SEPANG: China’s halal gelatine company, Gangsu Amin Bio Halal Gelatine Co Ltd (Aminbio), plans to invest RM1.02 billion to set up a bio-gelatine manufacturing plant in Melaka. Entrepreneur Development Minister Mohd Redzuan Md Yusof said the plant would be the company’s first factory outside of China and the largest in Southeast Asia once completed. He […]
KUALA LUMPUR, Aug 21 — Sunway Bhd’s net profit for the second quarter ended June 30, 2018 declined to RM215.76 million from RM232.01 million recorded in the same period last year. Revenue, however, rose to RM1.28 billion from RM1.24 billion…
LONDON, Aug 20 — PepsiCo will buy carbonated drink-machine maker SodaStream for US$3.2 billion (RM13.1 billion) as it battles Coca-Cola for an edge in the health-conscious beverage market. Founded in Britain in 1903, SodaStream was a coveted…
PETALING JAYA: Eita Resources Bhd, which bagged a RM67.22 million job today, saw net profit for the third quarter ended June 30 more than double on higher revenue, unrealised foreign exchange gains and reversal of provisions.
Eita’s 60%-owned Transsystem Continental Sdn Bhd (TSC) was awarded a RM67.22 million contract by Sarawak Energy Bhd (SEB) subsidiary Syarikat Sesco Bhd is to carry out the Kemena 132kV substation & Kemena 275kV extension project.
Meanwhile, Eita saw its net profit for the third quarter ended June 30, 2018 double to RM3.65 million from RM1.81 million a year ago, in tandem with the higher revenue, unrealised foreign exchange gain on the fair value valuation of the forward exchange contracts and reversal of provision for allowance for doubtful debts.
Its revenue rose 11% to RM67.84 million compared with RM60.97 million in the previous corresponding quarter, mainly due to higher revenue from the services segment.
For the nine months period, Eita’s net profit fell 19% to RM14.27 million from RM17.72 million a year ago in tandem with the lower revenue, higher inventories written down to net realisable value in the marketing and distribution segment and foreign exchange loss.
Its revenue dropped 5% to RM199.40 million compared with RM210.52 million in the previous year’s corresponding period mainly due to lower revenue from manufacturing and marketing and distribution segments.
“The general business environment remains uncertain. Nevertheless, with the current order book and ongoing projects in hand and barring any unforeseen circumstances, the board of directors expects the group to achieve satisfactory results for this reporting financial year,” Eita said.
KUALA LUMPUR: T7 Global Bhd, which believes its diversification effort into aerospace manufacturing will break even in three to four years, is positive about the prospects moving forward with the oil price stabilising and more contract awards from Petroliam Nasional Bhd (Petronas).
T7, formerly Tanjung Offshore Bhd, is principally involved in providing comprehensive services to the oil and gas (O&G) industry. It has an order book of RM800 million to keep it busy for the next few years and a tender book of RM2 billion to sustain the group’s operations and diversification plans.
Executive deputy chairman Tan Sri Tan Kean Soon said O&G is still its core business, constituting 80% of its revenue.
“Over the past few years, oil price plunged low but as of today, we’re hitting over US$70 per barrel, hence more and more projects will be coming from Petronas. We’re also bidding for a number of tenders, hopefully by year end or next year, things will look up for the O&G industry,” he told a press conference after its EGM today.
Tan said T7 is banking on its three businesses – O&G, aerospace and infrastructure & construction.
On its diversification into aerospace, the group expects its factory in Serendah to be operational by year-end and for it to obtain the necessary accreditation by the first quarter next year, before getting customer approvals and subsequently the aerospace contracts. It is partnering Kilgour Aerospace Group, a UK high value manufacturing company to set up the surface metal treatment facility.
Chairman Datuk Seri Dr Nik Norzrul Thani said an aerospace contract has a tenure of 30-40 years and provides a good margin, generally better than O&G contracts. He said there is a backlog on supply, adding that the government is also interested to push the agenda for aerospace.
“Our aim is to become a high value manufacturing company. We aim to depend less on O&G ultimately, but growing it at the same time.”
On dividends, Nik said the group is tightening its belt now to invest for the future.
“If you’re willing to wait and have staying power for the long term, we’re all involved. It’s our aim to make sure the value (of the company) goes up, by being in an industry and having projects that make money. We feel aerospace is one of them.”
Meanwhile, he explained that the review of the East Coast Rail Link by the government will not affect T7 as they are just bidding for the work packages at this stage.
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BEIJING: China has ordered the world’s top pork producer, WH Group Ltd, to shut a major slaughterhouse as authorities race to stop the spread of deadly African swine fever (ASF) after a second outbreak in the planet’s biggest hog herd in two weeks. The discovery of infected pigs in Zhengzhou city, in central Henan province, […]