Thursday 24 November 2011

UEM Land Q3 pre-tax profit surges to RM67m

UEM Land Holdings Bhd's pre-tax profit for the third quarter ended Sept 30, 2011, surged to RM67.43 million from RM14.002 million recorded in the same period last year.

Revenue rose to RM408.282 million from RM65.674 million previously due to improved performance from the company's developed land sales and direct development projects.

"The current quarter also includes the consolidation of the results from a new subsidiary, Sunrise," it said in a filing to Bursa Malaysia today. -- Bernama



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UMW Hldgs 9-month profit declines

UMW Holdings Bhd posted a pre-tax profit of RM414.154 million for the third quarter ended Sept 30, 2011, up 21.5 per cent from RM340.922 million in the corresponding quarter last year. Its revenue rose to RM3.691 billion from RM3.087 billion.

For the nine months period, its pre-tax profit declined to RM1.066 billion from RM1.088 billion in the same period last year, although revenue rose to RM10.079 billion from RM9.402 billion.

Higher revenue from all four core business segments contributed to the increase in the third quarter, it said in a statement. Swift production recovery from the impact of earthquake and tsunami in Japan had enabled its Automotive and Equipment segments to register a surge in revenue, it said.

Full-quarter revenue generated by its premium jack-up rigs, Naga 2 and Naga 3 coupled with the higher day-rate from its semi-submersible rig, Naga 1, contributed to the higher revenue in the Oil & Gas segment, it said.

Higher sales of both Toyota and Perodua vehicles and favourable exchange rate for the United States dollar resulted in the higher profit contributions from the automotive segment, it said.

Moving forward, it said the flooding in Thailand has not directly affected any of the three Toyota vehicle production plants.

However, vehicle production has been halted since 10th October 2011 due to disruptions in the supply of critical parts by suppliers in Thailand affected by the flooding, it said.

Toyota is doing everything possible within its capability to restore procurement as soon as possible, it added.

This includes procuring substitute parts from affiliates in other countries and carrying out countermeasures on a daily basis. Toyota resumed its plant operations in Thailand on November 21, it said.

UMW Toyota anticipates a temporary lower-than-normal stock level in the last two months of the year as a result of the floods in Thailand.

Despite several challenges to its other segments including manufacturing and engineering, equipment, oil and gas, UMW is of the view that the group’s internal targets for 2011 are achievable.

It declared a second interim single-tier dividend of 27 per cent or 13.5 sen.-- Bernama



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Mulpha Q3 pre-tax profit drops to RM10m

Mulpha International Bhd's pre-tax profit for the third quarter ended Sept 30, 2011, dropped to RM10.226 million from RM16.734 million recorded in the same period last year.

Revenue decline to RM172.751 million from RM180.755 million previously.

Mulpha in filing to Bursa Malaysia today said the higher pre-tax profit was contributed substantially by the gain on disposal of Hilton Melbourne Airport Hotel amounting to RM242.5 million. -- Bernama



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SP Setia keen on prospects in London

SP Setia Bhd has confirmed it is interested in the Battersea Power Station site in London.

The company said it had instructed an investment advisor to submit a conditional non-binding preliminary offer to acquire from Lloyds Banking Group PLC and the National Asset Management Agency (NAMA), the senior debt facilities and the swap exposure and other related claims in the Battersea Power Station site and its holding company for £262 million.

The offer was made in the ordinary course of the group’s activities to always seek out good opportunities in both local and selected international markets to expand the group’s operations, it said in a filing with Bursa Malaysia today.

However, it said "NAMA and Lloyds have informed SP Setia via a letter dated
Nov 23, 2011 that they do not intend to engage further on the preliminary offer
at this stage".

Nevertheless, SP Setia still believes that property development prospects in London are positive.

"Accordingly the group will continue to look out for and assess other possibilities to invest, via strategic partnerships and landbanking opportunities, in this exciting market," it said.

According to reports, SP Setia has agreed terms with Irish group Real Estate Opportunities to take a majority stake in the landmark power station through acquiring the bank debt that is threatening to derail the £5.5 billion redevelopment to build 3,400 homes, a conference centre, 10 million sq ft of offices and retail space at Battersea.

Battersea Power Station has lain dormant since 1983 – when the power station was shut down. -- Bernama



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Muhibbah Engr posts higher Q3 pre-tax profit

Muhibbah Engineering (M) Bhd registered a higher pre-tax profit of RM33.25 million for the third quarter ended Sept 30, 2011 compared with RM21.3 million chalked up in the same period last year.

In a filing to Bursa Malaysia today, it said revenue for the period rose to
RM523 million compared with RM289 million previously. -- Bernama



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DRB-HICOM posts higher Q2 pre-tax profit

DRB-HICOM Bhd achieved a higher pre-tax profit of RM164.06 million for the second quarter ended Sept 30, 2011 compared with RM146.31 million in the preceding quarter.

The 12.1 per cent improvement was attributed to higher results from operating companies as well as the recognition of share of results of POS Malaysia Bhd, equity accounted from July 2011, the group said in a statement here, today.

For the six months ended Sept 30, 2011, DRB-HICOM achieved a lower revenue of RM3.06 billion compared to RM3.20 billion in the previous corresponding period.

The decline in revenue was mainly due to lower sales recorded by the automotive sector in line with the lower total industry volume (TIV) for motor vehicles during the period under review, the group said.

The automotive and automotive components supply constraints arising from the flood situation in Thailand compounded with the unfavourable exchange rate movements are expected to affect the group’s automotive business.

Group managing director Datuk Seri Haji Mohd Khamil Jamil said the group will continue to pursue various cost management initiatives and remain prudent in business approaches to minimise the negative impact due to the exchange rate volatility and supply uncertainty.

He added given the prevailing conditions, the group’s financial performance for the financial year ending March 31, 2012 will remain challenging. -- Bernama



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Genting (M) Q3 profit rises to RM463m

Genting Malaysia Bhd announced its pre-tax profit for the third quarter ended Sept 30, 2011 increased to RM463.084 million from RM416.262 million in the same quarter last year. Its revenue rose to RM2.316 billion from RM1.203 billion.

For the nine-months period, its pre-tax profit increased to RM1.447 billion from RM1.228 billion in the same period last year while revenue rose to RM6.162 billion from 3.775 billion.

On its third quarter performance, Genting Malaysia said during the quarter, the group's recognised revenue of RM566.9 million in relation to the progressive development of Resorts World Casino New York City (RWNYC) UK revenue contribution was RM332.3 million, it added.

In Malaysia, the leisure and hospitality business reported RM203.9 million or 17 per cent higher revenue, driven by an increase in both overall volume of business and hold percentage in the premium players business, it said in a statement.

Excluding the construction revenue, the group's revenue would have increased by 45 per cent, it said. It said the group remains cautious on the outlook of the leisure and hospitality industry.

Slower global growth prospects are anticipated mainly due to weakening economic fundamentals, it said. Growth in regional tourism should continue to augur well for the leisure and hospitality business, it said.

It said the premium players business in the region also saw significant growth as evidenced by recent reports in Singapore and Macau.

In Malaysia, despite regional competition, the group is heartened by its recent performance. The group remains cautiously optimistic that its yield management efforts will continue to contribute positively for the remaining period of the year.

In the UK, despite the lacklustre economic environment, the group remains focused on its efforts to harness its established business links with Asia and to reinvigorate its casinos.

In the US, RWNYC made its debut on Oct 28 as the first casino in New York City, with encouraging results, it said.

Additional floors of gaming facilities, event space and new upscale dining offerings are slated to be made available to the public by year-end, effectively doubling the resort's gaming capacity, it said.

This resort will provide an additional leisure attraction to New York City, given its close proximity to the city centre and relative ease of accessibility, it said.

A comprehensive masterplan for Resorts World Miami was unveiled in September 2011, it said.

The destination resort masterplan comprises a mixed-use development which incorporates themed-hotels, a podium housing the convention, entertainment, restaurant, retail, commercial facilities and residential towers, it said.

Separately, Genting Malaysia Bhd said its indirect wholly-owned subsidiary Genting Casinos UK Limited (Gencas) acquired the entire issued share capital of Fox Poker Club Limited for 7.750 million pounds (RM38.35 million).

Fox Poker Club is a private limited company incorporated in UK on March 15, 2005 with entertainment activities as its business, said Genting malaysia in a filing to Bursa Malaysia Securities.

It said the company holds a casino licence and operates a poker club in Shaftesbury Avenue in central London. -- Bernama



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Bintulu Port posts lower Q3 pre-tax profit

Bintulu Port Holdings Bhd has posted a decrease in pre-tax profit for the third quarter ended Sept 30, 2011 to RM42.546 million from RM48.650 million in the corresponding quarter last year. Its revenue rose to RM117.371 million from RM111.471 million.

For the first nine months, its pre-tax profit fell to RM137.811 million from RM147.447 million in the same period last year although revenue rose to RM358.587 million from RM336.888 million.

In a filing with Bursa Malaysia today, it said revenue generated from port services in the third quarter was RM109.70 million with the revenue from the handling of liquefied natural gas (LNG) vessel calls and cargo contributing RM82.60 million towards the total operating revenue. Revenue from bulking services contributed RM7.67 million, it added.

In 2011, the handling of LNG vessel calls and cargoes will still be Bintulu Port's most important revenue contributor. The bulking operation is also expected to contribute positively towards the revenue growth.

Other cargoes that are expected to contribute positively towards revenue are bulk fertiliser, palm oil, palm kernel and alumina.

Bintulu Port Sdn Bhd (a wholly owned subsidiary of Bintulu Port Holdings Bhd) has obtained an approval from the Ministry of Finance on the tax incentive for Approved Service Project (ASP), in the form of Investment Allowance under Schedule 7B of the Income Tax Act 1967, for the port’s expansion and development projects.

The estimated ASP incentive available from Year 2008 to Year 2011 is RM41.9 million and the estimated tax credit which can be utilised for set-off in the year 2011 is RM30.1 million, it said.

Barring any unforeseen circumstances, Bintulu Port expects the performance of the group for the year 2011 to remain satisfactory. -- Bernama



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Coastal Contracts posts 32pc dip in Q3 pre-tax profit

Coastal Contracts Bhd recorded a 32 per cent dip in pre-tax profit to RM36.6 million for the third quarter ended September 30, 2011 against RM53.6 million recorded in the previous corresponding period.

The company registered a lower revenue of RM110.2 million for the same period compared with RM192.1 million registered in the corresponding quarter of last year.

In a filing to Bursa Malaysia, the company said its shipbuilding and ship repair division registered a lower revenue of RM108.6 million, versus RM188 million recorded in the previous corresponding period, due to less vessels delivered in the third quarter of the current financial year.

The revenue generated from its vessel chartering division dropped 61 per cent to RM1.6 million, from RM4.1 million registered in the same corresponding quarter, due to lower fleet utilisation rate, the company said.

Despite the growing concern over the Eurozone sovereign-debt crisis, Coastal Contract said crude oil price maintained around US$98 per barrel.

With the robust deepwater oilfield developments off the western coast of Sabah, the company is actively pursuing opportunities to diversify into the offshore structure fabrication business.

With the continued growth in committed exploration and production capital expenditure by oil companies, Coastal Group said it was modestly optimistic of clinching new contracts for offshore support vessels.

The group expects to redeploy its chartering fleet within Asia Pacific's niche market for coastal and inland waterway transportation to earn recurring income stream.

With net cash of RM180 million and substantially low gearing ratio of 2.3 per cent, as at end-September 2011, the group was on a solid financial footing which would shield it from the fickle market environment.

"Barring drastic adverse developments in the global and regional economies, Coastal Group is on track to achieve a reasonably satisfactory financial performance for 2011, backed by the shipbuilding division's solid vessel sales order book," the company added. -- Bernama



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Genting Malaysia 3Q earnings up 3.2% to RM347.1m

KUALA LUMPUR (Nov 24): Genting Malaysia Bhd’s earning edged up 3.2% to RM347.14 million from RM336.42 million a year ago, boosted by the leisure and hospitality business in Malaysia.

It said on Thursday the group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 38% to RM589.9 million from RM428.3 million a year ago.

“The higher EBITDA is mainly attributable to the leisure and hospitality business in Malaysia which recorded an adjusted EBITDA of RM522.9 million, a 25% increase over the corresponding quarter last year of RM419.7 million,” it said.

Genting Malaysia said excluding the CONSTRUCTION [] profit, the group’ adjusted EBITDA would have increased by 32%. The group’s profit before taxation for 3Q11 increased to RM463.1 million, mainly due to the stronger results from the Malaysian operations.

It said on Thursday, revenue jumped 92.5% to RM2.316 billion from RM1.203 billion while earnings per share were 6.13 sen compared with 5.92 sen.

“During the quarter, the group recognised revenue of RM566.9 million in relation to the progressive development of Resorts World Casino New York City (RWNYC). United Kingdom’s revenue contribution was RM332.3 million.

“In Malaysia, the leisure and hospitality business reported RM203.9 million or 17% higher revenue, driven by an increase in both overall volume of business and hold percentage in the premium players business. Excluding the construction revenue, the group’s revenue would have increased by 45%,” it said.

Genting Malaysia said for the nine-month period, its earnings rose 17.9% to RM1.078 billion from RM912.47 million while revenue rose 63.2% to RM6.162 billion from RM3.774 billion.

It said during the nine-month period, RM1.194 billion was recognised in relation to the development of RWNYC. The UK operations contributed RM866.0 million. The Malaysian operations registered 9% higher revenue mainly due to higher hold percentage in the premium players business.

Excluding the construction revenue, the group’s revenue would have increased by 32%. The group’ adjusted EBITDA for the nine months increased by 20% to RM1.746 billion. Excluding the construction profit, the group’s EBITDA would have increased by 16%.



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Genting Bhd 3Q earnings dn 22% to RM597m on-yr

KUALA LUMPUR (Nov 24): GENTING BHD []’s earnings fell 22% to RM597.19 million in the third quarter ended Sept 30, 2011 (3QFY11) from RM765.92 million a year ago in the absence of one-off items including a net gains of RM413.60 million recorded a year ago.

It said on Thursday, pretax profit for 3QFY11 included gain on disposal of available-for-sale financial assets of RM77.6 million.

However, it was impacted by net impairment loss of RM25.10 million mainly from the group’s investments in certain jointly controlled entities and associate. There was also a net fair value loss of RM16.4 million on financial assets at fair value through profit or loss.

(In 3Q10, the pre-tax profit had then included one-off items comprising a net gain of RM413.6 million arising from the entitlement to the deferred consideration in relation to the sale of the whole of the issued share capital of Cairns Ltd by Laila Ltd, an indirect 95% owned subsidiary, to BP Global Investments Ltd; and also net impairment loss of RM250.6 million.)

Genting Bhd’s revenue rose 31.6% to RM5.143 billion in 3QFY11 from RM3.909 billion while earnings per share were 16.16 sen compared with 20.72 sen.

“The increase in the revenue of the leisure & hospitality division was contributed by all of the group’s leisure and hospitality businesses in Singapore, Malaysia, the UK and the US,” it said.

On Resorts World Sentosa (RWS), it said there was an increased due to the gaming and non-gaming segments.

The power division’s revenue increased mainly due to better dispatch and a higher 2011 tariff rate in the Meizhou Wan power plant and higher energy charge in the Kuala Langat power plant. However, the EBITDA of this division is lower than that of the previous year due to higher coal prices.

The increase in the PLANTATION [] division’s revenue and EBITDA in 3QFY11 was principally due to higher palm products prices and higher FFB production.

The share of results in jointly controlled entities and associates increased in 3QFY11, mainly due to the higher profits generated by the Indian power plants.

For the nine-month period, its earnings increased by 20.5% to RM2.094 billion from RM1.737 billion in the previous corresponding period. Its revenue rose by a stronger pace of 30.4% to RM14.495 billion from RM11.108 billion a year ago.

Genting Bhd said the group’s profit before tax for the nine-months included gain on disposal of available-for-sale financial assets of RM221.6 million; property related termination costs of RM39.4 million; and net impairment loss of RM29.0 million mainly from the group’s investments in certain jointly controlled entities and associate.

It added that profit before tax included net impairment loss of RM1.554 billion; net gain on dilution of RM436.3 million in the company’s shareholding in Genting Singapore plc when the convertible bonds were fully converted into new Getting Singapore shares in the first half of 2010 and net gain of RM413.6 million arising from the entitlement to the deferred consideration.



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Maybank eyes 40% overseas profit by 2015

Malayan Banking Bhd aims to get 40 per cent of its pre-tax profit from overseas operations by 2015, Chief Executive Officer Abdul Wahid Omar said in Singapore. The bank plans to expand in the Middle East, China and India, he said. -- Bloomberg



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Dayang to buy 10pc of Perdana Petroleum

Dayang Enterprise Holdings Bhd has accepted the offer to subscribe to 45.012 million new shares in Perdana Petroleum Bhd (PPB) via private placement.

The shares represented 10 per cent of the issued and paid-up capital in PPB, it said in a filing with Bursa Malaysia Securities.

It said the subscription price would be based on the volume-weighted market price for the five market days immediately preceding the price-fixing date and a discount of not more than five per cent but not less than the par value of PPB shares of 50 sen each.

PPB, with core business activity in offshore marine services, today rose half sen to close at 72 sen on Bursa Malaysia. Dayang said the proposed subscription was part of its plan to expand and diversify its business.

It said the proposed subscription would provide the opportunity to participate in potentially high-yielding contracts. Dayang said it would use internally-generated for the deal. -- Bernama



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Dialog bullish on recurring income

Despite the gloomy global economic outlook, integrated oil and gas services specialist company, Dialog Group Bhd, is optimistic of remaining bullish next year, bolstered by its recurring income from tank terminals, maintenance and services.

Executive Chairman Ngau Boon Keat said 80 per cent revenue came from recurring income.

The group posted RM1.2 billion revenue for the financial year ended June 30, 2011, with RM160.1 million after-tax profit.

"The economic situation may not be so good, but we're doing OK.

We have major projects in Tanjung Langsat, Pengerang, and in Bintulu. Our business model doesn't depend on building new plants or (making) new investments," he told reporters after the group's AGM and EGM today.

Ngau said next year the group would concentrate on the Pengerang Independent Deepwater Terminal and Tanjung Langsat Terminal.

He said the Pengerang terminal would keep the group busy for at least seven years.

With RM2 billion full development cost, the terminal's first phase is expected to be completed by 2013, he said.

As the project develops, its cost can swell up to RM10 billion by 2017, depending on the project requirements, Ngau said.

Meanwhile, the expanding Tanjung Langsat Terminal is already contributing to the group's revenue.

"We will continue to promote investments in Tanjung Langsat," he said.

To date, the group's capital commitment for tank-related investments are about RM300 million and another RM225 million for non-tank related projects.

Dialog would continue to look for other opportunities which can complement its current services and can add value to the group, he said.

On overseas operations, which accounted for about 50 per cent of its turnover, Ngau said most of the jobs were specialised services.

"We are in all over the world and will go wherever the client needs us to be," he said.

Moving forward, the group would keep on tendering for projects but would not take more than what it could handle, he added. -- Bernama



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Unimech records higher revenue in Q3

Unimech Group Bhd recorded a pre-tax profit of RM7.37 million for the third quarter ended Sept 30, 2011 compared with RM5.896 million registered in the corresponding quarter of last year.

In a filing to Bursa Malaysia today, the company said revenue increased to RM45.3 million, for the period under review, from RM42.86 million chalked up in the previous corresponding period.

Unimech Group attributed the higher revenue to increased demand for valves, fittings and related products.

Going forward, it said the group would continue to meet market demand for its core business in order to enhance the group's long-term profitability.

"The group will also step up efforts to improve operation efficiency in order to achieve a competitive edge in the market," it added. -- Bernama



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Results: Xidelang Q3 pre-tax profit improves

# Xidelang Holdings Ltd posted a higher pre-tax profit of RM32.11 million for the third quarter ended Sept 30, 2011 from RM29.59 million recorded in the same period last year.

In filing to Bursa Malaysia today, the company said its revenue rose to RM132.94 million from RM125.25 million previously.

The improvement was attributed to an increase in brand awareness, continuous research and development, increased consumer demands resulting in higher sales for the period under review.


# KKB Engineering Bhd posted a 63.5 per cent drop in pre-tax profit to RM11.32 million for the third quarter ended Sept 30, 2011, from RM31.02 million, recorded in the same period last year.

In a filing to Bursa Malaysia today, the company said revenue slipped to RM60.20 million, from RM68.63 million, recorded in the previous corresponding period.

Going forward, it expects manufacturing and engineering activities to contribute positively to the group's performance in view of the vast opportunities existing in the Sarawak Corridor of Renewable Energy.


# Bintai Kinden Corporation Bhd recorded a higher pre-tax profit of RM6.13 million for the second quarter ended Sept 30, 2011 compared with RM1.91 million in the same period last year.

In a filing to Bursa Malaysia today, the specialist engineering company said revenue for the period however decreased to RM57.24 million compared with RM91.68 million previously.

The company expects to see a satisfactory performance for this financial year with its current projects in hand for this financial year.


# United U-LI Corporation Bhd registered a lower pre-tax profit of RM2.58 million for the third qurter ended Sept 30, 2011 compared with RM4.76 million in the same period last year.

In a filing to Bursa Malaysia today, it said revenue for the period however rose to RM34.2 million compared with RM30.74 million previously.


# Mega First Corporation Bhd (MFCB) posted a higher pre-tax profit of RM36.348 million for the third quarter ended Sept 30, 2011 from RM30.082 million chalked up in the same period last year.

In a filing to Bursa Malaysia today, the company said revenue increased to RM151.962 million compared with RM127.049 million registered previously.

MFCB said the better pre-tax profit was largely attributable to higher contribution from the power and limestone divisions and gains from the disposal of quoted shares, partially offset, by lower contribution from the property and engineering divisions.


# MNRB Holdings Bhd posted a pre-tax loss of RM337,000 for the second quarter ended Sept 30, 2011 against a pre-tax profit of RM27.94 million in the same period last year.

The group recorded a pre-tax loss in the current quarter due to the provision made by the group's reinsurance subsidiary for the Thailand flood loss, the company said in filing to Bursa Malaysia today.

Revenue, however, rose to RM362.65 million from RM338.97 million.

MNRB attributed the higher revenue to the increase in the gross premium written by the reinsurance subsidiary and the increase in the wakalah fees earned by the takaful and retakaful operator.


# Can-One Bhd posted a higher pre-tax profit of RM9.794 million for the third quarter ended Sept 30, 2011 from RM6.747 million recorded in the same period last year.

In a filing to Bursa Malaysia today, the investment holding company with its main activities in the manufacture of cans as well as food products, said its revenue rose to RM160.555 million, from RM115.244 million registered in the same quarter previously.

The improvement in revenue was attributed to increase in production efficiency and economies of larger scale production.

It added the increase in production capacity and demand for liquid milk products also contributed to the growth. -- Bernama



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Maybank unveils new Kim Eng corp identity

Maybank Group has unveiled a new corporate identity for Kim Eng and announced a new management line-up, setting its aspiration to be the premier investment banking service provider in Asean by 2015.

This followed the completion of the S$1.79 billion acquisition of the
securities and investment broking group earlier this year, a deal which was
awarded the Best Deal in Singapore in The Asset Triple A Country Awards 2011.

In a statement today, Maybank said Kim Eng would be known as Maybank Kim Eng and would adopt the tiger symbol as its new corporate identity and embrace the yellow colour of group.

"It would also retain its corporate name for now in Singapore, Hong Kong,
India and Indonesia, reflecting only the new symbol and colour, pending further regulatory approvals," it said.

Maybank has named the current chief executive officer (CEO) of Maybank
Investment Bank, Tengku Datuk Zafrul Tengku Aziz, CEO of Maybank Kim Seng to oversee its global activities in 11 countries.

It has named Ronald Ooi executive advisor of Maybank Kim Seng and Tan Pei-San as head of international business to oversee the operations in Philippines, Hong Kong, Vietnam, India, UK and US.

Maybank president/chief executive officer, Datuk Seri Abdul Wahid Omar, said this transaction was more than just the merging of two entities.

"Our strengthened position and significant footprint across the region, together with the talent and expertise of the new team will lead the expansion of our business.

"We will be able to complete aggressively and play a leading role in the regional capital markets," he said.

He said the anticipated synergies resulting from this transaction included cross-selling within the expanded client base, improved investment banking and underwriting capabilities and efficiencies in cash management support.

"Kim Eng can leverage on Maybank's balance sheet and also enjoy lower cost of funds, and following the acquisition, Maybank will have stronger regional network and access to the Thai market," he said.

Abdul Wahid said the Kim Eng acquisition was timely and strategic investment to steer its course for the investment banking arm to becoming a regional financial powerhouse. -- Bernama



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Scomi Marine Q3 net profit up by 60%

Scomi Marine Bhd, an associate company of Scomi Group Bhd involved in the energy logistics industry, has reported a 60 per cent increase in net profit for the third quarter ended Sept 30, 2011.

In a statement today, the company said it recorded a net profit of RM7.6 million in the third quarter from RM4.7 million in the previous quarter despite a slight drop of revenue by RM1.9 million to RM88 million.

"The higher net profit was achieved through further continuous operational
efficiency initiatives implemented by management that have successfully increased vessel productivity and lower bunker consumption in the coal transportation business.

"The offshore fleet also performed better as utilisation rate improved largely as a result of an increase in exploration and production (E&P) activity mainly in the Malaysian and Indonesian markets," it said.

Despite the increasingly difficult economic environment, the financial outlook for the rest of the year remains positive with the expected increase in E&P activities in the Asian region. -- Bernama



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Bolton reaps higher profit in 3rd quarter

Bolton Bhd chalked up a higher pre-tax profit of RM14.587 million for the third quarter ended Sept 30, 2011 from RM4.722 million recorded in the same period last year.

Revenue rose to RM100.815 million, from RM63.679 million, previously.

In a filing to Bursa Malaysia, the company said the better performance was due to the excellent take-up of 6 Ceylon, a 33-storey urban rejuvenation development, Arata (100-unit luxurious condominium in Bukit Tunku), Cascadia townhouses, Bizwalk, mixed development in Taman Tasik Prima Puchong and Surin development in Penang.

Bolton said, as at Sept 30, the near 100 per cent take-up rate for the new launches have resulted in a record unbilled sales of approximately RM518 million. -- Bernama



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Kurnia Asia nets RM36.7m 9-month profit

Kurnia Asia Bhd has posted a 1.9 per cent year-on-year gross written premium increase to RM814.6 million for the nine months ended Sept 30, 2011.

It was attributed to a 18 per cent year-on-year growth in the group's non-motor business segment, the company said in a statement today.

It said the group recorded a net profit of RM36.7 million for the nine-month period, up 57.6 per cent, mainly attributable to the improved underwriting performance.

It said Kurnia Insurans (Malaysia) Bhd's non-motor business contribution to total gross premium income jumped to 20.4 per cent from 17.4 per cent a year ago as non-motor business segment alone expanded by 18.7 per cent year-on-year to reach RM161.2 million for the period under review.

Its underwriting profit for the first nine months amounted to RM10.9 million against an underwriting loss of RM22.6 million in the previous year. -- Bernama



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Atis sees satisfactory performance in Q4

Atis Corp Bhd posted RM2.06 million lower pre-tax profit for the third quarter ended Sept 30, 2011 from RM30.44 million recorded in the same period last year.

The company said its revenue rose to RM195.267 million from RM187.464 million in the same quarter last year.

For the current financial year, the group recorded RM678.1 million higher revenue or by 35.2 per cent as compared to the same period last year.

The improvement was attributed to Nadayu Properties Bhd, an Atis' subsidiary, acquired at the end of the third quarter in the last financial year, it said in a filing to bursa Malaysia.

The group expected a satisfactory performance in the fourth quarter despite uncertainties in the business environment. -- Bernama



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MSM Q3 pre-tax profit dwindles to RM63m

MSM Malaysia Holdings Bhd's pre-tax profit for the third quarter ended Sept 30, 2011 fell to RM62.79 million from RM107.96 million in the same quarter last year.

Revenue, however, rose to RM623.98 million from RM540.82 million in the same quarter last year. The group attributed the lower pre-tax profit to higher sales cost as reflected in the spiralling raw sugar price, it said.

The better revenue performance was mainly due to higher export volume and
increased average price, it said in a filing to Bursa Malaysia.

On prospects, the group is expected to sustain its satisfactory performance despite the volatility in commodity prices. -- Bernama



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Manulife Hldgs Q3 pre-tax profit rises to RM20.4m

Manulife Holdings Bhd's pre-tax profit for the third quarter ended Sept 30, 2011 rose to RM20.4 million from RM16.3 million in the same quarter last year.

Revenue increased to RM159.1 million from RM153.8 million previously, it said in a filing to Bursa Malaysia today.

For the nine months ended Sept 30, 2011 its pre-tax profit increased to RM65.3 million from RM57.5 million in the same period of 2010. Its revenue rose to RM455.2 million from RM22.5 million previously.

Manulife said the higher revenue was mainly due to higher gross premium income from the insurance business and a higher investment income. -- Bernama



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MClean registers lower Q3 pre-tax profit of RM483k

MClean Technologies Bhd registered a pre-tax profit of RM483,000 for the third quarter ended Sept 30, 2011, down from RM784,000 in the corresponding period of 2010. However, its revenue increased to RM10.481 million from RM6.348 million.

For the nine months period, its pre-tax profit saw a significant drop to
RM464,000 from RM4.478 million in the corresponding period last year, although revenue rose to RM27.952 million from RM21.468 million.

In a statement, it said the increase in group revenue was due mainly to an
increase in plastic injection moulding and cleanroom assembly services.

MClean’s Chief Executive Officer, Bert Chow commented: "Although we have
shown positive growth in revenue for the third quarter of this year, we remain
cautious about the effects of the flood situation in Thailand."

He said being the world’s second largest exporter of hard disk drive (HDD)
behind China, Thailand has experienced its worst flooding in more than 50 years, potentially leading to a shortage of HDD supplies for the current fourth quarter that may advance into the first quarter of 2012.

MClean is a company specialising in precision cleaning service for HDDs,
with market leadership and technological competence in the industry.

Its reputation and long-standing working relationship with major HDD
industry players provides the company the leverage and advantage to secure
continuous cleaning jobs in Singapore, as well as neighbouring HDD hubs such as Malaysia, Thailand and China. -- Bernama



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KL shares rebound on bargain-hunting

Bursa Malaysia rebounded from yesterday's losses to close higher today, helped by gains in banking stocks and blue-chips like Proton and Hong Leong Financial Group, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 14.82 points to close at 1,447.99 after opening 1.26 points lower at 1,431.91.

A dealer said Asian markets, with the exception of Japan, bounced back from their recent losses to close higher today on bargain hunting.

He said the cautious sentiment, however, remained on growing concern over the impact of the eurozone debt crisis and the weak China's manufacturing activities against the backdrop of a poor global economic outlook.

The Finance Index gained 107.20 points to 12,885.97, Plantation Index increased 58.13 points to 7,629.34 and the Industrial Index surged 18.37 points to 2,634.12.

The FBM Emas Index rose 86.28 points to 9,908.96, FBM70 Index added 50.84 points to 10,746.85, FBM Top 100 Index surged 87.99 points to 9,716.33 and the FBM ACE Index jumped 35.07 points to 4,165.27.

Advancers led decliners by 499 to 277 while 289 counters were unchanged, 468 untraded and 19 others were suspended.

Turnover, however, fell to 1.499 billion shares worth RM1.077 billion from 1.508 billion shares worth RM1.127 billion yesterday.

Among the active counters, MBF Holdings warrants rose seven sen to 32.5 sen, Compugates Holdings was unchanged at eight sen, JCY International rose seven sen to 75 sen and Sumatec Resources declined 5.5 sen to 23 sen.

Among the heavyweights, Maybank rose two sen to RM8.19, CIMB rose 11 sen to RM6.79, AMMB Holdings increased five sen to RM5.56, Sime Darby added 15 sen to RM8.88, Proton jumped 23 sen to RM3.18 and Hong Leong Financial Group surged 32 sen to RM11.32. -- Bernama



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Dialog banks on income from tank terminals

PETALING JAYA (Nov 24): Despite the gloomy global economic outlook, integrated oil and gas services specialist company, DIALOG GROUP BHD [], is optimistic of remaining bullish next year, bolstered by its recurring income from tank terminals, maintenance and services.

Executive Chairman Ngau Boon Keat said 80 per cent revenue came from recurring income.

The group posted RM1.2 billion revenue for the financial year ended June 30, 2011, with RM160.1 million after-tax profit.

"The economic situation may not be so good, but we're doing OK. We have major projects in Tanjung Langsat, Pengerang, and in Bintulu. Our business model doesn't depend on building new plants or (making) new investments," he told reporters after the group's AGM and EGM on Thursday.

Ngau said next year the group would concentrate on the Pengerang Independent Deepwater Terminal and Tanjung Langsat Terminal.

He said the Pengerang terminal would keep the group busy for at least seven years.

With RM2 billion full development cost, the terminal's first phase is expected to be completed by 2013, he said.

As the project develops, its cost can swell up to RM10 billion by 2017, depending on the project requirements, Ngau said.

Meanwhile, the expanding Tanjung Langsat Terminal is already contributing to the group's revenue.

"We will continue to promote investments in Tanjung Langsat," he said.

To date, the group's capital commitment for tank-related investments are about RM300 million and another RM225 million for non-tank related projects.

Dialog would continue to look for other opportunities which can complement its current services and can add value to the group, he said.

On overseas operations, which accounted for about 50 per cent of its turnover, Ngau said most of the jobs were specialised services.

"We are in all over the world and will go whereever the client needs us to be," he said.

Moving forward, the group would keep on tendering for projects but would not take more than what it could handle, he added. - Bernama



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GD Express 1Q net profit up 27.4% to RM1.58m

KUALA LUMPUR (Nov 24): GD EXPRESS CARRIER BHD [] net profit for the first quarter ended Sept 30, 2011 rose 27.4% to RM1.58 million from RM1.24 million a year earlier, due mainly to higher demand for courier and logistics services.

The company said on Thursday that its revenue for the quarter increased 23.3% to RM26.28 million from RM21.32 million in 2010.

Earnings per share was 0.62 sen compared to 0.48 sen a year earlier, while net assets per share was 19 sen.

Reviewing its performance, GD Express said the favorable performance was attributed by higher demand for courier and logistics services, in tandem with the growing outsourcing trend in the business environment.

The company said that in response to external demand, it had invested further in infrastructure, processes and people to facilitate higher business growth and improved performance.

On its prospects, GD Express said it expects the domestic economy to remain healthy, with the implementation of various government initiatives.

However, the recent liberalisation of courier industry brought in new foreign entrants to the local market which intensify competition, it said.

“The group will continue its key focus in improving service quality and gain greater trust from the customers.

“Barring unforeseen circumstances, the board is of the opinion that the group’s prospects will remain positive,” it said.



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Notion VTec expects earnings to recover from slowdown

KUALA LUMPUR (Nov 24): Hard disk drive (HDD) parts maker Notion VTec is confident that its earnings will recover following an expected slowdown in the current quarter.

Its chairman and executive director Thoo Chow said: “Our business model has continued to be robust, we should be able to recover over the next three quarters,”

In the fourth quarter ended Sept 30, it recorded net profit of RM12.49 million, up 44.5% from RM8.64 million a year ago. It revenue rose 20.2% to RM61.96 million from RM51.55 million.

For the financial year ended Sept 30, its earnings rose 23.3% to RM46.86 million from RM38 million a year ago.

However, Notion VTec expected revenue is expected to be 45% lower in the first quarter ended Dec 31, 2011 due to disruptions from the severe flooding in Thailand.



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MNRB posts net loss RM5.94m in 2Q

KUALA LUMPUR (Nov 24): MNRB HOLDINGS BHD [] posted net loss RM5.94 million for the second quarter ended Sept 30, 2011, compared to net profit RM21.26 million a year earlier, due mainly higher claims incurred by its reinsurance subsidiary.

The company said on Thursday that its revenue rose 6.98% to RM362.85 million from RM338.97 million in 2010.

Loss per share for the quarter under review was 2.80 sen compared to earnings per share 10 sen a year earlier, while net assets per share was RM4.86.

For the six months ended Sept 30, MNRB’s net profit fell to RM37.03 million from RM47.4 million in 2010, while its revenue rose to RM761.55 million from RM725.66 million.

Reviewing its performance, MNRB said the higher revenue was a result of the increase in the gross premium written by the reinsurance subsidiary and the increase in the wakalah fees earned by the takaful and retakaful operator.

MNRB said the results for the period under review also included provisions made by the its reinsurance subsidiary for its share of unprecedented losses incurred on the floods in Thailand, generally regarded as a "non-catastrophic territory".

It said the estimated net impact of the above event to its profit before zakat and taxation was RM55 million.

On its prospects, MNRB said that in view of the impact of the Thailand flood loss, the group was expected to face a challenging year.



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Can-One 3Q net profit jumps 60.3% to RM7.79m

KUALA LUMPUR (Nov 24): CAN-ONE BHD [] net profit for the third quarter ended Sept 30, 2011 jumped 60.3% to RM7.79 million from RM4.86 million a year earlier, driven mainly by higher revenue achieved by its business segments.

The company said its revenue for the period rose 39.3% to RM160.56 million from RM115.24 million in 2010.

Earnings per share rose to 5.11 sen from 3.19 sen in 2010, while net assets per share was RM1.35.

For the nine months ended Sept 30, Can-One said its net profit rose to RM20.01 million from RM10.77 million, while revenue jumped to RM463.68 million from RM316.88 million.

Reviewing its performance, Can-One said the improvement in revenue for its general can division was contributed mainly by the increase in internal (driven by increase in production capacity in the food division) and external demand for tin can and jerry cans.

It said the food division’s performance was due to the increase in production capacity and demand for liquid milk products.

On its prospects, Can-One said barring any unforeseen circumstances, the company anticipates the results for the financial year ending Dec 31, 2011 to be satisfactory.



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Esthetics in the black in 2Q, sees moderate growth

KUALA LUMPUR (Nov 24): ESTHETICS INTERNATIONAL GROUP [] Bhd returned to the black in the second quarter ended Sept 30 with earnings of RM1.26 million compared with net losses of RM17.94 million a year ago and expected to see moderate growth in 2012.

The wellness and beauty-based company said on Thursday that revenue fell 17.1% to RM32.18 million from RM38.84 million while earnings per share were 0.95 sen compared with loss per share of 13.6 sen.

In the first half, it managed to narrow the losses to RM1.55 million from RM21.11 million in the previous corresponding period while revenue showed a decline of 17.8% to RM64.64 million from RM78.72 million.

“The reduction is mainly due to the discontinuation of certain third party brands which was implemented in the second quarter of last financial year; however the group recovered to a profit before tax position of RM400,000 from RM21.2 million loss before tax for the preceding year corresponding period,” it said.

Esthetics pointed out that revenue from the regional and export businesses for the current period under review was 44% (2010: 46%).

On the outlook, it said the wellness and beauty industry was expected to continue to experience moderate growth in year 2012 while remaining competitive.



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UMW 3Q earnings up 13.2% to RM169m on O&G, auto biz

KUALA LUMPUR (Nov 24): UMW HOLDINGS BHD [] posted a 13.2% increase in earning to RM169.17 million from RM149.39 million a year ago, underpinned by its oil and gas business and also the automotive division.

It said on Thursday that revenue increased by 19.5% to RM3.691 billion from RM3.087 billion while earnings per share were 14.51 sen compared with 13.17 sen. It declared an interim dividend of 13.5 sen per share, unchanged from a year ago.

UMW said the higher revenue from the four business segment contributed to the higher revenue. It added that swift production recovery from the impact of the Japan tsumani saw the automotive and equipments to record a surge in revenue.

It added the higher profit was due to increased sales of Toyota and Perodua and the favourable exchange rate for the US dollar resulted in higher profit contributions from the automotive sector.

For the nine-month period, the earnings recorded an 8.4%decline to RM452.18 million from RM493.94 million while but revenue rose 7.2% to RM10.079 billion from RM9.402 billion.

On the severe flooding in Thailand, UMW said the incident had not directly affected any of the three Toyota vehicle production plants in Samrong, Ban Pho and Gateway. However, vehicle production in Thailand had stopped since Oct 10 due to the disruptions in the supply of critical parts by suppliers in Thailand who were impacted.

On the group revenue for the nine-month period ended Sept 30, it said the additional revenue contributions were from the three offshore rigs coupled with strong demand for the heavy and industrial equipment.

As for the lower pre-tax profit, which eased 2.1% to RM1.065 billion from RM1.088 billion, it attributed this to the substantial increase in the cost of base oil while its newly-completed plans overseas were still in the initial stages of operating below breakeven capacity.



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DRB-Hicom 2Q net profit dn 15.9% to RM104.2m, auto biz weighs

KUALA LUMPUR (Nov 24): DRB-HICOM BHD []’s earnings fell 15.9% to RM104.27 million in the second quarter ended Sept 30 from RM132.19 million a year ago due to the lower profit contribution from the associated companies following the automotive supply-chain disruption

It said on Thursday that it remained cautious about the outlook due to external factors and the impact of the severe Thai floods.

Its revenue fell 10.3% to RM1.476 billion from RM1.647 billion while earnings per share were 5.39 sen compared with 6.84 sen.

“The group achieved a higher pre-tax profit of RM164.06 million in the quarter ended Sept 30, 2011 as compared to RM146.31 million in the quarter ended June 30, 2011. The increase is mainly contributed by higher share of results of jointly controlled entities and recognition of share of results of POS MALAYSIA BHD [],” it said.

For the first half, earnings fell 32.6% to RM195.34 million from RM289.97 million. Revenue also reported a decline of 4.4% to RM3.059 billion from RM3.201 billion, mainly due to lower sales recorded by companies in the automotive sector.

DRB-Hicom said in the previous corresponding period, the group had recognised a one-off exceptional item, that is negative goodwill of RM71.22 million arising from accretion of equity interest in EON Bhd. It added that excluding this exceptional item, the pre-tax profits would have been RM338.43 million for the period ended Sept 30.

“On this comparison, the current financial period’s operating profits had dropped by RM28.06 million. The reduction was mainly attributable to lower share of results of associated companies,” it said.

DRB-Hicom said the automotive and automotive components supply constraints arising from the flood situation in Thailand compounded with the unfavourable exchange rate movements are expected to affect the group’s automotive business.

However, it said the group’s services and property, asset management and CONSTRUCTION [] businesses are expected to remain stable on the back of the moderate GDP growth for 2011 supported by domestic consumer demand.



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Law-Shougang steel venture starts next month

KLANG: Hiap Teck Ventures Bhd’s 55%-owned Eastern Steel Sdn Bhd, controlled by businessman Datuk David Law Tien Seng, will begin work on the first phase of its integrated steel complex in Kemaman next month. The initial cost is RM754 million and targeted completion is by mid-2013.

Despite the ongoing uncertainties in global markets and the challenging outlook for the steel sector, Hiap Teck, currently a steel pipe manufacturer, together with its China partner, China Shougang International Trade and Engineering Corp, has decided to go ahead with the project that will be among the first to produce steel slabs in Asean. Steel slabs are currently imported from eastern Europe.

According to Low Choong Sing, an executive director of Hiap Teck, the Asean market imports 4.13 million tonnes of steel slabs per year.

“Given our initial capacity of 700,000 tonnes, we hope to capture about 17% of the Asean market. We would be among the first in the region to produce steel slabs,” said Low after the company’s EGM yesterday.

While no company in Asean is producing steel slabs, foreign steelmakers have tied up with players in Indonesia and Thailand to set up steel slab plants. Local player Ann Joo Resources Bhd is also in the process of setting up a plant.

According to Low, construction of Phase 1, Stage 1 of Eastern Steel’s complex will be undertaken by China Shougang, and the work will comprise the construction of a blast furnace capable of producing 700,000 tonnes of steel slabs and 350,000 tonnes of coke per year. The ground-breaking ceremony at the site will be on Dec 5.

The cost of RM754 million for Phase 1, Stage 1, will be shared by the shareholders of Eastern Steel — Hiap Teck which owns a 55% stake, Orient Steel Investment Pte Ltd (40%) and Chinaco Investment Pte Ltd (5%).

Law controls 27.64% of Hiap Teck. He is the sole shareholder of Orient Steel, but is in the process of selling his 100% stake in Orient Steel to China Shougang, which will effectively own 40% of Eastern Steel.

Low said there are plans to build another blast furnace in the second stage with a capacity of 1.5 million tonnes of steel slabs and 700,000 tonnes of coke per year.

“We hope to complete the commission of the first blast furnace before we embark on the second stage. We foresee an investment of RM1 billion for the second blast furnace. We could look at bank borrowings to fund this portion,” he said.

At Hiap Teck’s EGM here yesterday, shareholders approved the private placement of new shares to Shougang Singapore (a unit of China Shougang), a renounceable rights issue with free warrants, and an issuance of bonds. Of the amount to be raised from these exercises, about RM389 million will be used to fund Hiap Teck’s portion of the project, while RM35.65 million will be used to repay borrowings.

To recap, Hiap Teck entered into a co-operation agreement in July with Shougang Singapore, Eastern Steel, Law and Chinaco to construct the said integrated steel complex in Kemaman, with Shougang Singapore, having a 40% stake in Eastern Steel (via the acquisition of Law’s 100% stake in Orient Steel), with the remaining 55% and 5% stakes held by Hiap Teck and Chinaco respectively.

It is worth noting that Shougang Singapore has an option to acquire up to 70% of Eastern Steel, by potentially acquiring another 30% stake from Hiap Teck, subject to the terms of the agreement. In addition to that, Shougang Singapore would also become a substantial shareholder of Hiap Teck by taking up the private placement of 32.2 million new Hiap Teck shares or a 9.84% stake in the listed outfit.

Low said Hiap Teck sought the partnership of China Shougang as it has vast expertise in building blast furnaces.

“China Shougang is one of the top three steel mill players in China and produces 30 million tonnes of steel annually. As such, it is the best entity to undertake the construction job,” said Low.

Low said the steel complex would be built in Kemaman as it is strategically located next to the deep sea port. Eastern Steel would source its raw materials from the iron ore mines in Kelantan, Pahang and Terengganu.

“We also plan to import better quality iron ore and coal from Australia,” he said.

There is a strong market in Asean as all steel slabs are currently imported from Eastern Europe, Low said, adding that the shipping of steel slabs from Eastern Europe costs about US$60 (RM191) per tonne and takes about 45 days to be shipped to this region.

“With the completion of the Kemaman blast furnace, shipping costs would be around US$10 per MT and it would (only) take about seven days to ship steel slabs to the Asean countries,” said Low.

Furthermore, Low said Eastern Steel would benefit from the construction of the steel complex in the weakening global economy.

“A weak global economy means costs will be lower and the contractors (may have less projects and so) could focus on the project and complete it on time,” he said.

Nevertheless, he said, Hiap Teck remained cautious of the group’s current pipe manufacturing operations given the current global market situation.

To recap, Hiap Teck first proposed to build the blast furnace in Kemaman after it acquired a 55% stake in Eastern Steel for RM110 million cash in 2009 from David Law and his business partners.

The blast furnace will be built on a 1,200-acre land and Eastern Steel has a licence to produce five million tonnes of steel products per year.

Hiap Teck had said the blast furnace would help it better position itself in the steel industry as the steel products would be of higher quality compared to those produced using scrap metal. Steel scrap prices has been surging and affected profit margins.

According to Bloomberg data, Hiap Teck has one “hold” and three “sell” calls with a consensus fair value of 70 sen. Analysts cited their concerns over the group’s investment risk and the possible potential low efficiency rate during the initial stage of the production of steel slabs.

Hiap Teck rose one sen to close at 90 sen yesterday with 57,000 shares done.


This article appeared in The Edge Financial Daily, November 24, 2011.



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Sumatec says no O&G injection

KUALA LUMPUR: Sumatec Resources Bhd yesterday dismissed speculation that oil and gas (O&G) assets will be injected into the company, clarifying a media report that businessman Tan Sri Halim Saad is looking to inject some O&G assets from Europe and Vietnam into the company and may emerge as a substantial shareholder.

“The board of directors wishes to clarify that there is no O&G assets injection but the company is in the midst of negotiation with the prospective investor on the regularisation plan,” Sumatec said in a statement yesterday.

The Practice Note 17 company did not specify if Halim is the prospective investor it is in talks with to regularise its distressed position.

Sumatec, which was Tuesday’s most active stock with over 52% of its share base changing hands, had its shares and warrants occupying the second and third spot on the most active list yesterday.

Sumatec rose 0.5 sen to 28.5 sen, off an intra-day high of 32 sen, with over 87 million shares done. Sumatec-WA closed unchanged at 16 sen, on a volume of 60.8 million units.


This article appeared in The Edge Financial Daily, November 24, 2011.



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Maybulk’s 3Q earnings plunges 99%

KUALA LUMPUR: Malaysian Bulk Carriers Bhd’s (Maybulk) net profit fell 99% to RM371,000 for 3QFY11 ended Sept 30, from RM87.75 million a year earlier.

Revenue declined 60% to RM44.4 million compared with RM109 million a year earlier. Basic earnings per share for the quarter fell to 0.04 sen versus 8.77 sen a year earlier.

While Maybulk, a major player in the shipping sector operating mainly in the transport of dry bulk cargo and tankers, is confident of remaining profitable for FY11. It said the shipping market will remain weak in 4QFY11. The group is also expected to report lower earnings for FY12.

For 9MFY11 ended September, Maybulk’s net profit was 56% lower at RM74.9 million compared with RM170.67 million a year earlier. The group’s revenue declined 38% to RM198.9 million from RM319.5 million.

In its filing with Bursa Malaysia, Maybulk said charter rates continued to fall in 3QFY11, coupled with lower hire days from the charter-in segment. As such, the group posted an operating loss of RM13.43 million compared to RM79.8 million profit a year earlier. The group also experienced a foreign exchange loss of RM18.1 million in 3QFY11, which contributed to its operating loss.

However, it noted that its associate POSH Group and jointly controlled entity Progress Shipping Pte Ltd contributed better earnings, keeping the group in the black for 3QFY11.

For the 9MFY11 period, Maybulk attributed the declining revenue to a 35% fall in charter rates for the dry bulk segment and reduced revenue days from the tanker segment.

It said the Baltic Dry Index’s average of 1,428 points for 9MFY11 is a 51% decline against the comparative average of 2,885 points in 2010.

“Against the backdrop of the weak dry bulk sector, the group’s charter rates for our dry bulk carriers declined by 35% to US$17,491 [RM55,621] per day, compared with US$26,908 per day for the same period last year,” it said.

It added that the Baltic Clean Tanker Index (BCTI) remained flat from 2010 into the third quarter this year, which was reflected in its tanker revenue.

“Our tankers’ average rate for 9MFY11 was US$12,257 per day, compared with US$12,315 per day for the same period last year,” it said. It added that its tanker segment revenue was lower due to the disposal of a tanker in February and the scheduled dockings of three tankers.

On its outlook, Maybulk said the International Monetary Fund (IMF) had revised downwards projection for the growth rate for world trade volumes to 7.5% for 2011 and 5.8% in 2012.

“Concurrently, Clarkson Research projected the total dry bulk trade to grow by only 4% in 2012 (down from 6% in 2011). Both of these forecasts do not bode well for the shipping industry,” it said, adding that the problems in the European Union would likely further dampen 2012 prospects.

“The tanker market is not expected to change significantly in the coming months due to continuing new-build tanker deliveries and overcapacity. According to a recent report from the Baltic and International Maritime Council, the tanker fleet will grow by up to 7.6% in 2011, adding continued supply pressure on the market,” it said.

Maybulk added two new handysize vessels to its fleet this year and is expected to take delivery of another in December.

It added that while the shipping market will remain weak in 4QFY11, the group is confident of remaining profitable for FY11.

“Going forward, the board is of the view that the coming year will be challenging, and consequently 2012 results will be much lower,” it said.

Maybulk fell two sen to close at RM1.66 yesterday with 303,100 shares done.


This article appeared in The Edge Financial Daily, November 24, 2011.



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Green Packet losses widen, but KPIs on track

PETALING JAYA: Green Packet Bhd’s net loss for 3QFY11 ended September may have widened year-on-year (y-o-y), but the company is still on track to breaking even at operating level by year-end.

CC Puan, group managing director and CEO told a briefing yesterday, “In terms of the group Ebitda [earnings before interest, tax, depreciation and amortisation] margin, we saw an improvement of 23% y-o-y. We are on track to be Ebitda positive by the end of this year.”

The group is on track to meet its other key performance indicators (KPIs), he added. Green Packet is looking to turn profitable by 2H12.

For 3QFY11, net loss rose to RM24.3 million from RM13.7 million the preceding year. According to notes accompanying its results, the deepening losses were the result of higher depreciation of plant and equipment in accordance with the planned rollout of broadband infrastructure and higher amortisation of intangible assets. Revenue, however, rose to RM134.4 million from RM100.9 million for the same period.

For the nine months ended Sept 30, 2011, revenue rose to RM383.9 million from RM277.7 million, with a higher net loss for the period of RM58.6 million compared with RM56.8 million last year.

Of its two core segments, Green Packet’s software and devices saw 3Q profit grow 71.2% to RM15.4 million. But the group was dragged lower by its broadband service division, which reported a RM119.9 million loss, higher than last year’s loss of RM115.9 million.

Even so, Puan points to improving Ebitda numbers and said trends look positive for the group.

“For the software and devices segment, we recently signed a contract with Pakistan WiMAX operator Wateen Telecom to deliver devices. We recently broke into the European market as well by signing a deal with [Spain-based] Telefonica,” he said.

Green Packet’s broadband service comes under the purview of Packet One Networks (Malaysia) Sdn Bhd (P1), which currently has a subscriber base of 356,000 users, whose monthly bill averages about RM70 per month.

While P1 chief executive Michael Lai conceded the landscape of the business will remain competitive, the company is positioning itself to ride the storm.

According to Lai, P1 has seen a good take-up rate for its “Potong Stim” and “One Plan” campaigns. “We are continuing to improve our coverage. We currently have 1,200 sites as at end-September and we are on track to reach 1,600 sites by the end of the year. This will enable us to provide better service quality to our customers,” Lai said.

According to the company, its capital expenditure to date is around RM500 million, while its remaining capital expenditure for the next 12 months is RM250 million.

Lai is upbeat about the agreement P1 sealed with Telekom Malaysia Bhd in October, which gave it access to the 1.3 million homes covered by the latter’s high-speed broadband (HSBB) backbone.

“We are planning the rollout of our HSBB services early next year. It will not only allow us the opportunity to offer high-end packages to our customers, but also to do a network offload for our more congested WiMAX sites,” said Lai.

Puan also said P1 hopes to be able to roll out its 4G offering by 2H12, adding that P1’s network is LTE/4G ready and could instantly roll out services once it receives spectrum allocation from the government. P1 is among nine companies in the running for a portion of the LTE/4G spectrum. The government is expected to announce its decision on winners and allocations early next year.


This article appeared in The Edge Financial Daily, November 24, 2011.



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DiGi shares subdivided today

KUALA LUMPUR: Effective 9am today, DiGi.Com Bhd’s share price will be adjusted to one-tenth of its value, with every share of 10 sen par value subdivided into 10 shares of one sen par value.

That would balloon its share base of 777.5 million shares to 7.78 billion shares, the company said in a statement yesterday. In effect, the reference price for DiGi will be RM3.72, based on its closing price yesterday.


This article appeared in The Edge Financial Daily, November 24, 2011.



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Pavilion REIT to raise RM710m from IPO

KUALA LUMPUR: Pavilion real estate investment trust (Pavilion REIT) is set to raise RM710.3 million from the sale of 26.33% of its total issued units at its initial public offering (IPO), with prices fixed at 90 sen apiece for institutions and at 88 sen for retail investors yesterday.

Cornerstone investors will also be paying 90 sen apiece, CIMB Investment Bank said in a statement to Bursa Malaysia, issued on the company’s behalf yesterday. Yield for Pavilion REIT, slated to debut on Dec 7, is forecast at 6.41% for FY11 and 6.51% for FY12, based on the retail price of 88 sen.

The listing is Malaysia’s fourth biggest this year, trailing Bumi Armada Bhd, UOA Development Bhd and MSM Malaysia Bhd.

Only 35 million or 4.43% of the 790 million units sold at IPO had been set aside for retail investors, including four million units for eligible employees and tenants.

“Total demand in the institutional book (excluding allocation for cornerstone investors) was approximately 28 times the number of units made available for subscription. The retail offering was also very well-received, with subscription rate for the public ballot portion of approximately 7.5 times,” said the manager Pavilion REIT Management Sdn Bhd in a statement yesterday.

Six cornerstone investors, including the Employees Provident Fund Board and Kumpulan Wang Persaraan, are taking up 265 million shares or 8.83% of the enlarged base. The other cornerstone investors are Great Eastern Life, American International Assurance Bhd, Permodalan Nasional Bhd and HwangDBS Investment Management Bhd. Other local and foreign institutions were allocated 490 million units, subject to book-building, according to its IPO prospectus.

Malton Bhd’s chairman Datuk Lim Siew Choon and his spouse, Datin Cindy Tan Kewi Yong, will collectively own 37.6% of Pavilion REIT post-listing, while Qatar Investment Authority will hold 36.1%.

Pavilion REIT — whose portfolio consists of the Pavilion Kuala Lumpur Mall and the 20-storey Pavilion Tower office block — plans to pay out at least 90% of its distributable income on a half-yearly basis from FY12. It will distribute 100% of its income from the period from its debut to Dec 31, 2012, its IPO prospectus read.

CIMB Investment Bank, Maybank Investment Bank Bhd, Credit Suisse Group and Deutsche Bank Bhd are joint bookrunners for the IPO, while QNB Capital is listed among global managers for the flotation.


This article appeared in The Edge Financial Daily, November 24, 2011.



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Muted reaction to Hwang-DBS and AFG merger talks

KUALA LUMPUR: The shares of Hwang-DBS (M) Bhd and Alliance Financial Group Bhd (AFG) saw little movement yesterday, following a report of a possible merger between the two.

AFG closed six sen higher at RM3.46 yesterday while Hwang-DBS closed three sen higher at RM2.33 on light trading volume.

Analysts have not ruled out the possibility of a merger taking place.

“It is possible. After all, they are both controlled by the same shareholders, the government of Singapore,” said a banking analyst.

It has been long rumoured that DBS Group Holdings Ltd, which owns 28% of Hwang-DBS, was eyeing the controlling stake in AFG held by Temasek Holdings.

Temasek has a 49% stake in Vertical Theme Sdn Bhd, the holding company that owns 29% in AFG. The remainder of Vertical is owned by Langkah Bahagia Sdn Bhd, which is said to have close ties with former finance minister Tun Daim Zainuddin.

The Employees Provident Fund (EPF) is the second largest shareholder in AFG with a 12% stake.

Temasek had a 12.06% stake in DBS, as at Feb 28, 2011.

Hwang-DBS has a market capitalisation of RM890 million while AFG has about four times that, at close to RM3.4 billion, based on yesterday’s closing price.

Neither AFG nor Hwang-DBS had issued a statement on the rumoured marriage at press time.

An analyst said a merger makes sense to create a banking group with strong banking and stock broking divisions.

“Rather than starting the business on your own, it is better to merge and grow,” said the analyst.

AFG is a favoured banking stock among analysts given its undemanding valuations and good growth prospects.

For 2QFY12 ended Sept 30, 2011, it posted net profit of RM120.95 million, up 18% from RM102.27 million the previous corresponding quarter. Revenue rose 6% to RM314.6 million from RM296.98 million.

The better performance was attributed to better loan growth, non-interest income and improvement in asset quality.

Hwang-DBS, meanwhile, posted a net profit of RM86.61 million for FY11 ended July, up 42% from RM60.87 million a year ago. Revenue increased by 15% to RM399.33 from RM346.94 million.

The banking industry is expected to see tougher environment in the near term given the global economic headwinds.

OSK Research, for one, does not expect a meltdown in asset quality or liquidity, but holds the view that earnings growth momentum has slowed significantly, as reflected in the industry’s paltry pre-provision operating profit growth of 1.3% in the first nine months of the year.

“As growth is expected to moderate even more in 2012, we believe that consensus’ double digit earnings growth projection for 2012 may be a little stretched,” it said in its recent note.

It noted that valuations may not be excessive compared with the sector’s near record-high return on equity (ROE) of 15.8% currently.

It said the upcoming quarter’s earnings underperformance and downgrades may be the catalysts for a further de-rating in sector valuations.

OSK’s buys include Malayan Banking Group Bhd (fair value RM9.60), RHB Capital Bhd (RM9.90), Hong Leong Bank Bhd (RM12.15) and AFG (RM3.80).

It is neutral on CIMB Group Holdings Bhd, with a fair value of RM7.62, Public Bank Bhd (RM14) and AMMB Holdings Bhd (RM6.95).

Analysts said the latest guidelines introduced by Bank Negara Malaysia to promote more prudent lending will not hinder bank growth. The new guidelines include taking due consideration of borrowers’ repayment capability based on their net pay rather than gross pay.


This article appeared in The Edge Financial Daily, November 24, 2011.



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KT Lim’s son appointed to Genting Plantations board

KUALA LUMPUR: Lim Keong Hui, 27-year-old son of Genting Group chairman Tan Sri Lim Kok Thay, was appointed non-executive director of Genting Plantations Bhd.

The younger Lim is Genting Hong Kong Ltd’s senior vice-president for business development, having joined the company in 2009 after an investment banking stint with The Hong Kong and Shanghai Banking Corp Ltd in Hong Kong.

Separately, Genting Bhd’s 54.6%-owned Genting Plantations also announced the appointment of Ching Yew Chye, 58, as independent non-executive director. Ching, who also holds directorships at Libra Invest Bhd, HSBC Bank Malaysia Bhd and Petronas Chemicals Group Bhd, had worked primarily with clients in the financial services industry in Asean during his tenure with management consulting firm Accenture, where he retired as a senior partner in 2007. Ching is also an advisory board member at a Hong Kong-based hedge fund, Yorkville Advisors HK Ltd.


This article appeared in The Edge Financial Daily, November 24, 2011.



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MAS appoints new COO for short-haul ops

KUALA LUMPUR: Malaysia Airlines (MAS) yesterday announced the appointment of Ignatius Ong Ming Choy as chief operating officer for its short-haul operations effective Dec 10, taking over from Datuk Eddy Leong Chin Tung.

Leong will remain in the MAS group until Dec 31, 2011, working with group CEO Ahmad Jauhari Yahya for seamless business continuity by ensuring a smooth handover to Ong, a statement from the airline said yesterday.

Leong will then join Destination Resorts and Hotels (DRH), a wholly owned subsidiary of Khazanah Nasional Bhd incorporated as an investment holding company for the hotels and resorts industry, as the chief operating officer.

“On behalf of Malaysia Airlines, I congratulate Leong on his new appointment as chief operating officer at DRH where I was its chairman before joining Malaysia Airlines,” Ahmad Jauhari said in the statement.

“I also welcome Ong on board Firefly to take it to further heights as Malaysia’s truly community airline,” he said.

A chartered accountant by training, Leong joined MAS in June 2003 as manager, project management department.

He then served in key positions before being appointed in 2007 the first managing director of Firefly.


This article appeared in The Edge Financial Daily, November 24, 2011.



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Market Commentary

The FBM KLCI index gained 14.82 points or 1.03% on Thursday. The Finance Index increased 0.84% to 12885.97 points, the Properties Index up 0.40% to 946.14 points and the Plantation Index rose 0.77% to 7629.34 points. The market traded within a range of 21.35 points between an intra-day high of 1447.99 and a low of 1426.64 during the session.

Actively traded stocks include MBFHLDG-WA, JCY-CD, COMPUGT, JCY, SUMATEC, DPS, EMICO, MARCO-WA, KBUNAI and KNM. Trading volume decreased to 1499.44 mil shares worth RM1077.76 mil as compared to Wednesday’s 1508.59 mil shares worth RM1127.55 mil.

Leading Movers were AXIATA (+22 sen to RM4.96), SIME (+15 sen to RM8.88), CIMB (+11 sen to RM6.79), TM (+22 sen to RM4.44) and GENTING (+16 sen to RM10.28). Lagging Movers were DIGI (-6 sen to RM3.66), MISC (-7 sen to RM6.13), YTL (-1 sen to RM1.39), BAT (-26 sen to RM47.24) and PETCHEM (-1 sen to RM5.92). Market breadth was positive with 440 gainers as compared to 277 losers. -- JF Apex Securities Bhd



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Banks, blue chips lift KLCI by 1.03%

KUALA LUMPUR (Nov 24): The FBM KLCI rose 1.03% on Thursday, as most key regional markets staged a mild recovery on bargain hunting activities.

However, European shares pared gains in early trade on Thursday in a choppy session, with volumes expected to be light throughout the day as the U.S. markets are closed for the Thanksgiving holiday, according to Reuters.

The FBM KLCI jumped 14.82 points to 1,447.99, lifted by gains at banking and blue chip stocks.

Gainers led losers by 440 to 277, while 289 counters traded unchanged. Volume was 1.5 billion shares valued at RM1.08 billion.

At the regional markets, Hong Kong’s Hang Seng Index rose 0.40% to 17,935.10, Taiwan’s Taiex gained 0.85% to 6,864.39, South Korea’s Kospi added 0.67% to 1,795.06, the Shanghai Composite Index was up 0.10% to 2,397.55 and Singapore’s Straits Times Index edged up 0.02% to 2,677.15.

Meanwhile, Japan’s Nikkei 225 fell 1.8% to 8,165.18.

On Bursa Malaysia, HLFG rose 32 sen to RM11.32, CIMB up 11 sen to RM6.79, RHB Capital seven sen to RM7.49, AMMB five sen to RM5.56, Public Bank four sen to RM12.40 and Maybank rose two sen to RM8.19.

Other gainers included Telekom and Axiata that rose 22 sen each to RM4.44 and RM4.96, Genting 16 sen to RM10.28, Sime Darby 15 sen to RM8.88, Batu Kawan 32 sen to RM16.52, KrisAssets 28 sen to RM5.30, CI Holdings and Proton 23 sen each to 90 sen and RM3.18, while MAHB and Nestle gained 20 sen each to RM6.20 and RM50.60.

Among the decliners, BAT fell 26 sen to RM47.24, Dutch Lady 20 sen to RM23.40, Tahps 14 sen to RM4.16, Petrol One 13 sen to RM1.02, KNM 10 sen to RM1.02, while Magni and BRDB fell nine sen each to RM1.14 and RM2.11.

The actives included MBF Holdings warrants, Compugates, JCY, Sumatec, DPS Resources, Emico, Karambunai and KNM.



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