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KLCI gains momentum going into midday, PetChem lifts

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  KUALA LUMPUR: After a slow start at the open, the FBM KLCI moved higher into positive territory, lifted by Petronas Chemicals, and ended the morning session up 4.5 points to 1,787.97. Trading volume was 1.18 billion shares valued at RM851.41mil. There were 335 gainers versus 417 decliners and 377 counters unchanged. Asian markets were cautiously optimistic as investors awaited more details on proposed trade talks about the US and China. Japan Nikkei moved between positive and negative territory, and traded 0.33% lower at midday. Shanghai’s Composite Index was upRead More


Malaysian stocks rebound as PM takes off for China

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KUALA LUMPUR (Aug 17): Malaysian stocks closed higher today with the FBM KLCI up 6.2 points or 0.35% at 1,783.47 points, but underperforming its regional peers as investors here remained in profit-taking mode. “The big event to watch out for next week will be the prime minister’s official visit to China,” TA Securities senior technical analyst Stephen Soo told theedgemarkets.com. He opined that the market is likely to continue trading sideways as investors await signals from the visit, amid global economic concerns. “The momentum going forward may be softer, withRead More


#UnfairCommercialPractice? UK investigates celebrities over social media promotions

LONDON, Aug 16 — Celebrities and influencers who endorse products without labelling their social media posts as paid-for by brands were warned today that they were breaking the rules as Britain’s regulator launched an investigation into the…


Malaysian stocks close lower on profit taking

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KUALA LUMPUR (Aug 16): Malaysian stocks swung back into the red today, wiping out gains made over the last two days as investors cashed in on profits. The benchmark FBM KLCI traded in negative territory throughout the day to close down 8.67 points or 0.48% at 1,777.27 points. Market breadth was negative with 515 losers and 290 gainers. A total of 2.11 billion worth of shares were traded for RM1.91 billion compared with 2.4 billion shares worth RM2.03 billion on Wednesday. According to Hong Leong Investment Bank head of retailRead More


KLCI climbs 2.16 points; ringgit fell 0.16%

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KUALA LUMPUR: Shares on Bursa Malaysia ended the day on the positive side as the Turkish currency crisis seemed to ease and recovered from record lows. The benchmark FBM KLC1 rose 2.16 points, or 0.12% to 1,785.94. The local bourse opened 0.80 of-a-point firmer at 1,784.58 this morning. The market traded within a range of 5.47 points between an intra-day high of  1,789.05 and a low of 1,783.58 during the session. In the broader market, there were 434 gainers, 461 losers and 439 counters traded unchanged on the Bursa Malaysia.Read More


KLCI pares gains as regional markets retreat

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KUALA LUMPUR (Aug 15): The FBM KLCI pared some of its gains at the midday break today as regional markets retreated. At 12.30pm, the FBM KLCI was up 1.52 points to 1,785.30. The index had earlier risen to its intra-morning high of 1,787.66. Gainers led losers by 304 to 292, while 556 counters traded unchanged. Volume was 1.45 billion shares valued at RM853.07 million. The top gainers included Petronas Dagangan Bhd, Elsoft Research Bhd, Malaysian Pacific Industries Bhd, Tenaga Nasional Bhd, British American Tobacco (M) Bhd, Hartalega Holdings Bhd andRead More


KLCI holds on to marginal gains as Petronas-linked stocks lift

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KUALA LUMPUR (Aug 15): The FBM KLCI held on to its marginal gains at mid-morning today, despite the retreat at most regional markets, propped up by Petronas-linked stocks. At 10am, the FBM KLCI was up 2.81 points to 1,786.59. Gainers led losers by 308 to 236, while 290 counters traded unchanged. Volume was 632.95 million shares valued at RM315.83 million. The top gainers included Petronas Dagangan Bhd, Elsoft Research Bhd, Choo Bee Metal Industries Bhd, Thong Guan Industries Bhd, Petronas Gas Bhd and Ann Joo Resources Bhd. The actives includedRead More


Nestle’s Q2 earnings driven by higher margin

PETALING JAYA: Nestle (Malaysia) Bhd’s net profit for the second quarter ended June 30 rose 2.93% to RM166.16 million from RM161.44 million a year ago due to higher margin.

In a filing with Bursa Malaysia, the company said its gross profit margin increased by 10 basis points from 37.8% to 37.9%.

Nestle saw a slight increase in operating expenses from RM265 million to RM271 million, which was mainly attributed to the one-time costs from the start-up of the new national distribution centre (NDC). Pre-tax profit increased from RM211.9 million to RM214.4 million.

Revenue for the quarter rose 1.98% to RM1.31 billion from RM1.28 billion a year ago driven by the launch of new products and strong consumers and trade promotions.

In addition, increased festive sales during the Hari Raya period in June contributed to the company’s positive growth.

“In the second quarter, we also started operations in our new NDC. This move from the existing NDC to the new NDC resulted in a shift of sales from June (Q2) to July (Q3) because of the required and planned ramp-up of the operations in the new NDC, which will support strong growth in years to come,” it said.

The board of directors has declared an interim dividend of 70 sen per share amounting to RM164.15 million in respect of financial year ending Dec 31 which will be paid on Sept 27.

For the six months ended June 30, net profit rose 1.34% to RM397.38 million from RM392.13 million a year ago while revenue for the period rose 3.13% to RM2.74 billion from RM2.66 billion a year ago.

During the period, Nestle saw higher domestic sales and an increase in its export business. It said that the domestic growth was driven by strong demand, especially during the festive seasons.

The group continued to deliver strong innovations and renovations during the period, which have set a solid base for growth in the second half of the year.


Maxis, Tenaga underpin KLCI’s rebound

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KUALA LUMPUR: Share prices on Bursa Malaysia closed marginally higher on Tuesday as Turkish lira stabilised after two days of intense selling that rippled through global markets. At 5pm, the 30-stock FBM KLCI closed at 1,783.780, up 0.44 of a point, or 0.02% after a bout of selling in the morning trading session. The market traded within a range of 10.14 points between an intra-day high of 1,788.34 and a low of 1,778.20 during the session. The index opened 3.55 points lower at 1,779.79. There were 520 stocks advancing againstRead More


Asian markets tumble; KLCI down 22 points

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KUALA LUMPUR: Key Asian markets were in a sea of red, with Bursa Malaysia following suit on Monday by fears that the deepening Turkey’s economic crisis could spill over into the global economy. The benchmark FBM KLCI tumbled 22.41 points, or 1.24% to 1,783.340 in a sea of red. The move was the biggest since falling 1.58% on July 6. There were 764 losers against 213 gainers while 335 counters unchanged.  About 2.06 million shares, valued at RM2.21bil, changed hands. Dealers said the free fall in the Turkish lira hasRead More