Monday, May 28th, 2018

 

Vietnam set to make key ruling on country's biggest-ever fraud case

HANOI, May 28 — A Vietnamese court is set to make a key ruling in the country’s biggest-ever fraud case, in a trial that has spotlighted Vietnam’s ability to tackle financial crime at a time when foreign banks are heeding government calls to…


Airports of Thailand to invest US$3.9b in new airports, handle more passengers

BANGKOK, May 28 — Airports of Thailand PCL , a major beneficiary of the country’s tourism boom, is adding new airports to its portfolio to ease demand, President Nitinai Sirismatthakarn told Reuters toay. The influx of tourists has lifted…


Philippines adopts law to fight red tape, with eye on investment

MANILA, May 28  — Philippine President Rodrigo Duterte signed a law today to cut the time it takes for the government to process business permits and other paperwork, as part of efforts to boost investment. Duterte’s administration has…


Muda unit buys food wrapping manufacturer for RM2.38m

PETALING JAYA: Muda Holdings Bhd's 70% owned subsidiary Intrapac (Singapore) Pte Ltd has acquired 85% equity interest in food wrapping manufacturer Lonsing Packaging Industries Pte Ltd for SG$807,500.00 (RM2.38 million).

Muda told Bursa Malaysia that the purchase will be satisfied entirely in cash sourced from internally available funds.

The acquisition will provide an opportunity for the Muda group to expand its sales of food packaging products in Singapore.

Meanwhile, Muda announced that its net profit for the first quarter ended March 31,2017 declined 13.45% to RM15.71 million from RM18.15 million a year ago due to higher taxation of RM6.73 million.

Revenue for the period rose to RM371.6 million from RM316.72 million, mainly attributable to higher selling price of industrial paper and paper packaging products.

Muda's share price rose 7.22% to close at RM2.82 with 1.85 million shares done.


Pos Malaysia’s Q4 profit nearly triples to RM29m on higher contribution from courier biz

PETALING JAYA: Pos Malaysia Bhd's net profit for the fourth quarter ended March 31, 2018 almost tripled to RM29.03 million from RM9.89 million a year ago, mainly due to higher contribution from the courier business coupled with improved cost management.

Against the same quarter the previous year, its revenue increased 3% to RM653.08 million from RM653.55 million.

For the full year period, Pos Malaysia's net profit jumped 13.9% to RM93.25 million from RM81.88 million a year ago, while revenue was up 18.7% to RM2.47 from RM2.08 billion.

Pos Malaysia the group's future performance is mainly driven by the continued growth in e-commerce.

“Technology and e-commerce remains a key platform to spur the growth of small and medium enterprises (SMEs) within the country. As the key player in the e-fulfilment space and with the widest last mile delivery network, the group is a key beneficiary of e-commerce growth in Malaysia. This will also benefit our end-to-end logistics businesses as heightened economic activity should increase the need for our services. Accordingly, we are generally optimistic Pos Malaysia's prospects remain positive.”

Pos Malaysia's share price fell 5 sen or 1.4% to close at RM3.55 on some 197,200 shares done.


MMC Corp’s net profit falls 26.33% in Q1

PETALING JAYA: MMC Corp Bhd's net profit for the first quarter ended March 31, 2018 declined 26.33% to RM 41.35 million from RM56.12 million a year ago on the back of lower contribution from its RAPID Material Offloading Facilities operations at Johor Port Bhd and lower container volume handled at Northport (Malaysia) Bhd.

This was further exacerbated by the lower share of profit recognised from its associated company Malakoff which in turn was due to lower contribution from the Segari Energy Venture's (SEV) plant and lower fuel margin recorded at coal plants.

Revenue for the period under review rose 38.3% to RM1.28 billion from RM925.23 million due to work progress from the Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya Line and Langat sewerage treatment project as well as higher container volume handled at Pelabuhan Tanjung Pelepas.

MMC Corp said it remains positive on its prospects due to the improvement in performances of its operating companies together with contribution from ongoing construction projects.

Its ports and logistics division is expected to register higher revenue across all the ports, while the energy and utilities division will continue to contribute positively thanks to its associated companies Malakoff and Gas Malaysia.

“Substantial existing order book provides earnings visibility for the engineering division anchored by the MRT line underground work and project delivery partner (PDP) role for the elevated portion. Furthermore, earnings contribution from the engineering division will be sustained by ongoing projects namely Langat 2 water treatment plant, langat centralised sewerage treatment project and our involvement in the PDP role for Pan Borneo Sabah Highway,” it said.

MMC Corp's shares closed unchanged at RM1.57 with 224,100 shares done.


Germany grills Daimler boss over extent of Vito van emissions fix

BERLIN, May 28 —  Germany’s Transport Ministry grilled Daimler Chief Executive Dieter Zetsche today over how many Mercedes-Benz vans and cars need to be fixed to meet emissions rules. The luxury carmaker was summoned to a closed-door…


Allianz’s Q1 earnings rise 30% to RM87m

PETALING JAYA: Allianz Malaysia Bhd's net profit for the first quarter ended March 31, 2018 jumped 29.9% to RM87.23 million from RM67.17 million a year ago, due mainly to higher contribution from both general and life insurance segments.

Its revenue grew 5.2% to RM1.27 billion compared with RM1.21 billion in the previous year's first quarter, thanks to higher gross earned premiums and investment income.

Allianz said the general insurance industry will likely see some volatility in a fully liberalised environment, which can be expected to remain for up to two to three years, as seen in other markets where detariffication has taken place.

Competition is likely to intensify in the run up to the anticipated next phase of liberalisation in 2019. The general insurance segment aims to maintain its market leadership in 2018 and will continue to drive initiatives to ensure a profitable portfolio and create value for its customers and distribution partners. It will also leverage on digital assets to enhance its processes and service proposition to customers.

Meanwhile, the life insurance industry grew at a softer pace with total industry new business recorded a growth of 1.9% in 2017 and 3.1% in first quarter of 2018. The segment will continue to strengthen its agency force with a focus on increasing productivity.

Allianz said the group will remain focused on delivering sustainable results of its insurance businesses to its shareholders in 2018.


IHH likely to acquire only up to 35pc in Fortis

KUALA LUMPUR, May 28 — IHH Healthcare Bhd expects to acquire only between 34 and 35 per cent in Fortis Healthcare Ltd if its proposal to buy a stake in the India-based healthcare service provider is accepted. “Ideally, 51 per cent will be great….


Asdion aborts private placement

PETALING JAYA: Asdion Bhd has aborted its private placement exercise to raise up to RM2.47 million.

Asdion had in November proposed the private placement of up to 10% of the company's issued shares.

Initially, Asdion said the proposed private placement will allow the group to raise the necessary funding to finance its working capital requirements, which was proposed to be utilised to pay its trade creditors and to fund the day-to-day operations of the group's on-going businesses, which includes operating and administrative expenses.

The board had said that the exercise is the most cost-effective source of capital to meet the group's working capital needs in the short-term and the most expeditious way of fund raising from the capital market as opposed to other forms of fund raising.

Asdion's share price gained 2.5 sen or 9.8% to close at 28 sen on some 20.21 million shares done.