Monday, November 19th, 2018
NEW YORK, Nov 19 — Wall Street was lower today as a slide in Apple shares due to demand worries hit the technology sector, while conflicting signals of a potential truce in the China-US trade dispute added to market jitters. Shares of Apple Inc…
ISTANBUL, Nov 19 — Construction of the offshore part of the TurkStream pipeline that will carry Russian gas across the Black Sea to Turkey has been completed, Russian gas producer Gazprom said today. TurkStream is part of Moscow’s efforts to…
SEPANG, Nov 19 — RHB Banking Group’s (RHB) customers can accumulate AirAsia Bhd’s loyalty programme AirAsia’s BIG points which can be redeemed for various products, including free flights. For every RM3,000 transaction, RHB’s customers…
LONDON, Nov 19 — British Prime Minister Theresa May will seek to win support from business leaders for her contentious draft European Union divorce deal today as dissenting lawmakers in her own party try to trigger a leadership challenge. May has…
BUTTERWORTH, Nov 19 — Malaysian Resources Corp Bhd (MRCB) expects to introduce a retail shopping mall at Penang Sentral, an integrated northern region transportation hub project, by 2020. Chief Operating Officer of MRCB Properties, Shireen Iqbal…
PETALING JAYA: MISC Bhd’s net profit halved to RM341 million in the third quarter ended September 30, 2018 against RM680.5 million in the previous corresponding period, due to lower contribution from all business segments.
Revenue went down 3.7% to RM2.23 billion from RM2.32 billion.
It has proposed to declare an interim dividend of 7 sen per share for the quarter under review.
MISC told Bursa Malaysia that operating profit for the liquefied natural gas (LNG) was 38.1% lower at RM249.4 million, mainly due to lower earning days and lower charter rate following contract renewal of an LNG carrier in October 2017.
Its petroleum business recorded lower operating loss of RM27.4 million compared with corresponding quarter’s loss of RM59.7 million, mainly due to higher freight rates
For the offshore business, its operating profit skidded 55.3% to RM139.9 million, mainly due to the one-time gain from the variation works awarded to Gumusut-Kakap Semi-Floating Production System (L) Ltd (GKL) and construction profit from FSO Benchamas 2 recorded in the corresponding quarter.
Meanwhile, the heavy engineering segment recorded an operating loss of RM22.8 million, mainly dragged by additional cost provisions made for ongoing projects and additional costs incurred on conversion works and compressed margins for dry docking activities in the current quarter.
MISC’s nine-month net profit slumped 49.2% to RM972.8 million from 1.91 billion, while revenue slipped 15.9% to RM6.39 billion from RM7.6 billion.
Its shares gained 0.2% to close at RM6.60 on 1.91 million shares done.
PETALING JAYA: Malakoff Corp Bhd's (MCB) associate company, Almiyah Attilemcania SPA (AAS), and its subsidiary, Tlemcen Desalination Investment Company SAS (TDIC), on Nov 18, 2018 received a Notice of Termination dated Nov 12, 2018 issued by offtakers, Sonatrach SPA and L'algerienne Des Eaux (ADE), for failure to honour remediation commitments.
Sonatrach and ADE said they were giving eight days prior written notice from the date of receipt of the Notice, for the termination of the Water Purchase Agreement dated Dec 9, 2007 (WPA) on an alleged breach of the WPA due to failure of AAS and TDIC to honour the remediation commitments that were notified by the offtakers.
MCB said TDIC will be seeking legal advice and taking the necessary steps to challenge the purported termination by Sonatrach and ADE in accordance with the WPA.
AAS is a joint stock company incorporated in Algeria for the design, installation and operation of the sea water desalination plant in the district of Tlemcen, Algeria. The shareholders of AAS are TDIC and Algerian Energy Company (AEC), holding 51% and 49% of the shares respectively.
The shareholders of TDIC are Malakoff AlDjzair Desal Sdn Bhd (MADSB) and Menaspring Utility (S) Pte Ltd, holding 70% and 30% of the shares respectively. MADSB is wholly owned by Malakoff International Limited, which in turn is a wholly owned subsidiary of MCB.
MCB Group’s carrying amount of investment in AAS had been fully provided for in year 2016. The purported termination is not expected to have any material effect on the earnings, net assets and gearing of MCB Group for the financial year ending Dec 31, 2018.