Monday, May 28th, 2018
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…
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…
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.
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…
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.