Kumpulan Jetson secures RM14.98m contract from Shah Alam City Council

KUALA LUMPUR (March 1): KUMPULAN JETSON BHD []’s unit has secured a RM14.98 million contract from the Shah Alam City Council to undertake renovation for the Wisma MBSA.

It said on Thursday its unit Jetson CONSTRUCTION [] Sdn Bhd had accepted the contract which involved renovating part of the ceiling of the tower block, auditorium and podium.

Kumpulan Jetson said the contract was from 48 weeks, starting March 15 and it expected the project to contribute positively to the earnings of the group.



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Tenaga Nasional withdraws suit against Integrax, 7 others

KUALA LUMPUR (March 1): TENAGA NASIONAL BHD [] has withdrawn its suit against INTEGRAX BHD [] and seven other defendants with no order as to costs for Integrax.

Integrax said on Thursday that following the withdrawal of the suit, all past disagreements between the company’s major shareholders have been fully settled.

“Under the guidance of a united board of directors and the management of a new executive director, Integrax can now focus on developing and growing its business,” it said, adding its objective was to be one of the leading infrastructure and port management companies in the country.



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CIMB inks MoU for proposed purchase of RBS’ assets in Asia-Pac

KUALA LUMPUR (March 1): CIMB Group moved a closer to the proposed acquisition of certain assets of The Royal Bank of Scotland in Asia Pacific.

CIMB Group said on Thursday it had signed an MoU for the proposed acquisition of certain of the cash equities, equity capital markets and corporate finance businesses.

“The MoU provides for the parties to negotiate exclusively with each other and finalise the scope and terms of a sale and purchase agreement,” said CIMB Group in a statement.



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RAM Ratings downgrades Silver Bird Group’s debt notes, negative outlook

KUALA LUMPUR (March 1): RAM Rating Services Bhd has downgraded the respective long- and short-term ratings of SILVER BIRD GROUP BHD []’s RM30 million Commercial Papers/Medium-Term Notes Programme (2005/2012) (CP/MTN), from A2 (negative outlook) and P2 to C3 and NP.

“We have concurrently placed the group on Rating Watch, with a negative outlook,” it said on Thursday.

RAM Ratings said the steep downgrade was premised on the heightened likelihood of default on the group’s CP/MTN following a series of unfavourable developments announced on Feb 29, 2012.

These include the failure of its units to repay their banking facilities amounting to RM5.37 million, a disclaimer of opinion expressed by the auditors on the Group’s audited accounts for FYE 31 October 2011 (FY Oct 2011), and the suspension from work of three key personnel (the group managing director, the executive director and a senior member of its management team).

RAM Ratings said based on the terms of the CP/MTN and as stated in the trust deed, the default on the Group’s banking facilities constitutes a cross-default on the CP/MTN if the noteholders wish to exercise their rights.

Meanwhile, the suspension from work of the three key personnel is to facilitate an internal inquiry into allegations of, among others, irregularities in the group’s accounts. Silver Bird Group’s board has initiated a forensic review of its accounts, to be completed within three months. The group is also expected to announce its plan on the regularisation of the abovementioned selective defaults.

“Under the circumstances, RAM Ratings opines that Silver Bird Group’s repayment capacity on its RM15 million of outstanding CP/MTN (due on April 15, 2012) is now highly questionable.

“We note that certain numbers in the group’s just-released audited FY Oct 2011 accounts vary substantially from those stated in its quarterly results announced on Dec 30, 2011.

“In particular, Silver Bird Group’s cash balances have been restated at only RM3.56 million, in contrast to the earlier RM35.84 million. Even if its repayment aptitude were to remain intact, the Group may opt to suspend payment of its financial obligations until the findings of the forensic review are revealed (i.e. as in the case of its subsidiaries’ RM5.37 million of banking facilities), which is likely to only take place after the maturity of the CP/MTN,” RAM Ratings said.

The ratings agency said the negative outlook on Silver Bird Group’s previous ratings had reflected our concerns over its ability to expand its market share in the premium-bread market and preserve its already-thin margins amid rising costs. Moreover, thegGroup’s recent venture into the manufacture of dairy products exposes it to new risks.

RAM Ratings said the Rating Watch may be resolved following the completion of SBGB’s forensic review and regularisation plan, provided these are completed before April 15, 2012.

Alternatively, the ratings will be downgraded to D should the group fail to redeem the outstanding CP/MTN upon maturity.



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Sime, PetChem underpin KLCI amid weaker market

KUALA LUMPUR (March 1): Fund buying of Sime Darby and Petronas Chemicals provided the support for the FBM KLCI on Thursday amid a cautious market which has seen trading volume declining in recent weeks.

At the close, the KLCI was up 3.8 points or 0.24% to 1,573.45. Turnover was 1.62 billion shares valued at RM2.025 billion. However, declining stocks beat advancers 506 to 309 while 302 stocks were unchanged.

Among the key regional markets, South Korea’s Kospi was the top performer, up 1.33% to 2,030.25. Japan’s Nikkei 225 fell 1.27% to 9,707.37, Hong Kong’s Hang Seng Index lost 1.35% to 21,387.90 while Singapore’s Straits Times Index lost 0.51% to 2,978.84.

Reuters reported European shares and the euro reversed early losses on Thursday as the impact of the latest massive cash injection by the European Central Bank lifted sentiment, overwhelming fears that further U.S. monetary easing could be on hold.

Data showing new factory orders for Asia's manufacturing powerhouses perked up a bit in February, easing some concerns about the global economic slowdown, it said.

US light crude oil rose 25 cents to US$107.32 while Brent Brent crude futures prices rose 63 cents to US$123.29 a barrel.

Crude palm oil third-month futures rose RM23 to RM3,268 per tonne, spurred by positive factory data from second-largest importer China but gains were capped as export trends showed weaker demand.

At Bursa Malaysia, dealers said market sentiment was rather lacklustre with the larger funds picking up index-linked stocks while at the bottom of the spectrum, there was some unwinding of penny and lower liner stocks by traders.

Among the index-linked stocks, Sime Darby’s 24 sen gain to RM9.93 pushed the KLCI up 3.41 points while PetChem;s five sen gain to RM6.75, nudged the index up by 0.5 points,.

BAT was the top gainer, up 90 sen to RM53.10 as investors opted for dividend stocks. Panasonic Malaysia added 60 sen to RM22, Guinness Anchot 28 sen to RM13.40 and Nestle 20 sen to RM56.

Dijaya Corp jumoed 21 sen to RM1.63 while HLFG and KLK gained 14 sen each to RM12.20 and RM23.56.

Naim Indah Corp, which was in the black in the latest quarter, rose 4.5 sen to 53 sen and it was the most active with 116.22 million shares done.

There was some unwinding of positions in China Stationery, which fell 17 sen to RM1.21 with 72.72 million shares done. However, it has fared well since its listing on Feb 24 at an offer price of 95 sen.

Silver Bird lost nearly half of its value, plunging 20 sen to 20.5 sen with 26.44 million shares done. Silver Bird Group suspended its group managing director, Datuk Tan Han Kook and two other key executives effective Feb 24 as it undertakes an internal inquiry into allegations of irregularities in the company’s accounts which may amount to approximately RM111.5 million.

Dutch Lady was the top loser, down 26 sen to RM29.72 after the strong run-up. GENTING BHD []’s 14 sen decline to RM10.46, dragged the KLCI down 1.22 points.

Other losers were Fima Corp, down 15 sen to RM6.21 and RHB Cap 15 sen to RM7.80.



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Market Commentary

The FBM KLCI index gained 3.80 points or 0.24% on Thursday. The Finance Index increased 0.07% to 14026.81 points, the Properties Index up 0.36% to 1056.46 points and the Plantation Index rose 0.00% to 8652.12 points. The market traded within a range of 7.40 points between an intra-day high of 1576.23 and a low of 1568.83 during the session.

Actively traded stocks include NICORP, CSL, IFCAMSC, YTL, SIME, TIMECOM, SILVER, RA, DRBHCOM and WINSUN. Trading volume decreased to 1617.80 mil shares worth RM2024.63 mil as compared to Wednesday’s 1942.34 mil shares worth RM2693.55 mil.

Leading Movers were SIME (+24 sen to RM9.93), PETCHEM (+5 sen to RM6.75), BAT (+90 sen to RM53.10), DIGI (+2 sen to RM4.04) and AMMB (+4 sen to RM6.17). Lagging Movers were GENTING (-14 sen to RM10.46), YTL (-5 sen to RM1.70), TENAGA (-3 sen to RM6.25), YTLPOWR (-3 sen to RM1.83) and RHBCAP (-15 sen to RM7.80). Market breadth was negative with 309 gainers as compared to 506 losers. -- JF Apex Securities Bhd



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RHB Group provides RM1.38bn loan for RM6b Tg Bin power plant

KUALA LUMPUR (March 1): RHB Bank and RHB Investment Bank are providing RM1.38 billion to partly finance the CONSTRUCTION [] of the RM6 billion coal-fired power plant in Tanjung Bin, Johor.

The financing of the 1,000 MW plant is managed by Malakoff Corporation Bhd’s unit Tanjung Bin Energy Issuer Bhd

RHB Investment Bank is the mandated lead arranger whilst RHB Bank is the lender in the syndicated facilities. RHB Investment Bank is also a joint lead manager in the Sukuk programme.

According to a statement issued by RHB Group, Malaysia's energy demand is projected to grow at 3.4% annually, which is double the 2010 level with the rollout of the large scale infrastructure and construction projects under the 10th Malaysia Plan.



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Silver Bird sees RM79.3m erased from market cap

KUALA LUMPUR (March 1): SILVER BIRD GROUP BHD [] saw RM79.30 million erased from its market capitalisation on Thursday as its share price was almost halved following alleged irregularities in its accounts.

At 3.20pm, it was down 19.5 sen to 21 sen with 21.11 million shares done. Based on the paid-up of 406.681 million shares at the pre-suspension price of 40.5 sen, the market capitalisation was reduced to RM83.369 million.

Silver Bird Group suspended its group managing director, Datuk Tan Han Kook and two other key executives effective Feb 24 as it undertakes an internal inquiry into allegations of irregularities in the company’s accounts which may amount to approximately RM111.5 million.



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KLCI advances but broader market lacklustre

KUALA LUMPUR (March 1): Blue chips advanced in the morning session on Thursday, underpinned by gains in BAT and Sime Darby but the overall market was lacklustre as trading volume shrunk.

At 12.30pm, the FBM KLCI was up 4.73 points to 1,574.38. Turnover was 853.20 million shares done valued at RM924.78 million, reflecting the decline in retail participation. There were 269 gainers, 411 losers and 315 stocks unchanged.

Consumer-related stocks were again the top gainers. BAT rose 86 sen to RM53.06, Nestle 30 sen to RM56.10 and Guinness Anchor 28 sen to RM13.40.

Sime Darby added 20 sen to RM9.89 after posting a strong set of results in the second quarter.

Among the smaller cap stocks, Dijaya Corp rose 21 sen to RM1.63 and the warrants 14.5 sen to 64 sen.

China Stationery Ltd fell 18 sen to RM1.20 with 52.15 million shares done. This was the biggest decline since its listing last Thursday. Its offer price was 95 sen.

Silver Bird was in focus, falling 20 sen to 20.5 sen in active trade when it resumed trading.

Among the decliners were Carlsberg, down 26 sen to RM10.14, Far East 19 sen to RM7.11, NSOP 14 sen to RM5.94,BLD PLANTATION []s nine sen to RM9.14 and Kulim nine sen also to RM4.44.



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MBSB targets gross loan growth of 20% for 2012

KUALA LUMPUR: Malaysian Building Society Bhd (MBSB) targets gross loan growth of 20% this year, according to its chief executive officer Datuk Ahmad Zaini Othman.

He said on Thursday that MBSB's gross loan in the personal financing sector stood at RM7 billion, and expect it to increase to RM9 billion this year.

However, he said for the first two months of this year, loans growth has been slower compared to the same period last year, but growth momentum is expected to be sustainable throughout the year.



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LBS Bina secures RM124.6m financing from MBSB

KUALA LUMPUR (March 1): Property developer LBS BINA GROUP BHD [] (LBS Bina) signed an agreement for term and bridging financing facilities of up to RM124.6 million with MALAYSIA BUILDING SOCIETY BHD [] (MBSB) on Thursday.

The financing facilities would be used for the CONSTRUCTION [] of D' Island Residence, its high end development in Puchong.

The financing facilities consist of term and bridging financing and they would be used to finance two phases of LBS' D' Island Residence, namely Balvia and Nautilus.

D'Island Residence has an estimated gross development value (GDV) of RM3.6 billion and is expected to take five to seven years to be completed.



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Market cautious, Sime provides lift to KLCI

KUALA LUMPUR (March 1): The broader market was cautious in late morning trade on Thursday following higher than expected losses from MAS and Proton and mixed regional markets.

However, heavyweight Sime Darby provided the lift to the FBM KLCI after its stronger set of second quarter results.

At 10.43am, the KLCI was up 4.87 points to 1,574.52. Turnover was 502.99 million shares valued at RM481.83 million. There were 226 gainers, 320 losers and 291 stocks unchanged.

Sime Darby rose 14 sen to RM9.83 with 10.80 million shares done. BAT gained 70 sen to RM52.90, GAB 26 sen to RM13.38, Petronas Dagangan 18 sen to RM18.34, Dijaya Corp 13 sen to RM1.55 and Petronas Gas 12 sen to Rm16.92.

Tecnic was the top loser, down 20 sen to RM3.81 while Silver Bird lost 17.5 sen to 23 sen and CSL 14 sen to RM1.24.

Among the PLANTATION []s, Far East lost 19 sen to RM7.11 in thin trade, NSOP 18 sen to RM5.90 and BLD Plantations 13 sen to RM9.37.



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AmResearch maintains Buy on Sime Darby

KUALA LUMPUR (March 1): AmResearch is maintaining its Buy rating on Sime Darby, but its fair value of RM10.60 a share has been placed under review with an upside bias pending a management meeting.

It said on Thursday that Sime reported a 2QFY12 net profit of RM1.1 billion, which brings its 1HFY12 earnings to RM2.2 billion or an impressive 42% growth on-year.

“This came in within our, and street, expectations, covering 53% and 55% of full-year estimates, respectively. It declared an interim dividend of 10 sen a share (versus 8 sen a share for 1HFY11),” it said.

AmResearch said the PLANTATION [] division saw its EBIT growing by a massive 38% on-year, driven by a stronger average CPO price of RM2,872 a tonne versus RM2,692 a tonne in 2QFY11.

The research house said the solid FFB production growth of 4.6% was driven by healthy growth (+9.5% on-year) in Malaysia although production in Indonesia slid by 4%.

It added that the oil extraction rate was slightly higher at 21.9% against 21.4% due to new mills in operation and some upgrades.

“We continue to like Sime as the company is the most liquid proxy to the plantation sector, which accounts for 61% of its FY11’s EBIT. Valuations are also attractive, currently trading at CY12F PE of 15 times which is below its three-year average of 17 times,” it said.



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HDBSVR sees challenging outlook for MAS

KUALA LUMPUR (March 1): HwangDBS Vickers Research expects 2012 to be challenging for MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) as the group continues to battle high jet fuel costs.

It said on Thursday that MAS’ management had implemented part of its business plan, but needs more time to turn around operations.

“We also remain concerned about its balance sheet. At end-2011, MAS had a much lower RM1.1 billion cash balance versus RM2.2 billion at end-2010, while its net gearing could surpass its current 4.4 times as MAS continues to seek funding for its sizeable RM6 billion capex for 2012 and RM3.5 billion for 2013 to take delivery of new aircraft,” it said.

On Wednesday, MAS announced RM1.28 billion net loss for 4Q11 due to a RM1.1 billion provision charge (RM602 millio for redelivery of aircraft, RM314 million for impairment of freighters, and RM179 million for stock obsolescence).

“Stripping out provisions, forex gain (RM22 million) and derivative gain (RM38 million), it still registered RM232 million core net loss. This took FY11 core net loss to RM1.5 billion, worse than our and market expectations,” it said.

HDBSVR said 4Q is a seasonally stronger quarter for airlines due to year-end holidays, but MAS experienced a 6% on-quarter drop in traffic and 5 percentage points drop in load factor.

It added that MAS was plagued by higher fuel costs (up 25%) of RM305 million in the quarter. At end-2011, jet fuel prices remained at US$133 per barrel (up 40% on-quarter).



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China Stationery rally hits a bump

KUALA LUMPUR (March 1): Shares of China Stationery Ltd, which has rallied since its listing on Feb 24, retreated as investors took profit.

At 9.37am, it was down 13 sen to RM1.25, the steepest decline since its listing. However, the share price is up 30 sen from its offer price of 95 sen.

The FBM KLCI rose 4.57 points to 1,574.22. Turnover was 261.06 million shares valued at RM205 million. There were 170 gainers, 222 losers and 220 stocks unchanged.

The Edge Financial Daily had reported that CSL’s debut would mark the return of Chinese companies listing on the local bourse after a long dry spell since January last year.

Analysts said the share price performance of China Stationery may play a role in sustaining the positive sentiment on China-based counters on the local bourse.

However, the stationery manufacturer’s IPO, priced at 95 sen per share, was undersubscribed for the public portion. Only half the public portion of 60 million shares was subscribed by retail investors.


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MAS shares fall after reporting losses

KUALA LUMPUR (March 1): Shares of MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) fell in early trade on Thursday after the airline posted net losses of nearly RM1.3 billion in the fourth quarter ended Dec 31, 2011.

At 9.05am, it was down seven sen to RM1.36 with 1.40 million shares done.

The FBM KLCI slipped 0.45 of a point to 1,569.20. Turnover was 72.89 million shares done valued at RM46.74 million. There were 95 gainers, 115 losers and 129 stocks unchanged.

On Wednesday, MAS posted net losses totaling RM1.277 billion in the fourth quarter ended Dec 31, 2011 versus net profit of RM225.92 million a year ago as it severely affected by high fuel costs and non-fuel expenses.

Its revenue was RM3.678 billion, almost unchanged from the RM3.669 billion a year ago. Loss per share was 38.22 sen compared with earnings per share of 6.76 sen.

For the financial year ended Dec 31, 2011, MAS posted net loss of RM2.524 billion compared with net profit of RM234.47 million a year ago. Its revenue was 2% higher at RM13.901 billion compared with RM13.585 billion a year ago.

The group’s full year performance was severely impacted by a 21% increase in expenditure over the previous year (2011: RM16.20 billion versus 2010: RM13.41 billion) attributed to a 33% year-on-year increase in fuel cost (2011: RM5.85 billion versus 2010: RM4.38 billion) and a 15% increase in non-fuel expenses (2011: RM10.43 billion versus 2010: RM9.03 billion).



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CIMB Research maintains Outperform on Supermax, TP RM2.43

KUALA LUMPUR (March 2): CIMB Equities Research is maintaining its Outperform on SUPERMAX CORPORATION BHD [] and target price of RM2.43.

It said on Friday the target price was on the basis of 9.79 times forward P/E or 25% below Top Glove’s two-year average.

“The rerating catalyst is the start of its 28 million pairs a month surgical glove plant in March 2012, which will boost FY12 pretax profits by 20%,” it said.

CIMB Research said investors should accumulate Supermax’s shares. Valuations are undemanding at an FY12 P/E of 9.6 times, 53.8% below Top Glove’s despite its superior returns and yields.

“Competition and overcapacity risks are there but its focus on distribution and own-brand gloves will shield it from the next one to three years of glut,” it said.

Maintain Outperform and target basis of 9.79x forward P/E or 25% below Top Glove’s 2-year average. The rerating catalyst is the start of its 28m pairs/month surgical glove plant in Mar 2012, which will boost FY12 pretax profits by 20%.



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CIMB Research has technical sell on Premier Nalfin at 40.5 sen

KUALA LUMPUR (March 2): CIMB Equities Research has a technical sell on Premier Nalfin at 40.5 sen at which it is trading at a price-to-book value of 0.9 times.

It said on Friday that Premier Nalfin violated its triangle support on Thursday. “This could entice greater selling pressure in days to come. If we are right, the next downswing is likely to drag prices towards its 30-day and 50-day SMAs, now at 38.5 sen and 33.5 sen respectively,” it said.

CIMB Research said that the technical landscape is deteriorating. MACD signal line has staged a negative crossover while RSI has hooked downward.

“Unload on strength looks like a good option here, especially near the 42 sen to 43 sen resistances. Only a rise above 43.5 sen would prompt us to review our call,” it said.



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CIMB Research has technical buy on Faber at RM1.78

KUALA LUMPUR (March 2): CIMB Equities Research has a technical buy on Faber Group at RM1.78 at which it is trading at a price-to-book value of 0.6 times.

It said on Friday that Faber has been consolidating sideways for the past few weeks and the share price is poised for a stronger rebound. Once the recent high of RM1.85 is taken out, the stock is likely to edge closer towards RM1.95 and RM2.06.

“It appears that a base has formed near its 50-day SMA, now at RM1.67. As long as this moving average holds, we think the odds favour the bulls. Only a break below RM1.65 would negate our bullishness on the stock,” it said.

CIMB Research said the technical indicators are showing signs of improvement, suggesting that buying momentum is picking up. MACD signal line is poised for a positive crossover while RSI has also hooked upward.



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HDBSVR: KLCI could inch up on Friday

KUALA LUMPUR (March 2): Hwang DBS Vickers Research said the FBM KLCI could extend its gains on Friday and edge towards the immediate resistance hurdle of 1,580.

It said in its market outlook that this comes as sentiment will likely get a lift following Wall Street’s overnight gains. Major U.S. equity indices were up between 0.2% and 0.7% at the closing bell partly attributable to a decline in jobless claims.

“Looking to ride on the market strength today are stocks like: (a) GENTING BHD [], as its Singapore-listed subsidiary Genting Singapore said it would be pursuing new investment opportunities after raising S$1.8b worth of perpetual bonds; (b) MBSB, in response to its internal expectations of loans growth of between 20% and 25% for the personal financing business; and (c) Naim Holdings, amid news report saying that it would be bidding for RM1b worth of MRT-related CONSTRUCTION jobs,” said HDBSVR.



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Flash: Silver Bird sees Sell order at 28 sen in pre-market opening

KUALA LUMPUR (March 1): SILVER BIRD GROUP BHD [] saw a sell order at 28 sen for 15,000 shares in pre-market opening trade at 8.31am on Thursday.

There were buy orders at 25 sen for 50,000 shares.

Market is expecting the shares to face selling pressure when it resumes trading on Thursday.

Its pre-suspension price was 40.5 sen.

On Wednesday, the company cautioned investors in the trading of its securities after the auditors have expressed a disclaimer opinion on the company’s latest audited accounts for the financial year ended Oct 31, 2011.

Silver Bird Group suspended its group managing director, Datuk Tan Han Kook and two other key executives effective Feb 24 as it undertakes an internal inquiry into allegations of irregularities in the company’s accounts.



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Stocks to watch: Silver Bird, MAS, Proton, Ekovest

KUALA LUMPUR (March 1): Blue chips could extend their gains on Thursday, as regional market sentiment would receive the boost after the European Central Bank provided 530 billion euros (US$711 billion) of cheap funding for banks.

The ECB's Long Term Refinancing Operation (LTRO) has been a major factor behind the rally in European equities since the turn of the year.

A total of 800 banks borrowed money at the tender, the second round of three-year funds, with demand exceeding the 500 billion euros expected by traders polled by Reuters.

At Bursa Malaysia, the FBM KLCI was up 12.92 points or 0.83% to close at 1,569.65, its highest since July 2011.

However, the losses from MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) and PROTON HOLDINGS BHD [], which were expected by the market, could have some impact.

SILVER BIRD GROUP BHD [], which resumes trading on Thursday, cautioned investors in the trading of its securities after the auditors have expressed a disclaimer opinion on the company’s latest audited accounts for the financial year ended Oct 31, 2011.

Silver Bird Group suspended its group managing director, Datuk Tan Han Kook and two other key executives effective Feb 24 as it undertakes an internal inquiry into allegations of irregularities in the company’s accounts.

Meanwhile, MAS posted net losses totaling RM1.277 billion in the fourth quarter ended Dec 31, 2011 versus net profit of RM225.92 million a year ago as it severely affected by high fuel costs and non-fuel expenses.

Proton posted heavier net losses of RM88.20 million in the third quarter ended Dec 31, 2011 compared with the net loss of RM60.10 million a year ago due to a decline in year-end sales.

Other stocks to watch are SIME DARBY BHD [], KENCANA PETROLEUM BHD [], MAH SING GROUP BHD [], and EKOVEST BHD [].

Sime Darby reported net profit of RM1.10 billion in the second quarter ended Dec 31, 2011. For the first half, it reported a 42% increase in net profit to RM2.175 billion from RM1.531 billion in the previous corresponding period.

Kencana Petroleum Bhd has secured a RM74 million contract from ExxonMobil Exploration and Production Malaysia (EMEPMI) to fabricate the substructure for a platform off Terengganu.

Mah Sing Group Bhd expanded its land bank with the latest acquisition of 157 acres (63.4 ha) in Bandar Kundang, Gombak for RM40.94 million about RM6 per sq ft. It proposed to build a self-contained, secured lifestyle township named M Residence 2@Rawang with a gross development value of about RM650 million.

Ekovest's earnings soared 615.82% to RM11.31 million for its second quarter ended Dec 31, 2011, from RM1.58 million a year ago, due to increased revenue from its CONSTRUCTION [] arm.

Malaysia Steel Works (KL) Bhd posted net losses of RM13.33 million in the fourth quarter ended Dec 31, 2011 compared with net profit of RM8.99 million a year ago. For the financial year ended Dec 31, 2011, it was still profitable, with net profit of RM24.53 million, or down 12.6% to RM24.53 million from RM28.09 million in FY10.

Poultry-based TEO SENG CAPITAL BHD [] posted a 12.95% increase in its profits to RM7.15 million for the third quarter ended Dec 31, 2011, from RM6.33 million a year ago, underpinned by larger sales of eggs and better prices.



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