financial year

 
 

Parlo accepts shares for shortfall in profit

PETALING JAYA: Parlo Bhd said the shortfall of RM1.26 million guaranteed profit of its wholly-owned unit Parlo Tours Sdn Bhd in the financial year ended Dec 31, 2017 has been fully settled.

It told the stock exchange that the shortfall is deemed to be fully settled with the release of 11.5 million profit guarantee settlement shares to the stakeholder by the profit guarantor.

To recap, Parlo said the shortfall was due to higher expenses, which was a result of staff cost, advertisement programmes and marketing, as well as trade fair expenses incurred specifically as part of Parlo Tours' efforts to promote new travel destinations in the People's Republic of China and Europe.

Parlo’s share price slipped half a sen or 4.17% to 11.5 sen with 1.71 million shares traded.


Deleum sees better earnings in Q2

PETALING JAYA: Deleum Bhd’s net profit for the second quarter ended June 30, grew 36.91% to RM9.17 million from RM6.70 million a year ago due to improved trading conditions and foreign exchange gain, partly offset by changes in US Dollars.

Revenue for the period rose 26.15% to RM247.80 million from RM196.42 million on the back of higher revenue contribution from the power and machinery and Integrated corrosion solution segments,even though it saw lower revenue contribution from oilfield services segment.

Deleum declared an interim single tier dividend of one sen per share in respect of the financial year ending Dec 31, 2018.

“The group continues to concentrate on meeting its mission of sustainability and resilience by enhancing capabilities across all business segments and where appropriate in conjunction with synergistic alliances, alongside strong project execution and rigorous budget management,” its board of directors said on the prospects.

With firmer oil prices, and improved trading conditions, the board is quietly confident that the performance of the power and machinery segment in the remainder of the financial year, would match the performance to date.

As for the oilfield segment, it is cautiously optimistic of the outcome of bidding exercises as the segment is currently a leader in the provision of slickline services.

Meanwhile, the Integrated Corrosion Solutions segment which suffered a loss in the year to date, partly due to high start-up and mobilisation costs, is expected to see its costs normalise and revenue to catch-up in the coming months on the basis of work orders in hand. These developments are expected to contribute positively to earnings moving forward

For the period of six months, net profit rose 31.90% to RM10.57 million from RM8.01 million due to stronger performance from both power and machinery and oilfield services segments and favourable foreign exchange movements.

Revenue for the period increased to RM247.80 million from RM196.42 million, supported by the revenue growth recorded across all reportable segments.

The stock remained unchanged at 94 sen with 30,000 shares done.


Ayer Holdings posts RM6.9m net profit in Q2

PETALING JAYA: Plantation and property group Ayer Holdings Bhd posted a net profit of RM6.9 million for the second quarter ended June 30 compared with a net loss of RM174,000 in the previous corresponding quarter in tandem with higher revenue.

During the quarter, its revenue more than tripled to RM22.7 million against RM6.67 million in the same quarter a year ago due to higher sales from its property division.

For the six months period, its earnings increased slightly by 0.4% to RM9.09 million from RM9.06 million last year, while revenue jumped 52% to RM38.87 million from RM25.6 million previously.

For the financial year ending 2018, the group said it anticipates that the fundamental conditions of the property sector to remain largely unchanged from 2017.

However, it expects the plantation segment to be challenging due to the softening in crude palm oil (CPO) price and rising CPO inventory level in Malaysia.


Paramount more than doubles earnings in Q2 on land disposal

PETALING JAYA: Paramount Corp Bhd's net profit for the second quarter ended June 30, 2018 more than doubled to RM42.30 million from RM18.08 million a year ago mainly attributed to the disposal of 9.4 acres of industrial land in Kota Damansara.

Its revenue stood at RM278.37 million, an increase of 47% compared with RM189.72 million reported in the corresponding quarter last year with higher contribution from the property and education divisions.

For the six months period, its net profit rose 86% to RM49.27 million from RM26.46 million a year ago due to the Kota Damansara land disposal and higher profit from the education division.

Its revenue stood at RM440.61 million, an increase of 31% compared to the RM336.51 million in the corresponding period last year with higher contribution from both the property and education divisions.

The group is targeting to launch in 2018 a mixed development project located in the vicinity of Klang’s main business and commercial area, where the group will also be constructing a new Sri KDU international school. This is in line with the group’s strategy to derive synergy from its strong branding and expertise in its property and education businesses.

In line with the group’s asset light strategy, it will continue to pursue sale and leaseback of education assets and build strategic partnerships to undertake property development projects on joint venture basis if such opportunities arise. In addition, the group seeks to unlock value through the monetisation of land bank and strategic divestments.

Barring any unforeseen circumstances, the group is expected to deliver a better operating performance for the current financial year ending Dec 31, 2018.


EY to spend US$1 bln upgrading technology, innovation drive

KUALA LUMPUR: EY has announced plans to invest US$1 billion in new technology solutions, client services, innovation and the EY ecosystem over the next two financial years, commencing from July onwards. In a statement, it said, this move was part of an ongoing strategy to provide clients and people with innovative offerings using the latest […]


Eita Q3 earnings more than double

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.


Is Boustead Plantations’ RM397m land buy worth it?

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AT RM397 million, Boustead Plantations Bhd’s proposed land acquisition in Sabah looks likely to add some short-term strain to the planter’s cash flow when completed. While the purchase will increase its existing planted area by about 6% — and grow its total land bank by about 5% — the oil palm trees on the acquired land are old at an average age of 18.7 years. So the odds are the acquisition will add to Boustead Plantations’ finance costs without a corresponding boost to income given the low-yield trees Furthermore, withRead More


Teo Seng Capital’s Q2 net loss narrows to RM528,000

PETALING JAYA: Poultry farmer Teo Seng Capital Bhd's net loss narrowed to RM528,000 for the second quarter ended June 30, 2018 against RM7.3 million in the previous corresponding period, due to the improved selling price of eggs and lower feed cost.

Revenue was up 7.8% to RM102.73 million from RM95.27 million.

The group has proposed to declare an interim dividend of half a sen for the quarter under review.

For the first half of the year, Teo Seng returned to the black registering a net profit of RM6.08 million compared with a net loss of RM12.14 million a year ago. Revenue grew to RM217.8 million from RM196.74 million.

In view of the current slightly improved selling price, the group expects the second half of the financial year ending December 31, 2018 to remain challenging.

At the noon break, the stock was unchanged at 84.5 sen on 16,300 shares done.


Mercury Industries’ shares fell 4.76% after unit’s PR1MA job terminated

PETALING JAYA: Mercury Industries Bhd's share price tumbled six sen or 4.76% this morning after its 70%-owned unit Paramount Bounty Sdn Bhd's (PBSB) RM73.06 million 1Malaysia People's Housing Programme (PR1MA) contract has been terminated.

At 10.45 am, the stock stood at RM1.20 with 5,000 shares changing hands. Mercury has RM50.6 million market capitalisation.

The contract, which was initially awarded by Upaya Jernih Sdn Bhd to PBSB, was for the construction of 648 units of serviced apartments in Malacca.

Last Friday, Mercury said the balance value of the project was subsequently re-awarded by Aturan Prisma Sdn Bhd (APSB) to PBSB.

The group said APSB has informed PBSB that the employer of the project has notified the project owner, Perbadanan PR1MA Malaysia, of the demobilisation from the project site.

“The suspension will not have any effect on the share capital and net assets of the company. However, it is expected to reduce the earnings of Mercury group for the financial year ending Dec 31, 2018,” Mercury added.


AirAsia’s disposal in AAE Travel provides positive long-term catalyst

KUCHING: AirAsia Group Bhd’s (AirAsia) stake disposal in AAE Travel Pte Ltd (AAE Travel) provides positive catalyst for the long-term growth of the group, analysts say on this latest development. In a filing on Bursa Malaysia, AirAsia said its wholly-owned subsidiaries, AirAsia Exp and AirAsia Bhd (AAB), have executed a share purchase agreement with Expedia […]