Friday, September 28th, 2018
NEW YORK, Sept 28 — Tesla shares plunged today in the first session since US securities regulators sued chief Elon Musk for fraud, with the company shedding more than 10 per cent as US stocks retreated. About 20 minutes into trading, the Dow Jones…
MUMBAI, Sept 28 — Indian e-commerce firm Infibeam Avenues lost around 70 per cent of its market value today, reportedly after investors were spooked by a WhatsApp message. The message circulating among traders raised concerns about the firm’s…
WASHINGTON, Sept 28 — A key measure of US inflation slowed in August, retreating from six-year highs recorded earlier in the summer but still hovering at the central bank’s target, the government reported today. The respite from sustained price…
KUALA LUMPUR, Sept 28 — Berjaya Corporation Bhd’s (BCorp) pre-tax profit increased to RM159.32 million for the first quarter ended July 31, 2018 (Q1) from RM62.25 million reported in Q1 a year ago, due to improved operating results and gain on…
MILAN, Sept 28 — The European Union today issued a stern warning to Italy’s populist leaders following their defiant pledge to increase spending and run a budget deficit that risks putting Rome on a collision course with Brussels. Yesterday’s…
PETALING JAYA: Berjaya Corp Bhd (BCorp) has posted a net profit of RM35.06 million in the first quarter (Q1) ended July 31 from a net loss of RM43.4 million in the previous corresponding quarter, attributed to improved operating results and gain on subsidiary disposal amounting to RM76.6 million.
The higher operating profit for the current quarter was mainly due to increased contribution from the gaming operations segment as well as the lower pre-tax losses reported by the marketing of consumer products and services segment, it said in a statement.
The group registered lower revenue of RM2.14 billion as compared with RM2.2 billion in the previous year’s corresponding quarter, mainly due to lower contribution from the property investment and development segment.
BCorp's marketing of consumer products and services segment reported lower revenue mainly due to its retail distribution business being affected by the weak consumer sentiment, intense competition, as well as there were the absence of any major product launches during the quarter.
However, the group said this was mitigated by higher revenue from the motor distribution business driven by new vehicle sales.
The group’s restaurants and cafes segment also reported higher revenue mainly due to same-store sales growth by Berjaya Starbucks Coffee Company Sdn Bhd as well as additional Starbucks cafes operating in Malaysia in the current quarter.
The gaming operations reported higher revenue on the back of higher contribution from the Malaysian and Vietnamese operations.
On its prospects, BCorp said given the prevailing economic conditions and global financial outlook, it is of the view that the group's operating environment will be challenging going forward.
KUALA LUMPUR, Sept 28 — Primary Industries Minister Teresa Kok will lead a palm oil mission to the European Union (EU) and Switzerland from Sept 28 to Oct 6. In a statement today, the Primary Industries Ministry said the delegation would comprise…
PETALING JAYA: Gamuda Bhd and Kumpulan Perangsang Selangor Bhd (KPS) have inked share purchase agreements to divest their 40% and 30% stake in Syarikat Pengeluar Air Selangor Holdings Bhd (Splash) to Pengurusan Air Selangor Sdn Bhd (Air Selangor).
The remaining 30% stake is held by The Sweet Water Alliance Sdn Bhd, which is controlled by businessman Tan Sri Wan Azmi Wan Hamzah.
The total purchase price of RM2.55 billion to be paid by Air Selangor for the 100% stake of Splash will be distributed via upfront sum of RM1.9 billion, followed by nine annual instalments for the remaining amount of RM650 million.
Once completed, Gamuda and KPS stand to receive total gross proceeds of RM1.02 billion and RM765 million for their shareholdings in Splash.
Gamuda said it intends to use the proceeds to pare down the interest-bearing borrowings; to fund the working capital requirements; to utilise for any other purposes as may be determined by the board from time to time within 12 months.
KPS noted that upon the completion of the disposal exercise, it is estimated to recognise about RM331.6 million in one-off loss on disposal, which is expected to have a significant impact on its net assets and earnings for the financial year ending December 31, 2018.
KPS CEO Ahmad Fariz Hassan said in deliberating the utilisation of the proceeds, the group will adopt a prudent approach on balancing current needs and future growth.
“In addition, we remain steadfast in implementing our value creation strategy in expanding our ongoing core businesses, achieving a lean balance sheet and ensuring the continued sustainability of the group's overall performance.”
Barring any unforeseen circumstances, the disposal is expected to be completed by the end of 2018 and is subjected to the fulfilment of conditions precedents taking place prior to completion.
KUALA LUMPUR, Sept 28 — Bursa Malaysia bucked the regional trend to end the session lower, weighed down by selling in heavyweights led by Axiata, analysts said. Axiata contributed 2.766 points to the barometer index’s loss on news that it would…