DRB-Hicom turns black in Q1 with RM46.21m net profit

KUALA LUMPUR, Aug 23 — DRB-Hicom Bhd returned to the black with a net profit of RM46.21 million in the first quarter (Q1) ended June 30, 2019 after having chalked up a net loss of RM66.60 million in the same period last year. Revenue jumped 29.5…

Ringgit opens slightly against US dollar

KUALA LUMPUR, Aug 23 ― The ringgit opened slightly higher against the US dollar as investors squared off their position from holding the greenback ahead of US Federal Reserve chairman Jerome Powell speech at the Jackson Hole later today.  At…

European shares tumble in choppy session, FTSE lags

FRANKFURT, Aug 23 ― European shares fell yesterday as mixed readings of business growth across major economies and uncertainty over the US interest rate outlook made investors nervous, while a jump in the pound dented London stocks. The latest…

Factory woes grip swing states that flipped for Trump in 2016

WASHINGTON, Aug 22 — A slowdown in US manufacturing is hitting jobs in states that flipped to Donald Trump in the 2016 election and that will be key to the Republican president’s re-election prospects in 2020. Trump is telling voters across the…

As economic warning signs flash, Trump, Democratic rivals recalibrate messages

WASHINGTON, Aug 22 — After two years touting a booming economy as his own doing, US President Donald Trump is test driving a new message on the economy: Any chance of a recession is not his fault. But Democrats, who are shifting their message too,…

KLK’s Q3 profit slides 65% on CPO price drops

PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) posted a 65.2% decline in net profit to RM48.62 million for the third quarter ended June 30, 2019 against RM139.87 million in the previous corresponding period, due to decline in its plantation and corporate segment.

Its revenue also saw a drop of 14.5% to RM3.7 billion from RM4.33 billion.

According to KLK’s filing with the stock exchange, its plantation profit for the quarter slumped 67.9% to RM39.8 million from RM124 million in the same quarter of the previous year, due to the decline in crude palm oil (CPO) price and palm kernel (PK) price despite improvements in production, processing and trading operations.

For the quarter, average CPO price contracted 14.3% to RM1,973 per metric tonne (mt), while average PK price stood at RM1,085/mt with a 36% decline.

On the other hand, its corporate loss widened to RM123.1 million from RM20 million, arising from a RM145.3 million impairment for an estate in Liberia.

Conversely, KLK’s manufacturing segment profit improved 16.2% to RM99 million during the quarter, attributed to better margins and sales volume in the oleochemical division.

In addition, the group’s property segment reported a 33.4% jump in profit to RM11 million.

KLK’s nine-month net profit went down 8.1% to RM442.49 million from RM481.38 million in the same period a year ago, while revenue slipped 17.3% to RM11.73 billion from RM14.19 billion.

Moving forward, the group estimates the profit from its plantation segment to be lower due to the lower prevailing CPO and PK prices compared to the previous year.

“However, oleochemical division’s profit for this financial year is expected to be satisfactory due to better margins from lower raw material prices,” it said.

Overall, it anticipates a reduced profit for the financial year 2019.

Berjaya Food reports RM2.29m pre-tax profit for May-June period

PETALING JAYA: Berjaya Food Bhd (BFood) reported a pre-tax profit of RM2.29 million for the two-month period ended June 30, 2019, which was affected by the Muslim fasting month.

The pre-tax profit in the current period under review also included fixed assets written off and expenses incurred arising from closure of non-performing stores.

Meanwhile, the group’s revenue came in at RM110.76 million for the period under review.

For the 14-month period, BFood’s revenue and pre-tax profit were RM789.19 million and RM47.88 million, respectively.

BFood told Bursa Malaysia that it expects Berjaya Starbucks Coffee Company Sdn Bhd to maintain its revenue growth momentum.

“The group will expand both its income streams from its new franchise business and its existing business to remain competitive,” it said.

Following the measures it has put in place, the group anticipates its results will remain satisfactory for the financial year ending June 30, 2020.

Meanwhile, BFood’s board does not recommend any dividend for the two-month period. Previously, it declared and paid a 4 sen dividend per share for the financial period ended June 30, 2019.

Humbled Deutsche Bank faces battle in its own backyard

FRANKFURT, Aug 20 — Online retailer Zalando is just the kind of fast-growing German business with foreign expansion plans that Deutsche Bank Chief Executive Christian Sewing needs to help drive the struggling lender’s recovery. In an attempt to…

BToto posts RM975m revenue for May-June

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) reported RM974.9 million in revenue for the two-month period ended June 30, 2019, substantially contributed by sales from the number forecast operation (NFO) business by Sports Toto Malaysia Sdn Bhd and also from the auto retailing business operated by HR Owen Plc.

However, it saw a loss before tax of RM26.8 million, mainly attributed to the impairment of goodwill and assets of the disposal group relating to the leasing of lottery equipment business in the Philippines.

“The group would have registered a pre-tax profit of RM51.6 million had the impairment of goodwill and assets of the disposal group been excluded,“ BToto said.

Due to the change of financial year end, the group’s performance of the current interim and cumulative period results are not comparable against the comparative period.

For the cumulative 14-month period, the group registered RM6.7 billion in revenue, mainly attributed to revenue from Sports Toto, HR Owen and Philippine Gaming Management Corporation (PGMC). PGMC is classified as discontinued operation in the current interim two-month and 14-month period ended June 30, 2019.

Meanwhile, its pre-tax profit came in at RM404 million.

BToto’s board does not recommend any interim dividend for the current two-month period, but the total dividend distribution for the financial period ended June 30, 2019 was about RM215.5 million, representing about 91.7% of the group’s attributable profit for the 14-month financial period.

BToto anticipates that the performance of the NFO business of Sports Toto will be satisfactory and is confident that the group will continue to maintain its market share in the NFO business for FY20.

IOI Corp’s net profit falls to RM631.7m in FY2019

KUALA LUMPUR, Aug 15 — IOI Corporation Bhd’s net profit fell to RM631.7 million for the financial year ended June 30, 2019 (FY2019) from RM3.06 billion in the same period a year ago. Revenue was lower at RM7.38 billion from RM7.41 billion…