KUCHING: MRCB Quill Management Sdn Bhd (MQM), the manager of MRCB-Quill REIT, a listed real estate investment trust, wishes to announce that MQReit achieved a realised net income of RM21.42 million for the fourth quarter of 2017 (4Q17). This is an increase of approximately 61 per cent from the realised net income of RM13.30 million […]
PETALING JAYA: Comintel Corp Bhd’s wholly owned subsidiary Green Waste Management Sdn Bhd has received a letter of intent from Vietnam based Thanh Cong Cooperative, to supply, install and commission a waste to energy system for the Xuan Son Municipal Solid Waste Treatment Plant.
The group said in a Bursa Malaysia filing that it had received the letter of intent on January 17, which serves as “basis of consensus” between the two parties to examine the feasibility of the project until a definitive agreement is forged.
The price of the contract is still under negotiation.
The contract will not have any material impact for the financial year ending Jan 31, 2018 but will contribute positively to the future earnings of the should the deal materialise.
The stock gained 0.63% to close at 80 sen with some 1.22 million shares traded.
PETALING JAYA: Aviation training provider APFT Bhd has been admitted into the Practice Note 17(PN17) category as its shareholders’ equity fell below the 50% threshold, more than a year after auditors flagged going concern issues in its audited financial statement for the financial year ended July 31, 2016.
The group’s board of directors said in a Bursa Malaysia filing that its shareholders equity interest stood at 34.6%.
“The former external auditors of the company, Messrs. SJ Grant Thornton, had expressed an emphasis of matter on the company's ability to continue as a going concern in the latest audited financial statements of the company for the financial year ended 31 July 2016,” the group said.
The company had changed its financial year end from July 31, 2016 to September 30 and subsequently from September 30 to January 31.
In line with that, the company said it will be announcing its financial statement covering a period of 18 months between August 1, 2016 to Jan 31, 2018.
It is also seeking an additional extension of time from the Companies Commission of Malaysia until July 31, to hold its 2017 AGM, along with its requisite 2018 AGM for the tabling of its Audited Financial Statements for the 18 month period.
Its last AGM was held on December 19, 2016.
The stock slumped 40% to 15 sen with some 170.50 million shares done.
(Jan 19): India slashed tax rates on some goods and services just days ahead of the country’s budget, as it continues to rationalize its six-month-old regime to ease the pain for businesses hit by its chaotic roll out. A panel of federal and state finance minsters on Thursday decided to revise GST rates on 29 goods and 53 services, Finance Minister Arun Jaitley told reporters after a meeting of the GST council. The council recommended reducing rates on diamond and precious stones to 0.25 percent from 3 percent, while theRead More
PETALING JAYA: HSS Engineers Bhd's rose seven sen or 4.40% this morning, after its associate company HSS Integrated Sdn Bhd (HSSI) received invitation to submit a proposal to provide consultancy services for the execution of the Labuan-Menumbok Bridge Link.
At 10.59am, the stock stood at RM1.66 with 394,400 shares changing hands. The group has a market capitalisation of RM532.9 million.
Yesterday, the group said HSSI received the letter of invitation from the Federal Territories Ministry for the execution of the bridge project feasibility study, which has a ceiling contract value of RM14.31 million.
The contract is expected to contribute positively to the revenue and earnings of the group for the financial years ending Dec 31, 2018 and Dec 31, 2019.
KUALA LUMPUR, Jan 19 — CIMB Equities Research has maintained its target price of RM17.60 for Tenaga Nasional Bhd (TNB). Basing this on a price-to-earnings ratio of 14 times for the 2019 financial year, it said in a statement carried by The…
KUALA LUMPUR (Jan 17): Based on corporate announcements and news flow today, stocks in focus on Thursday (Jan 18) may include the following: Atta Global…
PETALING JAYA: HSS Engineers Bhd’s associate company HSS Integrated Sdn Bhd has been invited by the Federal Territories Ministry to submit its proposal for the provision of consultancy services for the execution of the Labuan-Menumbok Bridge Link feasibility study, which has a ceiling contract value of RM14.31 million.
The group said in a Bursa Malaysia filing that in the event of the appointment of HSS Integrated as project consultant for the job, HSS Integrated and another wholly owned subsidiary of the group, HSS Engineering Sdn Bhd, will collaborate to exclusively execute and complete the contract.
The contract is expected to contribute positively to the revenue and earnings of the group for the financial years ending Dec 31 ,2018 and Dec 31, 2019.
HSS Engineers shares gained 1.92% to close at RM1.59 with some 1.39 million shares traded.
PETALING JAYA: CIMB Thai Bank PCL swung to the black registering a net profit of THB 384.9 million (RM47.6 million) for the financial year ended December 31, 2017 against a net loss of THB 629.5 million (RM77.8 million) in 2016.
The group said in a statement that it was driven by a 1.8% growth in operating income and a 19.5% drop in provisions, while other operating expenses rose slightly by 2.6%.
The expansion in operating income to THB 226.6 million was supported by the increase in net fee and service income on the back of improvements in mutual funds, corporate finance and hire-purchase fees as well as the increase in net interest income
CIMB Thai's cost-to-income ratio increased to 57.9% in 2017 compared with 57.4% in 2016. However, excluding one-off expenses related to business rationalisation, the cost-to-income ratio would have improved to 56.9% in 2017.
Its net interest margin (NIM) over earning assets stood at 3.89% in 2017 against 3.77% from 2016, as a result of more efficient funding cost management.
As at December 31, 2017, CIMB Thai's total gross loans stood at THB 213 billion, representing an increase of 3.2% from a year ago.
Its gross non-performing loans (NPL) stood at THB10.7 billion, with a lower equivalent gross NPL ratio of 4.8% compared with 6.1% as at December 31, 2016, thanks to the sale of NPLs in 2017, more efficient risk management policies and improved asset quality management and loan collection processes.
CIMB Thai's loan loss coverage ratio increased to 93.2% from 77.3% end-2016. As at end-December 2017, its total provisions stood at THB 9.9 billion, showing an excess of THB 3.7 billion over Bank of Thailand's reserve requirements.
Total consolidated capital funds, meanwhile, stood at THB 40.7 billion as at end-2017. Bank of International Settlement (BIS) ratio stood at 17%, 12.9% of which comprised Tier-1-capital.