ioi

 
 

Purdue Pharma reaches tentative US opioid settlement with some, say sources

NEW YORK, Sept 12 — OxyContin maker Purdue Pharma LP reached a tentative agreement with some plaintiffs to resolve litigation over its alleged role in fuelling the US opioid crisis and plans to tussle with states opposing the settlement offer in…


Wall Street slips as weak China data fuels slowdown fears

NEW YORK, Sept 11 ― Technology stocks led the Wall Street into the red yesterday as recessionary fears, fuelled by declining producer prices from China, dampened investor risk appetite. A gain in industrials cushioned the blue-chip Dow's slide,…


No ‘wow’ factor in corporate earnings, AmInvestment Bank cuts index target to 1,680 points

KUALA LUMPUR, Sept 4 ― AmInvestment Bank Bhd has cut the FBM KLCI end of 2019 target by 140 points to 1,680 points amid lacklustre corporate earnings in the just-concluded second-quarter results, coupled with the possibilities of investors…


Johnson & Johnson verdict sends opioid makers a billion-dollar warning

WASHINGTON, Aug 28 ― The US pharmaceutical industry faces tens of billions of dollars in potential damage payments for fueling the opioid addiction crisis after Oklahoma won a US$572 million (RM2.4 billion) judgment against drugmaker Johnson &…


Wall Street falls as financials drag, trade outlook clouds

NEW YORK, Aug 28 ― Wall Street slipped yesterday, weighed down by financial stocks as a deepening of the Treasury yield curve inversion raised US recession worries and uncertainty over any progress in trade negotiations between the United States…


Trade optimism pushes Wall Street higher

NEW YORK, Aug 27 — Wall Street’s main indexes rose for the second straight session today, supported by broad-based gains as investors pinned their hopes on a resolution to the protracted US-China trade dispute despite mixed signals from both…


Answering Trump, UPS, FedEx and USPS say they already fight illegal drug shipments

NEW YORK, Aug 24 ― FedEx Corp, United Parcel Service Inc and the US Postal Service said yesterday they are already working to stop traffickers from using their services after US President Donald Trump ordered delivery firms to refuse packages of…


Trump heaps another 5pc tariff on Chinese goods in latest tit-for-tat escalation

WASHINGTON, Aug 24 ― US President Donald Trump yesterday lashed back at a new round of Chinese tariffs by heaping an additional 5 per cent duty on some US$550 billion (RM2.3 trillion) in targeted Chinese goods in the latest tit-for-tat trade war…


Prasarana set to achieve up to RM900m revenue for FY19

KUALA LUMPUR: Prasarana Malaysia Bhd is set to achieve up to RM900 million in revenue for the financial year ending Dec 31, 2019 (FY19).

President and group chief executive officer, Datuk Mohamed Hazlan Mohamed Hussain said this would be supported by the increase in ridership, cost optimisation and service quality.

“We have reduced costs by RM248.70 million as of June 30, 2019, exceeding the target of 10 per cent, or RM208.40 million as set by the group earlier,” he told the media at a briefing on Prasarana’s performance for the first half of 2019 here, today.

Mohamed Hazlan said as of June 30, 2019, Rapid Rail Sdn Bhd saw its ridership jump by ten per cent year-on-year (y-o-y) to 112.7 million versus 102.5 million in the same period last year.

In the same period, he said Rapid Ferry Sdn Bhd’s ridership surged to 700,000 from 200,000 previously, but Rapid Bus Sdn Bhd’s ridership slid to 81.3 million from 90.8 million previously.

“The slower growth in ridership for Rapid Bus was offset by the increase in Rapid Rail’s,” he said.

He added that Rapid Rail carried over 700,000 commuters a day compared with over 450,000 commuters ferried by Rapid Bus daily.

With the increase in ridership and cost optimisation which surpassed their 10 per cent target, Mohamed Hazlan was confident that Prasarana would be able to turn its earnings before interest, taxes, depreciation and amortisation positive in 2021.

He said that the state-owned transportation company had successfully reduced its losses by half in the first six months of the year.

An article by The Edge Malaysia Weekly last month quoted sources as saying that Prasarana’s impairments for FY18 could exceed RM30 billion.

“While details are scarce, it is understood that as a result of the impairments, Prasarana could incur after-tax losses of RM3 billion to RM5 billion for FY18,” said the weekly.

However, Mohamed Hazlan refused to confirm the figures as reported by the weekly at the press briefing today.

Moving forward, he said Prasarana would focus on initiatives like embracing digitalisation via the use of e-wallet, mobility-as-a-service (Maas), finding the first and last-mile solution, providing sustainable transportation and becoming more customer centric.

He added that the company would also focus on transit-oriented developments (TODs) to boost its revenue.

It is understood that Prasarana is looking at developing 10 TODs in the future, four of which are in the pipelines, namely Latitude 8- Dang Wangi Light Rail Transit (LRT), Ara Damansara LRT Station, IOI Puchong Jaya LRT Station and Brickfields/ Tun Sambanthan Monorail Station. – Bernama


IOI Corp’s fourth-quarter net profit jumps 30% to RM46.6m

PETALING JAYA: IOI Corp Bhd reported a 30.2% jump in net profit to RM46.6 million for the fourth quarter ended June 30, 2019 against RM35.8 million recorded in the previous corresponding period, attributed to lower net foreign currency translation loss on foreign currency denominated borrowings and deposits.

However, its revenue declined 3.5% to RM1.74 billion from RM1.8 billion.

IOI told Bursa Malaysia that its plantation segment profit contracted 33% to RM84.5 million from RM125.3 million, mainly due to lower crude palm oil (CPO) and palm kernel (PK) prices realised.

Average CPO and PK prices realised for Q4 were RM1,988/metric ton (mt) and RM1,127/mt, respectively.

Meanwhile, the resource-based manufacturing segment registered a profit of RM88.3 million, an increase of 3.9% against the RM85 million recorded in the same quarter a year ago.

For the 2019 financial year, IOI’s net profit slumped 79.4% to RM631.7 million against RM3.06 billion in its previous financial year, dragged down by lower operating profit and total net foreign currency translation loss on foreign currency denominated borrowings and deposits.

Its revenue slipped slightly by 0.4% to RM7.39 billion from RM7.42 billion.

Moving forward, IOI anticipates palm oil price to recover gradually in the new financial year 2020 as palm oil stocks decline from record high level in December 2018.

“The palm oil price will be supported by increased exports to major consuming countries such as India and China, higher demand from the biodiesel industry in Malaysia and Indonesia, and moderate production increase due to the dry weather,” it said.

It also expects total fresh fruit bunches production to improve slightly in 2020 with the higher production from the young Indonesian plantings, offsetting the temporary loss from the higher replanting rate in our Sabah plantations.

“Coupled with the anticipated improvement in crude palm oil price, we expect the plantation segment’s performance to improve in the coming financial year.”

For the resource-based manufacturing segment, the group foresees the oleochemical sub-segment will continue to perform relatively well due to the moderately low feedstock cost.