Mustapa: Proton, Perodua should continue collaboration

KUALA LUMPUR (March 28): PROTON HOLDINGS BHD [] and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) should continue to collaborate in areas they had previously agreed on, said Minister of International Trade and Industry (MITI), Datuk Seri Mustapa Mohamed .

This, he added, is despite the recent developments in the pioneer national car maker.

He said the collaboration talks, had benefited both carmakers and the automotive industry, as a whole.

"As this is the case, I do not see why the new owners of Proton, DRB-HICOM BHD [], should not continue with what had been agreed to by the old management.

"The previous Proton management and Perodua had agreed to collaborate in certain areas such as vendor distribution and marketing, as the merger proposal was extreme," he added.

Mustapa said MITI would continue to engage with both national car companies.

He also said that he was given a briefing by DRB-Hicom Bhd last week.

Perodua Managing Director Datuk Aminar Rashid Salleh said recently that the compact car maker is open to collaboration talks with DRB-Hicom.

However, he reiterated that Perodua, as the country's largest car maker, is still against any kind of merger between the two entities.

On Jan 16, DRB-Hicom entered into a sale and purchase agreement with Khazanah Nasional Bhd, to acquire 42.74 per cent of the issued and paid up share capital of Proton for RM1.291 billion. - Bernama



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George Kent's FY pre-tax profit declines to RM26.2m

KUALA LUMPUR (March 28): GEORGE KENT (M) BHD []'s pre-tax profit for financial year ended Jan 31, 2012 fell to RM26.2 million from RM32.4 million in the same period of 2011.

Revenue declined to RM152.3 million from RM165 million previously, it said in a filing to Bursa Malaysia here on Wednesday.

George Kent said the weaker results were mainly due to lower exports of original equipment manufacturer (OEM) water meters, brought about by global economic uncertainty.

For the fourth quarter ended Jan 31, 2012, its pre-tax profit fell to RM9.1 million from RM11.1 million in the same period 2011. Revenue, however, increased to RM48.9 million from RM47.9 million previously.

For the quarter, the group has proposed a final dividend of three sen per share.

On prospects, chairman Tan Sri Tan Kay Hock said the company has put in more efforts to secure new contracts for its meter manufacturing division, which resulted in a strong order pipeline.

"The group is expecting improvements in all market segments of its meter manufacturing division, namely the domestic, OEM and non-OEM markets.

"We continue to enjoy steady growth in the local market, as well as increasing exports to Australia and South Africa," he said. - Bernama



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ECM Libra posts RM53.8m pre-tax profit

KUALA LUMPUR (March 28): ECM Libra Financial Group Bhd posted a lower pre-tax profit of RM53.8 million for the financial year ended Jan 31, 2012, compared to RM86.7 million last year.

In a filing to Bursa Malaysia here on Wednesday, the company said revenue decreased to RM178.3 million from RM218.3 previously.

During the year, net interest income rose to RM36.2 million from RM29.5 million as the group's investment bank subsidiary maintained a strong capital adequacy ratio of 51 per cent, one of the highest in the banking industry.

The company's shareholders funds had crossed the RM1 billion mark, ECM Libra said.

The company has recommended a final single tier dividend of 2.4 sen per ordinary share, representing a dividend pay-out ratio equivalent to 63 per cent of net profit for the year. - Bernama



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Hwang DBS 2Q pre-tax profit dips to RM23.4m

KUALA LUMPUR (March 28): Hwang-DBS (Malaysia) Bhd's pre-tax profit for the second quarter ended Jan 31, 2012, slipped to RM23.45 million from RM32.78 million in the same quarter last year.

Revenue fell to RM91.54 million from RM109.61 million previously, Hwang-DBS said in a filing to Bursa Malaysia on Wednesday.

"The uncertain global financial conditions have affected the equity and capital markets in which we operate in.

"The lower profitability was mainly attributable to reduction in brokerage income, net interest income, advisory fee income and marked-to-market gain on derivatives," it said. - Bernama



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Maybank provides option for shareholders on dividends

KUALA LUMPUR (March 28): MALAYAN BANKING BHD [] has approved an option for shareholders to receive the electable portion of their dividends partly in cash and to reinvest the remaining portion into new shares.

It said the board had on Wednesday approved the adoption of an additional option for shareholders for the fourth dividend reinvestment plan (DRP) and all its futures DRPs.

On Feb 23, the board had proposed a final cash dividend of 36 sen per share, less 25% tax (equivalent to 24 sen net dividend) for the six-month period ended Dec 31, 2011 which could be reinvested into new shares.



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Gamuda 2Q net profit up 45.1% at RM136.47m, upbeat on outlook

KUALA LUMPUR (March 28): Infrastructure-based GAMUDA BHD []’s earnings rose 45.1% to RM136.47 million in the second quarter ended Jan 31, 2012 compared with RM94.02 million a year ago, underpinned by higher contributions from the CONSTRUCTION [] and property divisions.

Announcing the results on Wednesday, Gamuda expected to achieve a stronger performance this year supported by its on-going construction projects, continued strong property sales and steady earnings from the water and expressway concessions divisions.

Its revenue increased by 26.7% to RM769.33 million from RM607.19 million. Earnings per share were 6.6 sen compared with 4.59 sen.

For the first half, earnings increased by 47.2% to RM268.79 million from RM182.55 million in the previous corresponding period. Revenue rose 13.6% to RM1.411 billion from RM1.241 billion.

Commenting on its construction division, it said the increase in profit before taxation was due to higher work progress from the electrified double tracking railway project.

Its property division benefited from higher profits from existing projects in Malaysia and Celadon City’s land sale to Aeon Co. of Japan.

As for the water and expressway concessions division, Gamuda said the financial performance was consistent with last year’s performance.

On the electrified double tracking railway project, it said progress was on schedule with 77% of the works completed. The scheduled completion date for the main section of works from Padang Besar to Ipoh (Spine line) is June 2014, whereas the section of works from Bukit Mertajam to Butterworth (Spur line) is scheduled for completion in November 2014.

On the new Doha international airport project in Qatar, it said the project was substantially completed and was in the early stage of the testing and commissioning phase. It was expected to be handed over to the client in July 2012.

On the Yen So sewage treatment plant project in Hanoi, Vietnam, Gamuda said the project was substantially completed and it was undergoing the testing and commissioning phase. The completed project is expected to be handed over to the client in May 2012.



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Nakamichi disposes of disused plant for RM19m

KUALA LUMPUR (March 28): NAKAMICHI CORPORATION BHD [] is disposing of a piece of industrial land and disused building in Port Klang for RM19 million.

It said on Wednesday it had signed a sale and purchase agreement with Century Advance TECHNOLOGY [] Sdn Bhd.

Nakamichi said the proposed disposal of property included a double-storey factory with an annexed double-storey office building and warehouse.

“This property has been vacant since 2007 with the relocation of the company’s then audio and visual business to Singapore in 2007. The audio and visual business has since ceased operations in early 2011,” it said.



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SYF Resources posts 2Q net profit of RM3.22m

KUALA LUMPUR (March 28): SYF RESOURCES BHD [] swung into the black with net profit of RM3.22 million in the second quarter ended Jan 31, 2012 compared with net losses of RM431,000 a year ago due to higher sales with lower raw material costs.

It said on Wednesday lower finance cost after the debts restructuring exercise also contributed significantly to the net profit.

SYF’s revenue rose 32.4% to RM42.43 million from RM37.79 million a year ago underpinned by good sales in the upstream segment as the supply of raw materials was consistent. Its earnings per share were 1.32 sen compared with loss per share of 0.51 sen.

For the first half ended Jan 31, 2012, it posted net profit of RM42.46 million compared with net loss of RM1.01 million in the previous corresponding period. Revenue was 9.1% higher at RM85.41 million compared with RM78.23 million a year ago due to good sales in the upstream segment and improved production output.



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