financial year

 
 

Astro shares rise 4pc after Q2 results

KUALA LUMPUR, Sept 13 — Astro Malaysia Holdings Bhd’s stocks rose 3.7 per cent or five sen to RM1.39 at 11 am after announcing a surge of 920 per cent in its net profit to RM169.34 million in the second quarter ended July 31, 2019. About 2.3…


Pay-TV operator Astro's profit jumps ten fold for Q2 to RM169.3m

KUALA LUMPUR, Sept 12 ― Astro Malaysia Holdings Bhd's net profit for the second quarter ended July 31, 2019 (Q2 2020) jumped by more than 10 times to RM169.3 million, contributed by lower content costs and reduced marketing and distribution…


Sunway JV unit wins Tianjin land tender

PETALING JAYA: Sunway Bhd’s 60%-owned joint venture company Tianjin Eco-City Sunway Property Development Co Ltd has won a tender to acquire a land in Tianjin, China, for 438 million renminbi (RM257.78 million).

The 27,712.50 sqm plot of land, known as Sino-Singapore Tianjin Eco-City Plot 30c, is acquired from Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd.

Tianjin Eco-City Sunway will undertake a residential develop-ment known as Sunway Garden Phase 3 which consists of seven blocks of condominiums on the land.

The proposed development is expected to commence in May 2020 and targeted to be completed by May 2023. It is expected to contribute positively to the earnings of Sunway group from the financial year 2023 onwards.

Tianjin Eco-City Sunway is a 60%-owned joint venture company of Sunway City (S’pore) Pte Ltd, which in turn is a subsidiary of Sunway. Its principal activity is property development.


Sime Darby downgraded to 'hold' by Ambank Research

KUALA LUMPUR, Sept 12 — AmBank Research has downgraded Sime Darby Bhd from a “buy” to a “hold” with an increased sum-of-parts-based fair value of RM2.64 per share based on a rolled over the financial year 2021 (FY21F) valuations for all of…


Icon Offshore bags RM25.6m contract from Petronas Carigali

PETALING JAYA: Icon Offshore Bhd has secured a RM25.6 million contract from Petronas Carigali Sdn Bhd.

The group told Bursa Malaysia that the contract is for the provision of one unit of anchor handling tug & supply vessel for the petroluem arrangement contractors.

Icon Offshore was effective on August 16, 2019 and it will continue for a period of 730 days from the commencement date of August 17, 2019.

It expects the contract to contribute positively to its earnings and net assets for the financial year ending December 31, 2019 and beyond.

At the midday break, its shares gained 11.1% to 5 sen on 642,800 shares done.


Icon Offshore bags RM25.6m contract from Petronas Carigali

PETALING JAYA: Icon Offshore Bhd has secured a RM25.6 million contract from Petronas Carigali Sdn Bhd.

The group told Bursa Malaysia that the contract is for the provision of one unit of anchor handling tug & supply vessel for the petroluem arrangement contractors.

Icon Offshore was effective on August 16, 2019 and it will continue for a period of 730 days from the commencement date of August 17, 2019.

It expects the contract to contribute positively to its earnings and net assets for the financial year ending December 31, 2019 and beyond.

At the midday break, its shares gained 11.1% to 5 sen on 642,800 shares done.


Hartalega upbeat on US market despite trade tensions

KUALA LUMPUR, Sept 10 — The world’s largest synthetic glove manufacturer, Hartalega Holdings Bhd, is optimistic that the US will remain its biggest export market despite ongoing trade tensions.  Hartalega managing director Kuan Mun Leong…


Hartalega upbeat on US market despite trade tensions

KUALA LUMPUR, Sept 10 — The world’s largest synthetic glove manufacturer, Hartalega Holdings Bhd, is optimistic that the US will remain its biggest export market despite ongoing trade tensions.  Hartalega managing director Kuan Mun Leong…


Bumi Armada sells Armada Perdana FSPO for US$40m

PETALING JAYA: Bumi Armada Bhd’s wholly-owned subsidiary Armada Oyo Ltd (AOL) has entered into an agreement with Century Energy Services Ltd (CESL) for the sale of its Armada Perdana floating production storage & offloading (FSPO) for US$40 million (RM167.18 million).

CESL plans to redeploy the vessel to another field in Nigeria.

The purchase price will be settled via a US$5.5 million (RM23 million) deposit, of which US$4.5 million has been paid by CESL to AOL and the remaining to be payable before the end of 2019. A sum of US$11.6 million will be fully settled against amounts owed by companies within the Bumi Armada group to CESL as at July 31, 2019.

In addition, additional vessel expenses from August 1, 2019 up to the date the vessel is delivered to CESL will be set off against the purchase price. Another US$5 million will be paid to the group on or before the date of six months after the delivery date or when oil is first produced in the field, whichever is earlier. The remaining balance of US$17.9 million will be payable within two years from the first oil date.

The group will hold a mortgage over the Armada Perdana FPSO to secure the unpaid portion of the purchase price.

“The conclusion of the sale of the Armada Perdana FPSO will absolve the group from its demobilisation obligations,” Bumi Armada said.

The group will recognise the unpaid portions of the purchase price as and when funds are received from CESL. The gain to be recognised in the financial statements for the financial year ending Dec 31, 2019 will be US$5.0 million.

The Armada Perdana FPSO has been out of contract in Nigeria since its previous charterer, Erin Petroleum Nigeria Ltd, along with its parent company Erin Energy Corporation, filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in April 2018.


Bumi Armada sells Armada Perdana FSPO for US$40m

PETALING JAYA: Bumi Armada Bhd’s wholly-owned subsidiary Armada Oyo Ltd (AOL) has entered into an agreement with Century Energy Services Ltd (CESL) for the sale of its Armada Perdana floating production storage & offloading (FSPO) for US$40 million (RM167.18 million).

CESL plans to redeploy the vessel to another field in Nigeria.

The purchase price will be settled via a US$5.5 million (RM23 million) deposit, of which US$4.5 million has been paid by CESL to AOL and the remaining to be payable before the end of 2019. A sum of US$11.6 million will be fully settled against amounts owed by companies within the Bumi Armada group to CESL as at July 31, 2019.

In addition, additional vessel expenses from August 1, 2019 up to the date the vessel is delivered to CESL will be set off against the purchase price. Another US$5 million will be paid to the group on or before the date of six months after the delivery date or when oil is first produced in the field, whichever is earlier. The remaining balance of US$17.9 million will be payable within two years from the first oil date.

The group will hold a mortgage over the Armada Perdana FPSO to secure the unpaid portion of the purchase price.

“The conclusion of the sale of the Armada Perdana FPSO will absolve the group from its demobilisation obligations,” Bumi Armada said.

The group will recognise the unpaid portions of the purchase price as and when funds are received from CESL. The gain to be recognised in the financial statements for the financial year ending Dec 31, 2019 will be US$5.0 million.

The Armada Perdana FPSO has been out of contract in Nigeria since its previous charterer, Erin Petroleum Nigeria Ltd, along with its parent company Erin Energy Corporation, filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in April 2018.