Chin Teck 2Q net profit falls 33.58% to 9.19m

KUALA LUMPUR (April 28): CHIN TECK PLANTATION []S BHD [] net profit for the second quarter ended Feb 29 2012 fell 33.58% to RM9.19 million from RM13.83 million a year earlier due mainly to substantial decrease in profit contribution from its associates.

The company said on Friday that its revenue for the quarter fell 2.44% to RM28.22 million from RM28.93 million in 2011 due to lower average selling prices of FFB, crude palm oil and palm kernel.

Earnings per share fell to 10.05 sen from 15.14 sen, while net assets per share was RM6.62.

For the six moths ended Feb 29, Chin Teck’s net profit fell to RM24.48 million from RM2998 million on the back of revenue of RM60.69 million,.



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Bumi Armada clears air on reports Ananda Krishnan paring down stake

KUALA LUMPUR (April 28): Bumi Armada Bhd in response to news reports that Ananda was paring down his stake said that enquiries with its major shareholders and directors, it clarified that Ombak Damai Sdn Bhd, Wijaya Sinar Sdn Bhd and Karisma Mesra Sdn Bhd had participated in abook-building exercise conducted by CIMB Investment Bank Bhd .

It said Ombak Damai had participated with 9 million, while Ombak Damai and Karisma Mesra with a joint 284 million shares respectively, accounting for a total of 293 million Bumi Armada shares.

The Edge Financial Daily on Friday reported that Tycoon Ananda Krishnan and his bumiputera partners will sell roughly 15% of offshore services provider Bumi Armada Bhd in private placements to local and foreign institutional investors in a deal that will raise close to RM2 billion.

Financial executives involved in the placement told The Edge Financial Daily that the sale of roughly 440 million shares in Bumi Armada would cut the joint holdings of Ananda and his bumiputera partners to 55% in the company.



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