Tenaga to perform better in 2Q with RM2bn compensation

KUALA LUMPUR (Feb 28): TENAGA NASIONAL BHD [] expects to perform better in the second quarter ended Feb 29, 2012 as it would receive RM2 billion compensation from Petroliam Nasional Bhd and the government as part of a fuel cost sharing mechanism.

Its president and CEO Datuk Seri Che Khalib Mohamad Noh added that the gas supply has improved compared to a year earlier.

"The gas supply is better now thanks to Petronas. They have been giving us an average of 1,100 mmscfd. However we still need to burn distillates from time to time," he said on Tuesday.

The RM2 billion compensation is part of a fuel cost sharing mechanism equally shared by TNB, Petronas and the government to bear the RM3.07 billion cost to burn distillates as an alternative fuel from Jan 1, 2010 to Oct 31, 2011. TNB had to burn distillates to generate electricity due to shortage of gas supply from Petronas.

Che Khalib said TNB had to incur losses of RM400 million every month to burn distillates during the period.

"We still had to burn distillates in November and Dec. We will discuss with the government on what we want to do with that," he said.



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BIMB earnings for 4Q at RM73.88m, boost from Bank Islam, takaful

KUALA LUMPUR: BIMB HOLDINGS BHD [] posted RM73.88 million in net profit for the fourth quarter ended Dec 31, 2011, on the back of improved asset quality by Bank Islam and better underwriting results by Takaful Malaysia.

It said on Tuesday, Feb 29, revenue was RM568.74 million, while earnings per share were 6.93 sen.

BIMB attributed the higher income to higher fund and non-fund based income, improved asset quality by Bank Islam as well as better underwriting results by Takaful Malaysia.

It also cited higher realised gains on disposal of investment and the release of contingent special reserves as causes of its strong performance.

For FY ended Dec 31, 2011, its recorded net profit of RM204.41 million on the back of RM2.036 billion in revenue.



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Celcom Axiata posts net profit of RM2.1b in FY11

KUALA LUMPUR (Feb 28): Telecommunications provider, Celcom Axiata Bhd, has registered a net profit of RM2.1 billion for the financial year ended Dec 31, 2011.

The figure is 11 per cent higher when compared to the RM1.89 billion recorded in 2010.

Revenue rose six per cent to RM7.23 billion from the RM6.85 billion posted in 2010, driven mainly by higher subscribers on the back of an attractive product offering of bundled packages.

Its Chief Executive Officer Datuk Seri Shazalli Ramly said the current revenue growth was the strongest since the last fourth quarter in 2009.

"Celcom closed the year with 12 million subscribers, adding 542,000 more in the last quarter, promising greater opportunities for the company this year in respect of achieving consistent and strong traction in both revenue and profitability.

"We have evidently proven ourselves in meeting consumer demands at any cost while maintaining our top position," he told a media briefing here.0

Celcom is expected to continue to prioritise non-voice services, emphasising data access and innovative content offerings, while at the same time resuscitating voice usage.

Shazalli said Celcom has allocated RM1 billion for capital expenditure this year, to be largely spent on information TECHNOLOGY [] development.

"We will continue to deliver a comprehensive suite of access mediums, including mobile and high speed broadband, with the aim of having more WiFi hotspots in the country," he added. - Bernama



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QSR Brands 4Q net profit up 9.7% to RM38.7m, FY11 RM113m

KUALA LUMPUR (Feb 28): QSR BRANDS BHD [] reported net profit of RM38.69 million in the fourth quarter ended Dec 31, 2011, up 9.7% from the RM35.25 million a year ago due to better profits from Pizza Hut Malaysia.

It said on Tuesday its revenue rose 11% to RM923.11 million from RM831.40 million. Earnings per share were 13.78 sen compared with 12.81 sen.

QSR said profit before tax increased by 5.5% to RM82 million from RM77.7 million a year ago. Profit before tax in 2010 included a revaluation surplus of RM 6.7 million and if measured on a comparable basis, the profit before tax in 4Q11 improved by RM 11.1 million or 15.6%.

It said he group achieved higher sales and earnings in the current quarter albeit a challenging economic environment. KFC India and KFCH International College continued to incur high initial start-up costs in the current quarter during the gestation period.

“The improved results was also attributed to better profits from Pizza Hut Malaysia due to higher same store sales growth achieved and reduced cost of certain food items. KFC Cambodia recorded higher loss during the quarter due to fixed asset impairment on 4 non performing restaurants,” it said.

QSR also reported an improvement in revenue and pre-tax profit principally due to the year end school holidays and festive celebrations during the current quarter of the financial year.

For the financial year ended Dec 31, 2011, its net profit increased by 2.6% to RM113.10 million friom RM110.17 million. The revenue rose 10.3% to RM3.349 billion from RM3.035 billion.



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KFCH 4Q net profit dn 21.9% to RM38m, FY11 RM144m

KUALA LUMPUR (Feb 28): KFC Holdings Bhd (KFCH) saw its fourth quarter earnings decline 21.9% to RM38 million from RM48.67 million a year ago.

It said on Tuesday that KFC India and KFCH International College continued to incur high initial start-up costs in the current quarter during the gestation period.

As for revenue, it said there was a 12.1% increased to RM766.64 million from RM683.92 million. Earnings per share were 4.80 sen compared with 6.14 sen.

KFCH said profit before tax declined by 3.8% to RM61.0 million from RM 63.4 million a year ago when there was a revaluation surplus of RM 6.7 million.

“If measured on a comparable basis, the profit before tax in the current quarter improved by RM 4.3 million or 7.6%,” it said.

For FY11, KFCH’s earnings fell 8.2% to RM144 million from RM156.85 million in FY10 while revenue increased by 10.9% to RM2.798 billion from RM2.522 billion.

The higher revenue in the Malaysian operations were due to the network expansion of 24 new restaurants during the year bringing the total units to 539 restaurants as at end December 2011.

KFCH also attributed the increase in revenue due to the introduction of innovative new products supported by effective execution of marketing promotions to encourage new trials and repeat visits.



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Hock Seng Lee 4Q net profit RM26m, FY11 RM87.26m

KUALA LUMPUR (Feb 28): Sarawak-based infrastructure company HOCK SENG LEE BHD [] recorded net profit of RM26.14 million in the fourth quarter ended Dec 31, 2011, up 20.8% from the RM21.62 million a year ago, boosted by the strong performance of its marine and civil engineering businesses.

It said on Tuesday its revenue increased by 5.5% to RM158.58 million from RM150.26 million. Earnings per share were 4.76 sen compared with 3.97 sen.

For FY11, its net profit rose 18.8% to RM87.26 million from RM73.43 million a year ago while revenue increased by 19.1% to RM581.51 million from RM488.27 million.

“HSL Group’s net annual profit before tax for the financial year ended Dec 31, 2011 breached the RM100 million mark when it rose to RM116.60 million up 18% from 2010’s year-end figure of RM98.42 million,” it said.

Managing director Datuk Paul Yu announced that for FY11, the board recommended a final ordinary dividend of 9% and a special dividend of 3%.



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Mah Sing Group 4Q earnings up 30.8% to RM41m, record FY11

KUALA LUMPUR (Feb 28): MAH SING GROUP BHD [] posted net profit of RM41.03 million in the fourth quarter ended Dec 31, 2011, up 30.8% from RM31.35 million a year ago, boosted by the property segment.

It announced on Tuesday that its revenue increased by 41% to RM422.12 million from RM299.28 million. Earnings per share were 4.93 sen compared with 3.77 sen. It announced dividend of 11 sen a share.

For FY11, its earnings rose 42.7% to RM168.55 million from RM118.07 million in FY10 while revenue increased by 41.5% to RM1.570 billion from RM1.110 billion.

“The group delivered a solid performance in 2011 with new record highs for revenue, profit and sales. Revenue at RM1.6 billion and net profit at RM168.6 million represents 41% and 43% y-o-y growth compared to the previous year. Property sales were robust in 2011 at RM2.26 billion, more than a 46% improvement from the RM1.5 billion achieved in 2010,” it said.

Mah Sing also said despite expanded operations, balance sheets remain strong, with high cash pile at RM665.7 million and net gearing at a low of 0.29 as at Dec 31, 2011. It added the return on equity (ROE) at 16% and asset turnover at 55% were at their highest annual levels since 2007.

“It said that revenue from property segment improved 48% on-year to RM1.4 billion. The group's property sales exceeded internal target of RM2 billion to end at RM2.26 billion. Well located projects coupled with a reputation for delivering high quality PROPERTIES [] that meet contemporary demand helped boost sales,” it said.



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JTI slumps in absence of special dividend

KUALA LUMPUR (Feb 28): Shares of JT International were the top loser on Tuesday as investors were disappointed the cigarette manufacturer and distributor did not declare any special dividends.

At 9.53am, JTI was down 24 sen to RM6.92. There were 51,800 shares done.

The FBM KLCI shed 0.66 of a point to 1,558.38. Turnover was 316.56 million shares done valued at RM209.70 million. There were 200 gainers, 240 losers and 241 stocks unchanged.

CIMB Equities Research said it was disappointed with the absence of a special dividend as JTI’s cash continued to build up, rising 37% on-quarter to RM260 million, close to the RM265 million to RM290 million level when it last paid a special dividend amounting to 103 sen

In its analysis, the research house said a jump in marketing cost and other operating costs stubbed out JTI’s ability to meet FY11 forecasts. It has a Neutral outlook on JTI with a target price of RM7.50.



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