UEM Land records RM140.5m in 4Q earnings, unbilled sales of RM1.85b

KUALA LUMPUR (Feb 28): UEM LAND HOLDINGS BHD [] posted a 3.84% increase in earnings to RM140.56 million for the fourth quarter ended Dec 31, 2011, from RM135.36 million, due to improved performance from the group's various development activities.

It said on Tuesday, that the board was confident of the group’s prospects in the coming financial year as the on-going projects had unbilled sales of RM1.85 billion as at Dec 31, 2011.

“The profits from these future billings will be recognised substantially over the next two financial years. The group will also be launching several residential and commercial projects in the Klang Valley, Cyberjaya and Nusajaya in 2012. These projects will ensure the groups’ profitability is sustainable in the near future,” it said.

UEM Land’s 4Q11 revenue soared 115.22% to RM597.80 million from RM277.76 million. Earnings per share were 3.25 sen compared to 3.72 sen a year ago.

The higher contributions were attributed to improved performance to the group's activities in SiLC, East Ledang, Nusa Idaman, Nusa Bayu and Symphony Hills. The quarter also saw the consolidation of results from SUNRISE BHD [], as a factor to its increased earnings.

For the financial year ended Dec 31, 2011, revenue rose 261.7% to RM1.70 billion compared to RM471.14 million the previous year, while profits were up 55.1% to RM301.71 million from RM194.54 million.



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RHB Cap 4Q earnings dip to RM348m on stiffer competition

KUALA LUMPUR (Feb 28): RHB CAPITAL BHD [] posted an 8.09% fall in profits to RM348.39 million for the fourth quarter ended Dec 31, 2011, from RM380.15 million due to increased competition among banks.

It said on Tuesday its revenue increased 10.5% to RM1.89 billion to RM1.71 billion. Earnings per share were 15.80 sen compared with 17.70 sen a year ago.

The lower margins were attributed to stiffer competition in both loans and deposits, as well as a relatively lower yielding credit risk-free public sector loans and financing on book.

RHB Cap said the increase in the overnight policy rate (OPR) in May 2011, coupled with several increases in the statutory reserve requirement (SRR) contributed to the lower net interest income.

For the financial year ended Dec 31, 2011, revenue was up 15.12% to RM7.08 billion from RM6.15 billion. Meanwhile, profit rose 5.63% to RM1.50 billion from RM1.42 billion.

“In line with our commitment to consistently provide value to our shareholders, a final dividend of 11.82% less 25% tax and single tier dividend of 5.59% totaling RM318.7 million has been proposed.

"Together with the interim dividend of 8.00% less tax, the total gross dividend for 2011 would amount to 25.41% per share. This is in line with the group’s stated dividend policy of 30% payout ratio”, said RHB Capital chairman Datuk Mohamed Khadar Merican.

The improvement in performance was attributable to higher net interest income, other operating income, income from its Islamic banking arm as well as lower loan loss provisions and impairment losses on other assets. However, this was partly offset by other operating expenses.



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Dijaya records 12.8% rise in 4Q earnings to RM39m

KUALA LUMPUR: Property developer, Dijaya Corp Bhd's earnings rose 12.8% to RM39.02 million for the fourth quarter ended Dec 31, 2011, from RM34.59 million a year ago, due to better sales performance and recognition of progress billings from its project launches in 2011.

It said on Tuesday, Feb 28, that revenue was up 53.2% to RM156.19 million from RM101.91 million. Earnings per share were 8.53 sen compared to 7.60 sen a year ago.

Both revenue and profits were boosted by contributions from the Tropicana Grande and Casa Tropicana developments at Tropicana Golf & Country Resort, as well as the Grand Villa, Pool Villas and Link Villas at Tropicana Indah Resort Homes.

"The group now has its footprints in Klang Valley, Penang and Johor, which are the major property development areas. With all these projects in the pipeline, the group is poised for growth and expansion in the market share to achieve market capitalisation of above RM1 billion," said Dijaya chief executive officer Tan Sri Danny Tan.

For the financial year ended Dec 31, 2011, revenue increased by 27.8% to RM373.72 million from RM292.26 million in FY10. Net profits rose 50.4% to RM65.07 million from RM43.25 million.



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Benalec 2Q earnings up 52% to RM28.8m, boost from land sale

KUALA LUMPUR (Feb 28): Benalec Holdings Bhd, posted a 52.51% increase in earnings to RM28.84 million for the second quarter ended Dec 31, 2011, from RM18.91 million due to net gain on sale of land in the current quarter.

It said on Tuesday, revenue was 40.54% lower to RM26.89 million from RM45.22 million mainly due to certain projects located in Melaka had already reached the completion stage. Earnings per share were 3.90 sen compared to 3.00 a year ago.

For the first six months ended Dec 31, 2011, revenue was up 4.15% to RM101.47 million from RM97.43 million. Net profits were also up 18.2% to RM57.77 million from RM48.87 million.

"The increase in the revenue was mainly due to the increased activities in reclamation works being undertaken in Melaka and Port Klang," it said, adding the small increase in profit was due to the sale of land valued at RM15.5 million.

However, higher operating expenses, increased finance costs and a lower contribution from its marine CONSTRUCTION [] arm mitigated the gains.



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TSM shareholders in RM159m takeover deal

KUALA LUMPUR (Feb 28): Shareholders of TSM GLOBAL BHD [], who own 28.07% of the paid-up share shares, have offered to acquire all the business, including assets and liabilities, for RM159.24 million or RM1.25 per share.

TSM said it had received the offer letter from West River Capital Sdn Bhd – a special purpose vehicle in which TSM directors Datuk Lim Kheng Yew and Lim Tze Thean own 60:40 of West River.

The RM159.24 million would be RM1.25 cash per TSM share held by the remaining entitled shareholders and a deferred amount of RM1.25 per TSM share for all the shares held by identified parties as an amount remaining due and owing by the offeror.

TSM said the cash portion would amount to RM114.54 million and the deferred amount was RM44.70 million.

The parties involved would not reduce their stake to below the current 28.07% throughout the offer period and might raise their shareholdings.



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Genting 4Q earnings up 66% to RM772.9m, FY11 RM2.86b

KUALA LUMPUR (Feb 28): GENTING BHD []’s reported net profit of RM772.91 million in the fourth quarter ended Dec 31, 2011 was 66% higher compared with RM465.43 million a year ago.

It said on Tuesday its revenue increased by 23.9% to RM5.06 billion from RM4.08 billion. Its earnings per share were 20.94 sen compared with 12.57 sen while it proposed a dividend of 4.5 sen a share.

Group profit before tax was RM1.802 billion, compared with RM1.182 billion a year ago.

“The group’s profit before tax for 4Q11 included a reversal of RM308.6 million in respect of previously recognised impairment loss which relates to the UK casino licenses and a net fair value gain of RM64.4 million on derivative financial instruments,” it said.

Genting Bhd added that the profit before tax in 4Q10 had included a loss on discontinuance of cash flow hedge accounting using interest rate swaps of RM145.4 million arising from settlement of interest rate swaps.

“The increase in the revenue of the leisure & hospitality division was contributed by the leisure and hospitality businesses in Singapore, Malaysia, the UK and the US,” it said.

Genting said revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) improved from that of 4Q10 as the just ended quarter benefited mainly due to overall higher volume of business despite a lower hold percentage in the premium players business.

The higher revenue and EBITDA from the UK operations were due mainly by its London casino operations.

For FY11, its earnings increased by 30.1% to RM2.867 billion from RM2.202 billion while revenue increased by 28.7% to RM19.56 billion from RM15.19 billion.



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Eversendai records net profit of RM36m in 4Q

KUALA LUMPUR (Feb 28): Steel contractor Eversendai Corporation Bhd recorded profits of RM36.42 million for the fourth quarter ended Dec 31, 2011, due to higher revenue from current on-going projects.

It said on Tuesday its revenue was RM313.29 million while earnings per share were 5.41 sen.

Eversendai attributed higher project revenue recognition in the quarter from current on-going projects as the reason for its performance.

Current projects include the New Doha International Airport and Doha Convention Center and Tower in Qatar, as well as, the King Abdullah Petroleum Studies & Research Center and CMA TOwer in Saudi Arabia.

Eversendai group MD and executive chairman Datuk AK Nathan said the company was optimistic about its prospects based on the order book in excess of RM1 billion in hand.

“It is evident that with the diverse and strong order book, the Group is looking towards performing well in FY 2012 and going forward. The group is also not solely dependent on any specific sector and or client with its wide geographical spread, number of projects, repeat clients and large client base of the current order book," he said.

The group derives 86.3% of its revenue from its Middle East operations in the United Arab Emirates, Saudi Arabia and Qatar, while its India and Malaysia operations contributed 6.3% and 7.4% respectively.

“With a solid performance for FY2011 under our belt, we are optimistic the group is on target for another strong financial year in FY2012. Riding on our strong track record and proven execution capabilities, we are well positioned to capitalise on the increased business opportunities," Nathan added.

For the financial year ended Dec 31, 2011, revenue was RM1.03 billion, while profits were RM119.45 million.



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Higher exports, prices see Oldtown 4Q net profit at RM11.6m

KUALA LUMPUR (Feb 28): Cafe chain operator Oldtown Bhd recorded RM11.66 million in profits for the fourth quarter ended Dec 31, 2011 as it benefited from an increase in exports of its beverage products and higher selling prices.

It said on Tuesday its revenue was RM80.40 million while earnings per share were 5.85 sen. Oldtown proposed an interim single tier dividend of 2.5 sen per share, with a proposed final dividend of 4.0 sen per share.

The group attributed higher exports and selling prices of its beverages and cafe chain operation to its financial performance.

It also cited a gain on disposal of investment in associated companies and of property, plant and equipment amounting RM8.4 million as other reasons for its performance.

For the financial year ended Dec 31, 2011, its revenue was RM285.49 million and profit was RM40.17 million.



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