Stocks to watch MAA Group, Petra Energy, Crest Builder, Malaysian Airline, Air Asia, DKLS

KUALA LUMPUR (May 5): The FBM KLCI could take trend higher next week, as the first quarter earnings reporting season kicks off, and as analysts expect better sequential earnings for companies.

Global stocks swooned and crude oil tumbled on Friday after a weak U.S. jobs report and data that suggested a deeper recession across the euro zone than previously thought dented sentiment, according to Reuters.

Major U.S. and European stock indexes fell more than 1 percent, U.S. crude oil slumped about 4 percent and government debt prices jumped after the Labor Department said American employers reduced hiring more than expected in April, it said.

MIDF Research head of equity Syed Muhammed Kifni said with the earnings reporting season for the first quarter 2012 beginning this week, he expects to see an overall sequential improvement in the bottom line figures.

“Both ours and consensus KLCI earnings growth for this year are estimated at around mid-teens, supported by decent organic earnings growth performance as well as absence of lumpy abnormal losses,” he said.

Syed Muhammmed said that despite recent difficulty of the KLCI to sustain itself above the 1,600 points levels, in our opinion, the recent liquidity-driven rally has not yet ended as the local market undercurrent remains positive.

Furthermore, notwithstanding the feeble dynamics in Europe, risk-on mood is still prevalent on Wall Street as attested by its benchmark index which is stealthily approaching the pre-2008 highs, he said.

“This continuing appetite for risk assets may help the markets in this region to also regain their upward momentum. Hence we believe the KLCI will again attempt to knock against the psychological 1,600 points ceiling in the coming days.

“We reiterate both our year-high as well as year-end 2012 KLCI base case targets of 1,670 points and 1,600 points respectively,” he said.

Among the stocks that could be in focus next week are MAA Group Bhd, PETRA ENERGY BHD [], CREST BUILDER HOLDINGS BHD [], MALAYSIAN AIRLINE SYSTEM BHD [], Air Asia Bhd and DKLS INDUSTRIES BHD [].

MAA Group Bhd is selling its wholly-owned security equipment and services unit for RM7 million, a move which will help the financial services entity focus on its core business.

Petra Energy Bhd declared a final tax-exempt dividend (single-tier) of half a per share for the financial year ended Dec 31, 2011 to be paid on July 13 this year.

The founding family of Crest Builder Holdings Bhd raked in proceeds of RM4.1 million from the sale of five million shares or 4% in the CONSTRUCTION [] firm.

Updates to the exchange show that Yong Tiok Chin who is the daughter of founder and managing director Yong Soon Chow had disposed of the shares at 82 sen each on Thursday.

Shares of Malaysian Airline System Bhd and Air Asia Bhd could continue to be in focus next week after the reversal of their share-swap agreement and the resignation of Tan Sri Tony Fernandes and Datuk Kamarudin Meranun from MAS' board.

DKLS Industries Bhd has inked a heads of agreement with the Selangor State Development Corporation (PKNS) to collaborate in the redevelopment of a 15.9-acre area in Petaling Jaya into a mixed development comprising commercial, retail and residential units.

The company said on Friday that the gross development value of the Proposed Redevelopment was estimated at the range of RM1.5 billion.



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KLCI inches higher at mid-morning, brushes off concerns after Bersih rally

KUALA LUMPUR (April 30): The FBM KLCI brushed off events over last weekend arising from the Bersih 3.0 rally and inched higher on Monday, in line with the gains at most regional markets, lifted by select blue chips in early trade.

At 10am, the FBM KLCI was up 3.64 points to 1,571.44.

Gainers led losers by 184 to 151, while 202 counters traded unchanged. Volume was 183.93 million shares valued at RM115.43 million.

Asian shares inched higher on Monday as weaker-than-expected U.S. growth data left open the possibility for more monetary stimulus from the Federal Reserve, but trading will likely be subdued with Japanese and Chinese markets closed, according to Reuters.

Global stocks ended higher on Friday on strong earnings reports, while the dollar dipped as data showed growth in the U.S. economy cooled in the first quarter to a 2.2% annual growth rate, below a 2.5% forecast, feeding views that the Fed could ease policy further to boost growth, it said.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.12% to 20,973.80, South Korea’s Kospi added 0.44% to 1,984.09, while Singapore’s Straits Times index fell 0.20% to 2,975.60 and Taiwan’s Taiex shed 0.27% to 7,460.38.

Maybank Investment Bank Bhd in a market strategy note Monday maintained its Neutral stance on the FBM KLCI and said it expects the market to continue pricing in political concerns ahead of the 13th General Elections (13GE).

It said last Saturday's Bersih 3.0 rally had thrown up the possibility of the 13GE being deferred.

“On the external front, renewed concerns over the Eurozone imply heightened volatility again for equity markets.

“Against such a backdrop, we expect domestic equities to stay range bound ahead of the 13GE, and advise investors to stay selective in their picks,” it said.

BIMB Securities Research said on Monday that in the US solid corporate earnings, improving economic growth and employment had kept investors upbeat on equities hence the higher closing for the Dow Jones Industrial Average at 13,228 (+24 points).

Meanwhile European bourses all closed higher possible on a rebound after an eventful week, it said.

“We believe this as a lull before the storm as the situation in Spain is ripe for traders to manufacture more volatility ahead.

“To recap, the country recently was downgraded by the S&P and recently reported its unemployment rate of 24.4% for 1Q12 should become as a main target to derail sentiments, it said.

The research house said Asian markets were weaker possibly spooked by the situation in Spain amid profit taking activities.

“Locally, the FBM KLCI fell almost 12 points to 1,567 ahead of the Bersih 3.0 Rally as investors continue to pare down their holdings.

“We believe outlook for the local bourse has deteriorated for the 2Q12 unless corporate earnings for the 1Q excel. Next support is seen at 1,560,” it said.

Among the gainers on Bursa Malaysia at mid-morning, Chin Teck added 29 sen to RM9.30, Aeon Credit and Petronas Dagangan up 22 sen each to RM10.38 and RM19.28, Tasek 21 sen to RM8.76, UMW and Carlsberg 14 sen each to RM7.97 and RM11.62, Genting PLANTATION []s 13 sen to RM9.52, Toyo Ink and KLK 12 sen each to RM1.53 and RM23.82, while Petra Energy added 11 sen to RM1.27.

Utopia was the most actively traded counter with 178.28 million shares done. The stock was unchanged at 8.5 sen.

Other actives included DRB-Hicom, XDL, CSL, Berjaya Corp. Daya Materials, Metronic and Oversea.

Decliners included PacificMas, Bumi armada, Dutch Lady, IJM Plantations, Sarawak Plantations, Batu Kawan, GAB and Gadang.



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Petra Energy shares up on Perdana Petroleum soliciting bids for stake

KUALA LUMPUR (April 27): PETRA ENERGY BHD [] shares advanced on Friday after Perdana Petroleum Bhd, formerly known as PETRA PERDANA BHD [] said it was soliciting bids for its entire 26.9% stake in Petra Energy.

At 9.38am, Petra Energy rose four sen to RM1.18 with 155,100 shares done.

In a statement to the exchange on Thursday, Perdana Petroluem said it had appointed CIMB Investment Bank Bhd to undertake a restricted tender for its 57.7 million Petra Energy shares.



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Perdana Petroleum solicits bids for Petra Energy stake

KUALA LUMPUR (April 26): Perdana Petroleum Bhd, formerly known as PETRA PERDANA BHD [], is soliciting bids for its entire 26.9% stake in PETRA ENERGY BHD [].

In a statement to the exchange on Thursday, the oil-and-gas support services firm said it has appointed CIMB Investment Bank Bhd to undertake a restricted tender for its 57.7 million Petra Energy shares.

"Perdana Petroleum will make the necessary announcements in accordance with the main market listing requirements of Bursa Malaysia Securities Bhd, once the terms for the divestment of the said Petra Energy shares has been agreed and a definitive agreement has been executed," it said.



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Petra Energy appoints new advisor

KUALA LUMPUR (April 24): PETRA ENERGY BHD [] has appointed John Michael Peck as Advisor for the development of subsurface and production capabilities for the Group.

The integrated oil & gas brown field service provider said in a statement Tuesday that John Peck has 35 years’ experience in the oil and gas industry including various key positions in Petronas, where he was involved in exploration, development and production projects in Vietnam, Turkmenistan, Dubai and the Malaysia Thailand Joint Development Area.

The company said John Peck holds a Bsc Geology from University Malaya.

It said prior to joining Petra Energy, John Peck was advisor to the Chinese Petroleum Company (CPC) Taiwan in Malaysia.

He is also actively involved in oil & gas in Myanmar, it said.

“John Peck is a strong addition to the current Petra Energy team, with his scope of expertise and depth of knowledge in the exploration and production business, he will play an integral role in the future development of Petra Energy,” it said.



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KLCI edges up in early trade in thin volume

KUALA LUMPUR (April 6): The FBM KLCI edged up in early trade on Friday, while regional markets eased with many bourses closed for the Good Friday and Easter weekend.

The FBM KLCI rose 0.67 of a point to 1,594.11 at 9.01am, liftedby elect ble chips.

Gainers led losers by 59 to 16, while 90 counters traded unchanged. Volume was 19.28 million shares valued at RM7.29 million.

Asian shares eased on Friday, when many markets were closed for the Easter holiday, as investors stayed on the sidelines ahead of key U.S. jobs data, avoiding risk after rising yields in weaker euro zone countries refuelled concern about Europe, according to Reuters.

Worries about Spain's rising bond yields were somewhat offset, however, by fresh U.S. data on Thursday that provided more evidence of a recovering labour market, raising the prospect for the non-farm payrolls report due later on Friday to be solid, it said.

Thursday's data showed U.S. jobless claims fell to the lowest level since April 2008, another positive news following a report on private-sector jobs earlier this week, boding well for the American government's widely watched monthly employment figures due on Friday, said Reuters.

Among the early gainers on Bursa Malaysia, BAT rose 70 sen to RM55.60, Petronas Dagangan added 14 sen to RM18.98, Favelle Favco roe seven sen to RM1.44, Lafarge Malayan Cement and Gopeng six sen each to RM7.13 an 78 sen, Takaful four sen to RM3.74, Hibiscus three sen to RM1.71, Ideal Jacobs 2.5 sen to 19.5 seb and Petra Energy two sen to RM1.08.

Naim Indah Corp was the most actively traded counter with 6.4 million shares done. The stock added half a sen to 49 sen.

Other actives included AirAsia, Jetson, CSL, Tiger Synergy, DBE Gurney and DPS.

Decliners included Airasia, Jetson, CSL, Tiger Synergy, DBE Gurney and DPS.



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Stocks to Watch Petra, MAS, MISC

KUALA LUMPUR (Apr 3): There is still room for the FBM KLCI to trade higher, according to analysts, as technical trading dynamics improve in anticipation of more positive updates by the government ahead of Malaysia’s general election.

Analysts said the 30-stock index has breached the 1,600 point level; hence, the possibility that the FBM KLCI will reach the next hurdle of 1,620 points.

The benchmark added 2.85 points to close at a fresh all-time high of 1,606.63 points on Tuesday.

Stocks to watch on Wednesday include PETRA ENERGY BHD [], Y.S.P.SOUTHEAST ASIA HOLDING [] Bhd, SARAWAK OIL PALMS BHD [] (SOPB), MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) and MISC BHD [].

Petra Energy has signed a memorandum of understanding with Baker Hughes (M) Sdn Bhd to undertake oil and gas projects in Malaysia.

Y.S.P. plans to reward shareholders with a single-tier first and final dividend of six sen per ordinary share for financial year ended Dec 31, 2011.

SOPB is diversifying into the shipping business following a joint venture (JV) agreement with Shin Yang Shipping Corp Bhd.

MAS has called off its plans to set up a short-haul regional premium airline, and will instead provide such services via an operating unit under the company.

Malaysian Rating Corp Bhd (MARC) has revised the outlook of MISC’s Islamic bonds to negative from stable. The revision has taken into account the shipping firm’s weaker financials, according to MARC.



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Petra Energy inks MoU with Baker Hughes

KUALA LUMPUR (Apr 3): PETRA ENERGY BHD [] has into a Memorandum of Understanding (MoU) with Baker Hughes (M) Sdn Bhd (BHM) to undertake oil and gas projects in Malaysia.

Petra Energy said the company and would co-operate to provide capability development services including deploying their respective expertise and knowledge for oil and gas projects for operators in Malaysia within the duration of the MoU.

"Arising from the provision of the aforesaid co-operation, if and when a contract or contracts are secured, BHM shall assume one or more roles to be mutually agreed by the Parties under a formal and final contract," it said on Tuesday.

Petra Energy said the MoU shall remain in effect for one year from the date of MoU.

According to information found at the website of BHM's parent company, Baker Hughes Incorporated was formed in 1987 with the merger of Baker International and Hughes Tool Company — both founded over 100 years ago when R C Baker and Howard Hughes Sr conceived ground-breaking inventions that revolutionised the fledgling petroleum era.

Baker Hughes Inc's website says the company has 57,000-plus employees in more than 80 countries. Baker Hughes describes itself as a top-tier oilfield service company.



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Petra Energy buying Labuan yard site for RM16m

KUALA LUMPUR (Feb 14): PETRA ENERGY BHD []’s unit Petra Resources Sdn Bhd has proposed to buy two parcels of land in Labuan, which is it currently renting, for RM16 million.

The company said on Tuesday the two parcels of leasehold land measured 2.294 ha were currently used for its fabrication and CONSTRUCTION [] activities.

Petra Energy said Petra Resources had signed a sale and purchase agreement with Jong Nyat Lian and Lee Wing Yim to acquire the land

It expected the proposed acquisition to contribute positively to the future earnings and net assets as the expansion of its operations was expected to generate an increase in revenue.



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Ex-CEO of Petra Energy resigns as director ahead of EGM

KUALA LUMPUR (Feb 9): The former chief executive officer (CEO) of PETRA ENERGY BHD [] Kamarul Baharin Albakri resigned as a director of the company on Wednesday, Feb 8 ahead of the EGM on Thursday to seek his removal.

The integrated brownfield oil and gas service provider said the ordinary resolution was therefore not considered at the EGM.

To recap, on Jan 10, Petra Energy announced that it would hold an EGM following a requisition by a shareholder, Shorefield Resources Sdn Bhd to remove Kamarul with immediate effect.

He was the former CEO and his services were terminated on Dec 20. Despite his removal then, he still remained a director of the company.



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Petra Energy appoints new CEO

KUALA LUMPUR: Integrated brownfield oil and gas service provider Petra Energy Bhd has appointed Datuk Anthony Firdauz Bujang its new CEO, the company announced to Bursa Malaysia yesterday.

Anthony’s appointment fills a vacant position after the termination of Petra Energy’s former CEO Kamarul Baharin Albakri on Dec 20 last year.

Anthony has had a lengthy career in the media as well as in the oil and gas sector.

He has had a lengthy career in the media as well as in the oil and gas sector. From 2008 till the end of last year he was group CEO of The New Straits Times Press (M) Bhd. He previously served as CEO of television channel NTV7 and was TV3’s director of operations.

In the 1990s, Anthony worked in Sarawak Shell Bhd and Shell Gabon in West Africa.

Petra Energy yesterday gained 3.5 sen to 98 sen with 302,900 shares traded.


This article appeared in The Edge Financial Daily, January 12, 2012.



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CIMB Research has technical sell on Petra Energy at 94.5 sen

KUALA LUMPUR (Jan 11): CIMB Equities Research has a technical sell on Petra Energy at 94.5 sen at which it is trading at a price-to-book value of 0.6 times.

It said on Wednesday Petra Energy violated its triangle support on Monday.

“We see this as a prelude to more downside ahead. With the candles also falling below its key moving averages, we doubt any rebound would be sustainable,” it said.

CIMB Research said the technical indicators are also showing negative readings. MACD signal line has staged a dead cross while RSI is falling towards the oversold territory.

“As the trend favours the bears, traders should do well selling into strength. Near term gains are likely capped at 99.5 sen. Support is at 90 sen and 85 sen,” it said.



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Stocks to watch: Kulim, QSR, SapuraCrest, Can-One

KUALA LUMPUR (Jan 11): The firmer overnight close on Wall Street could provide the much-needed boost for regional markets and Malaysia while fresh corporate developments could see trading interest in stocks like KULIM (M) BHD [] and QSR BRANDS BHD [].

Stocks which could see trading interest on Wednesday include Kulim (M) Bhd and QSR Brands Bhd following a slightly higher offer price made by Kumpulan Syarikat Pelaburan DPMM on behalf of the Malay Chamber of Commerce Malaysia (MCCM).

The MCCM raised the offer for the QSR shares owned by Kulim by 10 sen to RM6.90. However, could this lead to other offers in the pipeline?

At RM6.90, this was 10 sen above the offer made by Massive Equity Sdn Bhd (MESB) to acquire QSR’s business and undertakings, including substantially all the assets and liabilities of QSR for RM6.80 per share.

Meanwhile, SAPURACREST PETROLEUM BHD []’s joint venture has secured a subsea CONSTRUCTION [] project worth RM315 million (US$100 million) offshore Vietnam.

SapuraAcergy Sdn Bhd, which is 50:50 owned by SapuraCrest and Subsea 7 S.A. was awarded the contract, adding that the offshore work was expected to be performed in mid 2012.

CAN-ONE BHD [] stated it was unaware of any plan of its major shareholders to undertake a privatisation or merger with KIAN JOO CAN FACTORY BHD [].

PETRA ENERGY BHD []’s former chairman Tengku Datuk Ibrahim Petra Tengku Indra Petra is seeking RM891,000 as gratuity payment from the company and the transfer of a company car.

The Kuok Group continued to reduce its stake in HEXAGON HOLDINGS BHD []. It disposed of 7.69 million shares at an average price of 20 sen from Jan 4 to 9 and reduced its stake to 9.78% or 12.978 million shares.

Another stock which could see trading interest is Tan Chong Motor on speculation it might be keen in a stake in Proton.



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Ibrahim Petra seeks RM891,000 gratuity payment from Petra Energy

KUALA LUMPUR (Jan 10): PETRA ENERGY BHD []’s former chairman Tengku Datuk Ibrahim Petra Tengku Indra Petra is seeking RM891,000 as gratuity payment from the company and the transfer of a company car.

Petra Energy said on Tuesday it was served with a writ of summons together with the statement of claim from Ibrahim Petra’s solicitors Messrs Bodipalar Ponnudurai De Silva.

According to the statement to Bursa, he is seeking the gratuity payment of RM891,000, based on 1.5 months’ salary for every year of service for 22 years.

He is also seeking the transfer of the ownership of the company car, a Mercedes Benz CLS Brabus to him.

He is also seeking interest at 4% per annum to be paid by Petra Energy on the judgement sum from June 18, 2010, the date of his resignation as chairman and executive director, to the date of full settlement.

“The claims stated in the summons are in respect of the plaintiff's request for payment of a gratuity following his resignation as a director and in view of his contribution and service to the group of companies which he had set up and served for 22 years. It was claimed that Petra Energy board of directors did not make the gratuity payment as agreed nor transfer the company car to the plaintiff,” said the company.



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Petra Energy to hold EGM over removal of director

KUALA LUMPUR (Jan 10): PETRA ENERGY BHD [] will hold an extraordinary general meeting (EGM) on Feb 9 following a resolution to seek the removal of Kamarul Baharin Albakri as a director.

It said on Tuesday the EGM was requisitioned by a shareholder, Shorefield Resources Sdn Bhd to remove Kamarul with immediate effect.

He was the former chief executive officer of Petra Energy and his services were terminated on Dec 20. Despite his removal then, he still remained a director of the company.



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Asian markets ease ahead of US data, KLCI pares down losses

KUALA LUMPUR (Dec 27): Asian markets were mostly in negative territory at mid-day on Tuesday, ahead of home prices and consumer confidence data set to be released later in the day in the US.

The FBM KLCI was down 1.34 points to 1,494.81 at the mid-day break.

Losers beat gainers by 301 to 257, while 293 counters traded unchanged. Volume was 445.83 million shares valued at RM232.02 million.

The ringgit weakened 0.37% to 3.1592 versus the US dollar; crude palm oil futures for the third month delivery fell RM22 per tonne to RM3,148, crude oil added eight cents per barrel to US$99.76 while gold fell US$12.07 an ounce to US$1,594.88.

At the regional markets, Japan’s Nikkei 225 was down 0.43% to 8,442.73, South Korea’s Kospi fell 1.02% to 1,837.84, Taiwan’s Taiex lost 0.48% to 7,058.71 and Singapore’s Straits Times Index shed 0.15% to 2,672.54.

The Shanghai Composite Index edged up 0.05% to 2,191.23 while European and some Asian markets, including Hong Kong and Australia, were closed on Tuesday.

On Bursa Malaysia, Y&G fell 28.5 sen to 68 sen, BAT and Dutch Lady lost 20 sen each to RM49 and RM23.16, JT International and Hong Leong Bank down 12 sen each to RM6.87 and RM10.82, Petronas Dagangan 10 sen to RM17.20 while Petra Energy and EKIB was down eight sen each to RM1.05 and 46 sen.

Among the gainers, Boxpak rose 29 sen to RM2.14, KLK 26 sen to RM22.46, F&N 20 sen to RM18.20, AIC and Top Glove 12 sen each to RM1.30 and RM4.86, Kretam, Far East and Ta Ann added 10 sen each to RM2.50, RM7.15 and RM5.15 respectively, while Nestle and BLD PLANTATION []s gained eight sen each to RM56.68 and RM7.20.

The actives included MBF Holdings warrants, Proton, Karambunai, Astral Supreme and Sanichi.



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KLCI kicks off year’s final trading week on tepid note

KUALA LUMPUR (Dec 27): The FBM KLCI started the final trading week of the year on a weaker note and fell 4.61 points to 1,491.54 at mid-morning, weighed by select blue chips.

Losers led gainers by 179 to 174, while 194 counters traded unchanged. Volume was 176.78 million shares valued at RM66.23 million.

Asian shares were steady on Tuesday in thin volume as investors took to the sidelines before U.S. markets reopen later in the day from a long weekend and data which could offer clues over growth prospects in the world's largest economy, according to Reuters.

European and some Asian markets, including Hong Kong and Australia, were closed on Tuesday, it said.

At the regional markets, Japan’s Nikkei 225 fell 0.52% to 8,435.63, the Shanghai Composite Index shed 0.06% to 2,188.82, Taiwan’s Taiex lost 0.52% to 7,055.82, South Korea’s Kospi fell 0.74% to 1,843.03 and Singapore’s Straits Times was down 0.26% to 1,492.21.

BIMB Securities Research in a note Dec 27 said the Eurozone enjoyed a temporary reprieve as traders and investors alike were in holiday mood ahead of Christmas and 2012, adding that global equities continued with their uptick as European bourses have all registered positive gains.

Buoyed by improved US economic outlook and absence of nasty news, the Dow Jones Industrial Average jumped 124 points to close at almost 12,300, it said.

However, the research house said that surprisingly, the feel good factor did not entirely cascade down to Asian bourses as the region markets ended rather mixed.

“As for Malaysia, the FBMKLCI continued with its uptrend and is within touching distant of the 1,500 mark.

“We reckon trading would be lacklustre over the next few days and will be interesting to see if the benchmark index is able to break the psychological 1,500 looking forward. We are sticking our necks out that it will,” it said.

On Bursa Malaysia, BAT was the top loser at mid-morning and was down 20 sen to RM49; PPB fell 18 sen to RM16.80, Genting PLANTATION []s down 16 sen to RM8.25, JT International 13 sen to RM6.86, Petra Energy and Hong Leong Bank fell eight sen each to RM1.05 and RM10.86, Harvest Court seven sen to RM1.06 while Daibochi and Shangri-La fell six sen each to RM2.58 and RM2.38.

Gainers included Nestle, HLFG, AIC, TDM, F&N. GAB, United Plantations, Kretam and Boustead, while the actives included Proton, Vastalux, Marco, Envair and Utopia.



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Stocks to watch: AirAsia, Mudajaya, Petra Energy, BDRB, PPB

KUALA LUMPUR (Nov 23): AIRASIA BHD [] could be in focus on Wednesday after it reported a weaker set of financial results following the impact of higher fuel expense and staff costs.

Other companies which could come under the radar of investors are MUDAJAYA GROUP BHD [], PETRA ENERGY BHD [], BANDAR RAYA DEVELOPMENTS BHD [] and PPB GROUP BHD [].

AirAsia’s earnings for the third quarter ended Sept 30, 2011 fell 53.46% to RM152.29 million from RM327.29 million a year earlier, due mainly to higher fuel expense and staff costs. Revenue for the quarter rose 9.87% to RM1.08 billion from RM979.71 million in 2010.

For the nine months ended Sept 30, the low-cost carrier’s net profit fell 42.89% to RM428.49 million from RM750.33 million in 2010, despite posting an increase in revenue to RM3.2 billion from RM2.78 billion.

Mudajaya’s net profit jumped 76% to RM63 million from RM46.54 million, aided by a currency translation gain of RM19.39 million compared with loss of RM14.95 million a year ago.

It said on Tuesday its revenue increased at the same pace, up 76.4% to RM337.21 million from RM191.15 million.

For the nine-month period, its earnings showed an increase of 8.7% to RM164.54 million from the RM151.36 million in the previous corresponding period. Revenue rose 43.3% to RM916.39 million from RM639.14 million.

Petra Energy Bhd posted net loss of RM13.68 million in the third quarter ended Sept 30, 2011, a contrast from the net profit of RM4.75 million a year ago mainly due to the additional recognition of losses in the onshore civil engineering services on completion of the Kumang project.

It said revenue was flat at RM158.59 million compared with RM158.94 million a year ago while loss per share was 7.02 sen compared with earnings per share of 2.44 sen.

BDRB posted net profit of RM28.40 million in the third quarter ended Sept 30 compared with net loss of RM745,000 a year ago due to better property development gross margins. Other positive factors were higher rental income and gain from disposal of the gourmet delicatessen and foodhall business in the property division.

In a separate development, BDRB said its major shareholder Ambang Sehati Sdn Bhd is mulling the possibility of increasing its stake in BDRB.

BDRB said during its board meeting on Tuesday, an Ambang Sehati representative informed that “it is exploring the possibility of increasing its stake in the company via various means, which may or may not result in a general offer”.

PPB’s earnings fell 20.3% to RM229.40 million in the third quarter ended Sept 30 from RM287.99 million a year mainly due to lower contribution from its associate, Wilmar International Ltd. PPB’s revenue rose 23.6% to RM710.26 million from RM574.53 million while earnings per share were 19.35 sen from 24.29 sen.

TIME ENGINEERING BHD [] posted net profit of RM89.70 million in the third quarter ended Sept 30, up 709% from RM11.08 million a year ago, boosted by a gain of RM91.92 million from the disposal of investment. Its revenue slipped 2.9% to RM15.44 million from RM15.91 million mainly due to reduction in the group’s system integration business.



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Petra Energy posts net loss RM13.68m in 3Q

KUALA LUMPUR (Nov 22): PETRA ENERGY BHD [] posted net loss of RM13.68 million in the third quarter ended Sept 30, 2011, a contrast from the net profit of RM4.75 million a year ago mainly due to the additional recognition of losses in the onshore civil engineering services on completion of the Kumang project.

It said on Tuesday that revenue was flat at RM158.59 million compared with RM158.94 million a year ago while loss per share was 7.02 sen compared with earnings per share of 2.44 sen.

Petra Energy said the lower revenue recorded by the marine offshore support services, was mainly due to revision of the daily charter rate for a vessel and a decline in onshore civil engineering service.

“The lower revenue is compensated by higher business activities of the integrated brown field maintenance and engineering services recorded in the current quarter,” it said.

Petra Energy said for the nine-month period, it recorded net loss of RM4.56 million compared with net profit of RM10.58 million in the previous corresponding period. Its revenue fell 10.5% to RM432.69 million from RM483.89 million a year ago.



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Petra Energy approves private placemen

KUALA LUMPUR: Integrated oil and gas brown field services provider, Petra Energy Bhd (PEB), has approved a private placement of 19.50 million new ordinary PEB shares at 91 sen apiece.

In a statement today, PEB said the shares represented 9.09 per cent of its enlarged issued and paid-up capital.

Its executive director/chief executive officer, Kamarul Baharin Albakri, said the placement would boost PEB's efforts to strengthen its core competencies in project management capabilities, onshore fabrication services and fleet spread configuration.

"The placement will also allow the company to tap the robust market opportunities in enhanced oil recovery, top side major maintenance hook-up construction and commissioning and marginal oil fields.
"The timing is just right," he said.

He said the new growth opportunities were premised on the initiatives as planned under the government’s Economic Transformation Programme and Petronas' planned capital expenditure of about RM300 billion in rejuvenating existing oil
and gas fields, developing marginal fields and drilling of exploration wells.

"The initiatives would not only provide growth opportunities for the group in onshore and offshore services but also prepare the company for large contracts which are expected to be out for tenders in 2012 and beyond, given the vibrant industry landscape," he said.

He said PEB was also constantly exploring opportunities, including forging strategic alliances with other players.

"Through such partnerships, PEB would be in a better position to bid for bigger jobs," he said.

Kamarul said the company also planned to acquire vessels with a crane capacity of 400 tonnes.

In June this year, PEB leased space at Labuan Shipyard & Engineering Sdn Bhd to undertake minor and major fabrication works for oil and gas majors, he said.

"This is a step towards positioning the company to undertake future work volumes anticipated to come from offshore Sabah," he said. -- BERNAMA