues to work on conserving cash and reducing cost to improve its business liquidity and competitiveness.”

In view of this, Icon Offshore said it remains focused on improvement initiatives, liquidity and competitiveness.

The stock was unchanged at 25 sen on some 944,000 shares done.


Ringgit retreats to end lower against dollar

KUALA LUMPUR, Nov 24 — The ringgit retreated to end lower against the US dollar today, after five consecutive days of massive gains, dealers said. At 6pm, the local unit ended at 4.1155/1185 against the greenback from 4.1050/1100 on Thursday….


Alam Maritim’s Q3 net loss widens to RM10.8m on low utilisation rate

PETALING JAYA: Alam Maritim Resources Bhd's net loss widened to RM10.8 million in the third quarter ended Sep 30, 2017, from RM2.12 million in the previous corresponding quarter.

In a filing with Bursa Malaysia, the group said the performance of its offshore support vessels (OSV) segment was adversely affected by lower utilisation rate of chartered vessels and daily charter rates.

Revenue for the quarter fell 39.7% to RM42.4 million, compared with RM70.3 million in the same period last year.

For the first nine months of the current financial year, Alam Maritim's net loss widened to RM20.3 million, from RM14.3 million a year ago. Revenue decreased 42.2% to RM116.7 million, against RM201.7 million previously.

On its prospects, the group said its business outlook is influenced by the level of capital expenditure spending by the oil majors, which is in line with the volume of exploration and production activities.

The group said its directors will continue to exercise due care in managing and implementing strategies for its business and will ensure that shareholders' values are strategically enhanced from time to time.

Alam Maritim's share price gained 2.56% to 20 sen today with 1.09 million shares traded.


KNM sees higher profit in Q3

PETALING JAYA: KNM Group Bhd saw its net profit for the third quarter ended September 30, 2017 rise 17.4% to RM1.31 million from RM1.12 million a year ago, thanks to higher gross profit.

However, its revenue declined 15.4% to RM347.52 million from RM410.65 million.

KNM told Bursa Malaysia that it anticipates the outlook for financial year ending December 31, 2017 to remain challenging. However, it noted that the group's strategy to diversify its sources of income from project-based contracts to recurring-income businesses in renewable energy industry is bearing results.

“The bio-ethanol plant in Thailand has been in commercial operations since September 2017 and it will contribute positively to the Group in the following financial years. The phase two of its bio-ethanol plant for additional 300,000 liters per day is currently under construction and is expected to commence commercial operations in the fourth quarter of 2018.”

KNM's net profit for the cumulative period of nine months slumped 79.8% to RM3.78 million from RM18.7 million last year due to lower revenue.

Revenue also fell 15.9% to RM1.04 billion from RM1.24 billion, due to low contribution from Asia & Oceania and Americas segments as well lower completion percentage in project progress as projects related to the Pengerang Integrated Petroleum Complex are mostly delivered or nearing completion. This is coupled with slower replenishment of order book due to market uncertainties.

KNM's shares fell 2% to close at 24 sen with 2.41 million shares done.


Malaysia Airports’ Q3 earnings surge over 7 times

PETALING JAYA: Malaysia Airports Holdings Bhd's (MAHB) net profit for the third quarter ended Sept 30, 2017 jumped more than seven fold to RM79.69 million from RM10.68 million a year ago, thanks to strong revenue growth driven by both airport and non-airport operations.

The group's revenue for the current quarter under review grew 12.7% to RM1.2 billion over the corresponding quarter in 2016 of RM1.08 billion.

For the nine months period, net profit rose more than five times to RM208.63 million from RM37.07 million a year ago, while the group's revenue for the financial period-to-date under review grew 10.1% to RM3.41 billion against RM3.09 billion.

MAHB close 0.12% higher at RM8.24 with 1.85 million shares traded.