Tuesday 8 May 2012

Hartalega 4Q net profit down 4.55% to RM50.01m, declares third interim dividend of 6 sen

KUALA LUMPUR (May 8): HARTALEGA HOLDINGS BHD [] net profit for the fourth quarter ended March 31, 2012 fell 4.55% to RM50.01 million from RM52.39 million a year earlier, despite a 24.77% increase in revenue to RM240.22 million.

The company said on Tuesday that the significant increase in revenue was in line with the continuous expansion in production capacity and increase in demand.

However, its bottom line was impacted by the increase in raw material prices of nitrile latex, fuel cost and more competitive sales pricing for the current quarter compared with the corresponding quarter of the preceding year, it said.

Earnings per share was 13.73 sen compared with 14.42 sen a year earlier, whiel net assets per share was RM1.70.

The company declared a third interim dividend of six sen per share single tier for the financial year ended March 31, 2012 to be paid on June 13.

For the financial year ended March 31, Hartalega’s net profit was up 5.95% to RM201.62 million from RM190.29 million.

Hartalega said revenue for the year rose to RM931.08 million from RM734.92 million.

Reviewing its performance, Hartalega said the global demand for nitrile gloves continued to grow by 29% for the year 2011 due mainly to switching momentum from natural rubber gloves to nitrile gloves.

It said his had spurred a significant increase in nitrile gloves production capacity by the industry which it was confident would be more than matched by resilient demand dynamics.

‘Furthermore, we do not expect a price war from the second half of 2012, as claimed by certain quarters as global demand growth continues to outpace growth in industry capacity,” it said.

The company said that on the contrary, it had to put some of its customers on allocation for their April 2012 purchase and beyond despite adding two new production lines in plant 5 to meet escalating demand.

“Based on our experiences, there are no expectations for a price war in the foreseeable future.

“Rather, the continued expansion in global demand for nitrile rubber gloves would be satisfied by industry capacity increase. This would only generate healthy competition among competitive rubber glove manufacturers,” it said.

Hartalega said it had achieved the internal target growth for both sales revenue and net profit for the financial year ended 31 March 2012.

“The board of directors is optimistic that the Group will achieve continuous growth and securing better results for the next financial year,” it said.



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Grand-Flo 1Q net profit up 5.91% to RM2.22m, plans dividend policy

KUALA LUMPUR (May 8): GRAND-FLO SOLUTION BHD [] net profit for the first quarter ended March 31, 2012 rose 5.91% to RM2.22 million from RM2.09 million a year earlier, due mainly to strong tracking solutions sales abroad

It said on Tuesday that its revenue jumped 19.6% to RM20.37 million from RM17.03 million.

Meanwhile, earnings per share were 1.39 sen compared to 1.44 sen a year ago.

Grand-Flo proposed a final dividend of 1.2 sen per share, comprising a gross dividend of 0.037 sen per share and a tax exempted dividend of 1.163 sen per share for the financial year ended Dec 31, 2011.

Grand-Flo said that while the domestic sales remained the main revenue generator with RM16.3 million or 80% contribution to group revenue, its overseas subsidiaries - mainly in Hong Kong and China - saw revenues more than double to RM3.7 million in 1Q12 from RM1.8 million previously.

Tracking solutions revenue improved 17.9% to RM13.1 million from RM11.1 million, and labels segment sales growing 22.8% to RM7.2 million from RM5.9 million last year, it said.

Grand-Flo said that in line with its results, it proposed to set a dividend policy to distribute a minimum 20% of its net profit as annual dividends to shareholders effective from the financial year ended Dec 31 2011, subject to shareholders’ approval.

Its group managing director Derrick Tan in a statement said that the establishment of the dividend policy reflected not only its strong performance but, more significantly, its confidence in Grand-Flo’s future as the company implemented expansion strategies to capture the opportunities in the regional tracking solutions space.

“Furthermore, in light of our intended Main Market transfer, we believe that this dividend policy would complement our aim of attracting more retail and institutional investors who are interested in participating in our long-term success story,” Tan said.



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Al-Hadharah Boustead REIT 1Q net profit up 4.38% to RM20.97m

KUALA LUMPUR (May 8): AL-HADHARAH BOUSTEAD REIT []'s profits rose 4.38% to RM20.97 million for its first quarter ended Mar 31, from RM20.09 million driven by higher fixed rental income.

Revenue for the quarter rose 9.2% to RM24.2 million from RM22.16 million in 2011.

Earnings per unit was 3.34 sen compared to 3.61 sen a year earlier.

Al-Hadharah Boustead REIT chairman Tan Sri Lodin Wok Kamaruddin in a statement Tuesday said that with increased contribution from fixed rental income due to the additional PLANTATION [] assets that were acquired last year, the group was confident of holding steady its earnings for the next three quarters.

"Given the REIT's unique positioning as the only Islamic plantation REIT in the market, coupled with improving market conditions and steady demand for commodities, we believe our unit holders will benefit from their investment in the REIT both from potential dividend earnings and the stable price range of the units," he said.



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Kencana unit gets RM460m EPCC job from Murphy Sarawak

KUALA LUMPUR (May 8): KENCANA PETROLEUM BHD []'s unit Kencana HL Sdn Bhd has been awarded RM460 million engineering, procurement, CONSTRUCTION [] and commissioning (EPCC) contract from Murphy Sarawak Oil Co Ltd.

In a statement on Bursa Malaysia on Tuesday, Kencana said that its subsidiary had received a letter of award from Murphy for the fabrication of offshore topsides.

“It is estimated value of the contract is between RM460 million to RM474 million and is expected to commence in the first half of 2013.”

"The Contract is expected to contribute positively to the earnings and net assets per share of Kencana Petroleum Group for the duration of the Contract," it said.



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Perisai Petroleum unit engages PPL Shipyard to build jack-up drilling rig

KUALA LUMPUR (May 8): PERISAI PETROLEUM TEKNOLOGI [] Bhd’s has entered into a rig CONSTRUCTION [] contract (RCC) with PPL Shipyard Pte Ltd for the latter to build a jack-up drilling rig for a lump sum of US$208 million (RM634.4 million).

In a filing to Bursa Malaysia Securities Bhd on Tuesday, Perisai said the the jack-up drilling rig was expected to facilitate its entry into the offshore drilling segment specifically in Malaysia and broadly in the Asia Pacific region.

Perisai also said that its wholly owned subsidiary Perisai (L) Inc (Perisai Labuan) had also been granted an option (“Option”) by PPL to construct an additional rig of similar specification to the Jack-Up Drilling Rig (“Option Rig”).

The price for the Option Rig is US$210 million but is subject to a revision should cost escalate, it said.

Perisai said the Jack-Up Drilling Rig was expected to be delivered by the end of July 2014, and Option Rig, if the Option is exercised, to be delivered in the second quarter of 2015.

Perisai said the the jack-up drilling rig was expected to facilitate its entry into the offshore drilling segment specifically in Malaysia and broadly in the Asia Pacific region.

“The jack-up drilling rig would also broaden Perisai’s asset offering to its clients and together with its other marine assets, expands its participation in the offshore oil and gas value chain by integrating key strategic assets within its stable capable of servicing the upstream exploration, development and production phases of offshore oil and gas field development,” it said.

The company said the contract was expected to contribute positively to the its earnings upon deployment of the drilling rig.



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NV Multi’s PN17 status to be uplifted

KUALA LUMPUR (May 8): NV MULTI CORPORATION BHD [] status as a Practice Note 17 (PN17) company will be lifted effective May 9 after the company completed its restructuring scheme (except for the offer for sale to NV MULTI shareholders to meet the public shareholding spread requirement).

In a filing to Bursa Malaysia Securities Bhd on Tuesday, NV Multi said AYS Ventures Bhd had assumed the its listing status.

“With the above, the Company has regularised its financial condition and no longer triggers the criteria under Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd,” it said.



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KLCI crosses 1,590-level as blue chips lift

KUALA LUMPUR (May 8): The FBM KLCI closed higher on Tuesday on some mild bargain hunting while regional markets ended mixed, albeit recovering from sharp decline on Monday after election results in Europe spooked investors.

The FBM KLCI rose 5.73 points to close at 1,590.60 on Tuesday, lifted by gains including at BAT, Petronas-linked counters and Genting.

Gainers beat losers by 404 to 307, while 357 counters traded unchanged. Volume was 1.27 billion shares valued at RM1.24 billion.

Uncertainty over the implications of the Greek and French elections for Europe's efforts to resolve its debt crisis sent the euro and shares lower on Tuesday and supported safe-haven German government bonds, according to Reuters.

Attention is focused on Greece where politicians are struggling to form a government after voters plunged their country into limbo in Sunday's election. The uncertainty has reignited fears its hard-fought bailout deal could unravel, forcing the country's exit from the euro, it said.

At the regional markets, the Shanghai Composite Index shed 0.12% to 2,448.88, Hong Kong’s Hang Seng index was down 0.25% to 20,484.75, while Japan’s Nikkei 225 rose 0.69% to 9,181.65, South Korea’s Kospi gained 0.54% to 1,967.01, Taiwan’s taiex added 0.10% to 7,545.71 and Singapore’s Straits Times Index.

On Bursa Malaysia, BAT and Petronas Dagangan added 52 sen each to RM55.68 and RM19.94, Tasek and Dutch Lady were up 26 sen each to RM9.29 and RM33.30, Kulim 21 sen to RM4.45, MKH 20 sen to RM2.40, GAB 18 sen to RM13.34, Ekovest 17 sen to RM2.65, Iretex 16 sen to RM1.30, Permaju 14.5 sen to 87.5 sen, Petronas Gas 14 sen to RM17, Genting 10 sen to RM10.66 and Petronas Chemicals two sen to RM6.57.

Ariantec was the most actively traded counter with 76.74 million shares done. The stock fell half a sen to 24.5 sen.

Other actives included Naim indah Corp, Compugates, Sanbumi, TMS, Harvest, Permaju, JCY and Metronic.

Decliners included Jaya Tiasa, Toyo Ink, MMHE, Lafarge Malayan Cement, Sarawak Oil Palms, JCY, Top Glove, Ibraco and IJM land.



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MMC plans to list Malakoff in 2013

KUALA LUMPUR (May 8) : MMC CORPORATION BHD [] (MMC) plans to list Malakoff Corporation Bhd next year as prospects for the company remain bullish, said its group managing director Datuk Hasni Harun.

"We are looking at the possibility of another key subsidiary, Malakoff going for public listing next year," he said in a statement on Tuesday.

Hasni explained that its immediate focus was to list its subsidiaries as part of an effort to unlock value of its stable of assets.

He added that Gas Malaysia Bhd's listing exercise would be completed by the second quarter of this year.

The company's positive growth in 2011 is expected to remain bullish after MMC and joint venture company, GAMUDA BHD [] were awarded the RM8.28 billion contract for tunneling works for the underground portion of the Klang Valley MRT.

"We are encouraged by the positive results for 2011, demonstrating our commitment in delivering growth to our shareholders. We have been registering consistent revenue growth at a compounded annual growth rate of 43.6% over the past 10 years, underpinned by continuous improvements in our operations and achievements in securing key infrastructure projects,” he said.



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CIMB acquires 60% stake in Bank of Commerce for RM881m

KUALA LUMPUR (May 8): CIMB Group Holdings has entered into conditional share purchase agreements (SPA) with San Miguel PROPERTIES [], Inc., San Miguel Corporation Retirement Plan and various minority shareholders for the proposed acquisition of 60% of Bank of Commerce (BoC) in the Philippines.

In a statement Tuesday, CIMB said the acquisition was for the equivalent of RM881 million cash.

“BoC is valued at a price to book of 1.14 times as at Dec 31, 2011; but upon full alignment with CIMB Group’s accounting and provisioning policies, the effective price to book is expected to be about 1.30 times,” it said.

CIMB Group chief executive officer Datuk Seri Nazir Razak said that as an ASEAN universal bank, the extension to the Philippines was a very natural one.

“I believe we are entering this market at the right time, with the right deal and right partner,” he said.

CIMB said that BoC was the 16th largest bank in the Philippines in terms of total assets.

“It offers a wide range of banking and other financial products and services including traditional deposit products, corporate banking, consumer banking, treasury, asset management, trust services, trade and credit card services targeting consumer, small-to-medium enterprises and corporate customers,” it said.

BoC currently operates 122 branches and 300 ATMs throughout the Philippines, said CIMB.

Nazir said BoC was small but it could grow quickly with its low loan to deposit base and high capital ratios.

“BoC also strengthens CIMB Group’s overall regional value proposition of facilitating intra-ASEAN investments and trade as well as travel.”

“With this acquisition, our retail network will increase to 1,239 full branches, reaffirming our credential of having ASEAN’s largest branch footprint,” he said.



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Telekom aims to maintain capex between RM2.5b-RM2.6b this year, says CFO

KUALA LUMPUR (May 8): TELEKOM MALAYSIA BHD [] aims to maintain its capital expenditure at between RM2.5 billion and RM2.6 billion this year, said its group chief financial officer Datuk Bazlan Osman.

Speaking on Tuesday after Telekom’s AGM and EGM, he said this would be spent towards upgrading the infrastructure of its broadband for the general population (BBGP) and high speed broadband (HSBB) networks, which carry the company's Streamyx and UniFi services respectively.



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MMC Corp could divest part of controlling stake in Malakoff Corp, says MD

KUALA LUMPUR (May 8): MMC Corp Bhd's planned relisting of 51% subsidiary Malakoff Corp Bhd could involve an offer for sale of MMC's stake in Malakoff and sale of new shares in the subsidiary.

Its group managing director Datuk Hasni Harun said on Tuesday that the the firm could divest a minimum of 25% of its 51% controlling stake in Malakoff which owns power plants.

Hasni said the proceeds from Malakoff's relisting would be used to pare down MMC's debt and raise fresh capital for the parent company.



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Permaju says unaware of reasons for active trade

KUALA LUMPUR (May 8): PERMAJU INDUSTRIES BHD [] said it was not aware of any corporate developments relating to its business and affairs that could account for the unusual market activity (UMA) involving its shares.

Responding on Tuesday to an UMA query from Bursa Malaysia Securities Bhd a day earlier, Permaju said it was not aware of any rumour or report, or any other possible explanation to account for the unusual market activity.

At the mid-day break on Tuesday, Permaju rose 11 sen to 84 sen with 21.35 million shares traded.



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KLCI stays in the black at mid- day break

KUALA LUMPUR (May 8): The FBM KLCI reversed its earlier losses and stayed in positive territory at the mid-day break on Tuesday, in line with most key regional markets that shrugged off jitters from a day earlier following election results in Greece and France.

The FBM KLCI added 2.75 points to 1,587.62 at the mid-day break, lifted by gains at select blue chips.

Gainers outpaced losers by 302 to 272, while 332 counters traded unchanged. Volume was 620.94 million shares valued at RM467.71 million.

The ringgit strengthened 0.01% to 3,0543 versus the US dollar; crude palm oil futures rose RM28 per tonne to RM3,374, crude oil shed two cents per barrel to US$97.92 and gold fell US$1.63 an ounce to US$1,636.93.

Shares recovered on Tuesday from the previous day's plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although persistent wariness over Greece weighed on the euro, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent, having slid more than 2 percent the day before for its worst daily fall in about five months and hitting its lowest in about three months, it said.

At the regional markets, Japans’ Nikkei 225 gained 0.68% to 9,180.87, South Korea’s Kospi added 0.50% to 1,966.13, Singapore’s Straits Times Index was up 0.42% to 2,937.16 and Taiwabn’s Taiex edged up 0.13% to 7,548.19.

Meanwhile, the Shanghai Composite Index lost 0.65% to 2,435.90 and Hong Kong’s Hang Seng Index shed 0.05% to 20,525.90.

On Bursa Malaysia, BAT was the top gainer and rose 70 sen to RM55.86, Kulim 24 sen to RM4.48, Tasek 20 sen to RM9.23, Ekovest 17 sen to RM2.65, MSM 16 sen to RM5.34, Atlan 13 sen to RM4.39, Tong Herr and Permaju 11 sen each to RM2.51 and 84 sen, whiel Nakamichi and Multico added 10 sen each to 76 sen and RM1.25.

Menawile, Genting rose eight sen to RM10.64, Genting PLANTATION []s six sen to RM9.50 and Petronas Chemicals up three sen to RM6.58.

TMS was the most actively traded counter with 41.34 million shares done. The stock added half a sen to 9.5 sen.

Other actives included Sanbumi, Ariantec, JCY, Permaju, Naim Indah Corp and Metronic.

Decliners in the morning session included Jaya Tiasa, Toyo Ink, Lafarge Malayan Cement, PPB, JCY, Sarawak Oil Palms, IJM Land, MMHE, Texchem and OIB.



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Minimum wage no impact on inflation, says Zeti

KUALA LUMPUR (May 8): The implementation of minimum wage would not contribute to inflation as it represents a small portion of production cost, said Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz.

"We have already priced in the prospect of minimum wage. We believe that it represents a small part of production cost and therefore would not contribute to higher prices - particularly in the period of moderating prices," she said on Tuesday on the sidelines of the Asian-Pacific Association of Banking Institutes conference.

She added the central bank's inflation forecast still remains at 2-3%.

On the impact of deleveraging Europe on Asian economies, Zeti said it would only be in a "limited extent".

"There is ample liquidity in our region and our financial sector can step in to provide liquidity," she said.



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KLCI reverses losses at mid-morning

KUALA LUMPUR (May 8): The FBM KLCI reversed its losses from early trade on Tuesday and was up at mid-morning, in line with the recovery at most regional markets.

At 10.01am, the FBM KLCI edged up 2.03 points to 1,586.90.

Gainers led losers by 220 to 132, while 227 counters traded unchanged. Volume was 243.81 million shares valued at RM122.88 million.

Meanwhile, regional shares and riskier assets recovered on Tuesday from the previous day's plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness remained over Greece, according to Reuters.

U.S. stocks ended nearly flat and most European markets rose after an anti-austerity backlash by voters in Greece and France caused initial jitters across markets, sending the euro and Asian stock markets to their lowest levels in three months, it said.

BIMB Securities Research in a note Tuesday said it would be interesting to observe the happenings over in Europe now that France and Greece with their new administration may reject the proposed austerity measures for both countries.

As such, the uncertainty from the Eurozone may be prolonged with expectations that the EURO may weaken ahead from more injection of funds into the system, it said.

With Spain also in the limelight, this could be an interesting three corner battle for the ECB, it said.

Meanwhile, investors are taking these developments in their stride as bargain hunting emerged pushing the Dow Jones Industrial Average off its low to 13,008 (-29.74), it said.

“European bourses also rebounded from last week’s weaknesses to close mixed. Regionally, Asian markets experienced profit taking activities as most ended up in negative territory.

“Domestically, the FBM KLCI finally close lower at 1,584.87 down 6.17 points taking cue from the weaker regional performance. Due to the lack of fresh catalysts, we expect prevailing consolidation to persist with the 1,580 level acting as the immediate support,” it said.

Among the gainers at mid-morning were Nestle, Kulim, Tong Herr, Nakamichi, Sapura Industrial, Tan Chong, Tradewinds PLANTATION []s, Tradewins and MHC.

The actives included TMS, Sanbumi, FFHB, JCY, Maybulk and Sanichi.

Decliners at mid-morning included Lafarge Malayan Cement, Jaya Tiasa, Sarawak Oil Palms, IJM Land, JCY, QL Resources, LPI, Texchem and OIB.



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Permaju share trade halted for one hour

KUALA LUMPUR (May 8): Trading in the shares of PERMAJU INDUSTRIES BHD [] has been halted for one hour from 9.09am to 10.09am on Tuesday.

The stock was among the most actively traded prior to the trade halt.

Permaju rose 12 sen to 85 sen with 6.48 million shares done.

Bursa Malaysia Securities Bhd had on Monday issued an unusual market activity (UMA) query to Permaju Industries Bhd over the sharp rise in the price and high volume in the company’s shares recently.



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F&N down on lower 1Q net profit, CIMB Research TP cut

KUALA LUMPUR (May 8): Fraser & Neave Holdings Bhd shares retreated on Tuesday after its net profit fell 18.93% to RM107.01 million in its second quarter ended Mar 31,2012 from RM131.99 million a year earlier as a result of the cessation of its Coca-Cola business and flood disruptions in Thailand.

At 9.25am, F&N fell eight sen to RM18.92 with 8,000 shares traded.

CIMB Research has maintained its Underperform rating on Fraser & Neave Holdings Bhd at RM19 and cut its target price to RM13.40 (from RM13.50 previously) and said F&N’s interims were a letdown as core net profits came in at just 27% of its full-year forecast.

In a note Tuesday, the research house said that aside from topline weakness arising from the Thai floods, higher raw material prices took a bite out of margins.

“The poor results reinforce our Underperform rating.

“Even though we should see a stronger 2H as Dairies Thailand resumed production in Mar, we cut forecasts to account for pricier raw materials. This lowers our DCF-based target price,” it said.



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Bumi Armada edges up on unit’s Mexican contract

KUALA LUMPUR (May 8): Bumi Armada Bhd shares edged up on Tuesday after its unit secured a five-year contract worth US$65 million (RM198.9 million) to provide an accommodation workboat.

At9.13am, Bumi Armada added two sen to RM4.02 with 11,400 shares done.

The company said on Monday that its subsidiary, Bumi Armada Navigation Sdn Bhd ("BAN") had been awarded the contract by Tecnologías Relacionadas con Energía y Servicios Especializados, SA de CV (TRESE).

"The Vessel will be providing accommodation and offshore support services in the Mexican territorial waters,” it said.

BIMB SEcurities Research has upgraded Bumi Armada from Neutral to Buy and said the recent share price retracement offered a good accumulation opportunity for investors.

"We made no changes to our forecast and target price of RM4.65," it said in a note Tuesday.



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KLCI dips in early trade, select blue chips weigh

KUALA LUMPUR (May 8): The FBM KLCI extended its losses in early trade on Tuesday, weighed by losses at select blue chips.

At 9.01am, the FBM KLCI shed 1.15 points to 1,583.72.

Gainers outpaced loser by 82 to 22, while 79 counters traded unchanged. Volume was 15.58 million shares valued at RM7.11 million.

Meanwhile, regional shares and riskier assets recovered on Tuesday from the previous day's plunge, as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness remained over Greece, according to Reuters.

U.S. stocks ended nearly flat and most European markets rose after an anti-austerity backlash by voters in Greece and France caused initial jitters across markets, sending the euro and Asian stock markets to their lowest levels in three months, it said.

Among the early decliners on Bursa Malaysia were Sime Darby, Maybank, MMC Corp, Axiata, SL, E&O, Zhulian and Telekom.



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CIMB Research maintains Underperform on F&N, cuts target price to RM13.40

KUALA LUMPUR (May 8): CIMB Research has maintained its Underperform rating on Fraser & Neave Holdings Bhd at RM19 and cut its target price to RM13.40 (from RM13.50 previously) and said F&N’s interims were a letdown as core net profits came in at just 27% of its full-year forecast.

In a note Tuesday, the research house said that aside from topline weakness arising from the Thai floods, higher raw material prices took a bite out of margins.

“The poor results reinforce our Underperform rating.

“Even though we should see a stronger 2H as Dairies Thailand resumed production in Mar, we cut forecasts to account for pricier raw materials. This lowers our DCF-based target price,” it said.



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Stocks to Watch F&N, Bumi Armada Bhd, PerMaju Industries Bhd and MSM Holdings Bhd

KUALA LUMPUR (May 7): The FBM KLCI may extend its losses on Tuesday, in line with the tepid investor sentiment at most global markets, after most Asian and European equities were mired in the red following several electoral results in the troubled eurozone area.

Greek and French election results rattled investors on Monday by undermining confidence in the region's plans to cut spending and tackle its debt crisis, sending the euro to a three-month low, according to Reuters.

European shares also initially traded lower, with Greek stocks down 6.4 percent, but reaction was muted with the UK market closed for a holiday. Wall Street stocks were expected to reflect the weaker tone when they were being trading, it said.

Among the stocks that could be in focus on Bursa Malaysia on Tuesday are Fraser & Neave Holdings Bhd (F&N), Bumi Armada Bhd, PERMAJU INDUSTRIES BHD [] and MSM Holdings Bhd.

F&N declared an interim single tier dividend of 20 sen per share for the financial year ending Sept 30, 2012 amounting to RM73 million to be paid on Aug 1. Its net profit fell 18.93% to RM107.01 million in its second quarter ended Mar 31,2012 from RM131.99 million a year earlier as a result of the cessation of its Coca-Cola business and flood disruptions in Thailand.

Bumi Armada Bhd’s unit has secured a five-year contract worth US$65 million (RM198.9 million) to provide an accommodation workboat. The company said on Monday that its subsidiary, Bumi Armada Navigation Sdn Bhd ("BAN") had been awarded the contract by Tecnologías Relacionadas con Energía y Servicios Especializados, SA de CV (TRESE). "The Vessel will be providing accommodation and offshore support services in the Mexican territorial waters."

Meanwhile, Bursa Malaysia Securities Bhd issued an unusual market activity (UMA) query to Permaju Industries Bhd over the sharp rise in the price and high volume in the company’s shares recently.

MSM Malaysia Holdings Bhd profits rose 7.05% in its first quarter ended Mar 31, 2012 to RM66.39 million from RM62.02 million a year ago, due to higher sales volume and average selling prices. It said on Monday that its revenue for the quarter increased 5.68% to RM531.76 million from RM503.17 million a year earlier.



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