Oil prices rise on US-Iran concern, stocks up ahead of G20 talks

HONG KONG, June 24 — Oil prices extended gains today as rising US-Iran tensions fuelled supply concerns, while Asian equities also edged up ahead of a crunch meeting between Donald Trump and Xi Jinping this week. Both main crude contracts are up…

Handal Resources wins RM360m job from Petronas Carigali

PETALING JAYA: Handal Resources Bhd’s unincorporated joint venture, Borneo Seaoffshore – Handal JV has been awarded a RM360 million contract from Petronas Carigali Sdn Bhd.

Handal told Bursa Malaysia that the contract is for the provision of water injection module supply on mobile offshore unit for mobile water injection facilities – Package 4.

The duration of the contract is seven years, commencing from March 2020, with an extension option of a further three years.

Handal said the JV was established to collaborate and submit the technical and commercial proposal to bid for and execute the contract.

The contract is expected to contribute positively to Handal’s earnings for the financial period ended June 30, 2019 and subsequently until the expiry of the contract.

With this latest win, Handal’s order book will surge to more than RM950 million.

Export value of Malaysia’s chocolate on the rise since 2015

KULAI, June 24 — Malaysian manufactured chocolates have been well received overseas with the export value showing a rise since 2015. Primary Industries Minister Teresa Kok said the export value rose to RM598.09 million…

US-Iran fears buoy oil prices as focus turns to Trump-Xi talks

HONG KONG, June 24 — Oil prices extended gains today as rising US-Iran tensions fuelled supply concerns, while Asian equity traders moved cautiously ahead of a crunch meeting between Donald Trump and Xi Jinping this week. Both main crude contracts…

U Mobile GoPayz e-wallet expected to launch in July: Here’s what it can do

KUALA LUMPUR, June 24 — U Mobile will be the latest company to launch an e-wallet. Expected to be available sometime next month, U Mobile GoPayz aims to leverage on its existing platform and partnerships to be an “ecosystem player” — where…

Perak records RM1.43b investments for Jan-March 2019

TELUK INTAN, June 22 — Perak recorded investments of RM1.43 billion for the January to March period this year compared with RM249.8 million in the same period last year. Mentri Besar Datuk Seri Ahmad Faizal Azumu said according to statistics from…

German econmin: It’s up to Huawei to show it meets our security requirements

BERLIN, June 21 — Germany expects Huawei to demonstrate it can meet its security requirements for participating in the building of the country’s 5G network, the economy minister Peter Altmaier said after meeting with the company’s chief…

EU agrees to extend economic sanctions on Russia until 2020

BRUSSELS, June 21 — European Union (EU) leaders agreed yesterday to prolong until the end of January 2020 economic sanctions against Russia over the turmoil in Ukraine, a spokesman for the bloc said. The EU first slapped sanctions on Russia after…

Airbus demands chance to bid for IAG’s surprise Boeing narrow-body order

PARIS, June 20 — Airbus called today for a chance to compete for a blockbuster plane order by British Airways owner IAG which stunned industry executives at this week’s Paris Airshow by ordering 200 of Boeing’s grounded 737 MAX. Airbus…

IHH: Fortis posts operational profit in Q4, will continue to be accretive

KUALA LUMPUR: IHH Healthcare Bhd’s 31.1%-owned Fortis Healthcare Ltd of India is expected to continue to be accretive for years to come after it reported an operational profit before tax for the first time in its fourth quarter results.

The outgoing managing director and CEO of IHH, Dr Tan See Leng, said its disciplined efforts at turning Fortis around are starting to pay off.

“We achieved all of our targets in our 100-day plan for Fortis. You would also have seen from IHH’s Q1 results that Fortis is contributing to our revenue and ebitda (earnings before interest, tax, depreciation and amortisation),” he said during the IHH Media Appreciation & Hari Raya Aidilfitri Celebration Lunch yesterday.

The 100-day turnaround plan was to guide Fortis for immediate stabilisation, including to quickly resolve the overhang in cash-strapped Fortis and renegotiate credit lines, including covering overheads and payment of wages to staff and vendors, to ensure that the hospital group can return to normal operations.

Fortis’ consolidated operations turned profit before tax positive (prior to other income, exceptional items and one-offs) at Rs15.9 crores (RM94.8 million) in the fourth quarter ended March 31, 2019. Reported net profit after accounting for exceptional items stood at Rs135.6 crores in the quarter versus a loss of Rs932 crores in Q4’18.

IHH had acquired a 31.1% stake in Fortis in November 2018 in a US$584 million (RM2.35 billion) deal after an extended bidding war for control of the company.

Currently, Fortis operates its healthcare delivery services in India, Dubai and Sri Lanka with 43 healthcare facilities (including projects under development), 9,000 potential beds and over 400 diagnostic centres.

This year, Tan said, IHH has already set out its strategic priorities, including to integrate and consolidate its newly acquired assets, especially Fortis. “One key milestone last year is our transformational acquisition of Fortis. As its biggest shareholder, we are now the second largest private healthcare provider in India, one of the fastest growing markets for healthcare in the world.”

IHH has operations in Malaysia, Singapore, Turkey and India.