KUALA LUMPUR (Aug 26): Greatech Technology Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22) dropped 34.43% to RM25.17 million from RM38.38 million a year ago, due to the effects of prolonged supply chain constraints and cost escalation. Earnings per share (EPS) declined to 2.01 sen from 3.07 sen, as a result. According to Greatech, the current financial quarter’s margin was negatively impacted by the timing to turn production line systems (PLS) order bookings into revenue, due to extended supply chain constraints. For the first half ended June 30, 2022 (1HFY22), the group’s net profit lost 36.39% to RM54.1 million from RM85 million a year earlier, while its revenue diminished 4.86% to RM220.25 million from RM231.5 million. As of Aug 18, Greatech said its order book stood at RM506.67 million, which is expected to last until the 2HFY23.

KUALA LUMPUR (Aug 26): Axiata Group Bhd is planning to extend the tenure of some short-term debts, which are set to mature in two years, to maturities of three to 10 years. The move is part of its bid to ease a balance sheet that has been been “stretched” after the group increased its borrowings to acquire telecommunication towers in the Philippines and a broadband-cum-cable TV services provider in Indonesia. Celcom-DiGi merger 'progressing well'Vivek also updated that the merger between Celcom Axiata Bhd and DiGi.Com Bhd is “progressing well”, and that Axiata is submitting its draft circular for that deal to Bursa Malaysia for approval. “I don’t think the requirement of funding for equity in DNB is anything significant, compared to our overall balance sheet. Having said that, we have plans in place of how to de-leverage the balance sheet as well as how to improve the cash flow for us,” he added.

PETALING JAYA: The delay in Datuk Seri Najib Razak's trial involving the embezzlement of RM42mil in funds belonging to SRC International Sdn Bhd may have caused other cases to be delayed, says Tun Dr Mahathir Mohamad (pic). "Because Najib's SRC case took a very long time (four years), many cases of theft, abuse of power, and corruption involving political figures were delayed and not brought to court. "The delay is made worse by the behaviour of Najib and his lawyers who use various excuses to delay the trial. "It is true as the English saying goes that justice delayed is justice denied," he said. A five-member bench led by Chief Justice Tengku Maimun Tuan Mat dismissed Najib’s appeal to set aside the conviction and sentence imposed by the Kuala Lumpur High Court on July 28, 2020.

On the back of this, its quarterly earnings per share ballooned to 68 sen from 15.60 sen, according to the bourse filing. However, the group did not declare a dividend for the quarter under review, despite the strong set of earnings. Petron, however, pointed out that its earnings were affected by mark-to-market loss provision on outstanding commodity hedges. Quarterly revenue more than doubled to RM5.6 billion from RM2.03 billion, due to strong crude oil prices. Petron’s share price gained 24 sen or 4.32% to close at RM5.80 on Thursday (Aug 25), giving it a market capitalisation of RM1.57 billion.

PETALING JAYA (Aug 23): Global hospitality company Hilton has announced six landmark signings in Asia-Pacific (Apac) across its portfolio of luxury brands, namely Waldorf Astoria Xi'an, Waldorf Astoria Shanghai Qiantan, Waldorf Astoria Kuala Lumpur, Waldorf Astoria Sydney, Conrad Nagoya and an LXR Hotels & Resorts property in Bali, according to a press statement. The signing of Waldorf Astoria Kuala Lumpur marks the entry of the Waldorf Astoria brand into Malaysia. The upcoming hotels include Conrad Chongqing, Conrad Shenzhen, Waldorf Astoria Jakarta, Waldorf Astoria Osaka and Waldorf Astoria Tokyo Nihonbashi. Hilton Apac vice president of luxury Nils-Arne Schroeder said: "The strength and recognition of our luxury brands are key drivers of growth for our luxury portfolio in Apac. The future of luxury travel in this region is brighter than ever, as our portfolio of luxury brands continues to enter exciting new markets and elevate the benchmark of luxury hospitality to new heights."

Among Covid-19’s pernicious features, its incubation period is longer than many other respiratory viral infections, including influenza, respiratory syncytial virus and rhinovirus. Scientists from Peking University and Tsinghua University in Beijing analyzed data from more than 140 studies to estimate the incubation period of Covid caused by different strains of SARS-CoV-2. The researchers also noted variable incubation periods across different age groups and severity of disease. “The findings of this study suggest that SARS-CoV-2 has evolved and mutated continuously throughout the Covid-19 pandemic, producing variants with different enhanced transmission and virulence,” Wannian Liang and colleagues said. Everyone who is infected and all foreign travellers are expected to isolate throughout the potential incubation period to prevent transmission to others.

JOHOR BAHRU (Aug 21): The number of evacuees due to the flash floods in Johor Bahru increased to 86 people, involving 29 families, as of Sunday (Aug 21) morning, from 43 people (12 families) on Saturday (Aug 20) night, with the opening of another relief centre (PPS). The Secretariat of the Johor Bahru District Disaster Management Committee, in a statement, said the PPS at Sekolah Kebangsaan Mutiara was opened to accommodate 43 people from 17 families, who were evacuated from Kampung Pasir, Kampung Kangkar Tebrau, and Kampung Kenangan. "Yesterday it rained heavily for more than two hours and caused several houses [in this district] to be flooded at about 3pm," it said. On Saturday night, a total of 43 residents from Kampung Laut Batu 10 were evacuated to the PPS at Dewan Raya Kampung Melayu Batu 10 after their houses were flooded.

BALIK PULAU: Parents of illegal motorcycle racers under the age of 18 can end up with two years’ jail, a fine of up to RM5,000, or both. This could happen once the police applies to impose these penalties against negligent parents under Section 33 of the Child Act 2001 in order to hold parents accountable when their underaged children end up as illegal racers, said Penang deputy police chief Deputy Comm Datuk Fisol Salleh. Under Section 33, parents or guardians who leave their children unsupervised and uncared for under unreasonable conditions and periods can be arrested and charged. DCP Fisol stressed that this path is probably more effective because the cause of this activity starts at home. “When your child takes your motorcycle out without a licence, you should know as a parent.

KUALA LUMPUR (Aug 21): The Edge Malaysia’s Best Managed & Sustainable Property Awards (BMSPA) 2022 dinner was held at Hilton Kuala Lumpur on Aug 15. In addition to the anchor awards, the BMSPA 2022 also presented The Edge Malaysia-ILAM Malaysia’s Sustainable Landscape Awards 2022, and the Editor’s Choice Awards 2022. Property management firm Henry Butcher Malaysia (Mont Kiara) Sdn Bhd was the star of the awards, winning 10 awards for properties they manage. Other companies that won include Knight Frank Property Management Sdn Bhd, SDB Property Management Sdn Bhd, Rahim & Co International Sdn Bhd, LaurelCap Sdn Bhd, DASB Property Management Sdn Bhd, RCMC Sdn Bhd, Sunway Property & Facility Management Sdn Bhd, Ikano Corp Sdn Bhd and UDA Holdings Bhd. Read more about it in The Edge Malaysia weekly’s Aug 22 edition.

KUALA LUMPUR (Aug 20): Bursa Malaysia is expected to trade sideways next week, with the benchmark FBM KLCI to move between the 1,500 and 1,520 levels amid positive global market sentiment. Weekly turnover widened to 12.58 billion units worth RM9.33 billion from 11.51 billion units worth RM7.86 billion in the previous week. The Main Market volume was higher at 8.54 billion shares valued at RM7.88 billion against 7.77 billion shares valued at RM6.74 billion in the previous week. Warrant volume rose to 1.61 billion units worth RM241.46 million versus 1.47 billion units worth RM240.25 million last week. The ACE Market volume increased to 2.4 billion shares valued at RM1.21 billion from 2.27 billion shares valued at RM886.35 million the week before.

Through literature on topics like ambiguity tolerance, uncertainty avoidance and resilience, it is clear that we can learn to face uncertainty. We discovered it is possible to train your ability to face uncertainty — what I call “uncertainty ability” — like a muscle, both as an individual and as a team. The tool kit is meant to help those facing uncertainty to find the “upside” of uncertainty. Develop your uncertainty abilityThe tools for facing uncertainty are organised into four categories: reframe, prime, do and sustain. PrimePriming makes uncertainty less menacing by helping you develop self-knowledge and the conditions to pursue new projects or navigate unexpected uncertainty better.

KUALA LUMPUR (Aug 19): AirAsia X Bhd (AAX) closed its financial year 2022 (FY22) on a negative note as it slipped back into the red in its fourth quarter ended June 30, 2022 (4QFY22) with a net loss of RM652.52 million. It was profitable in the preceding quarter (3QFY22), when it made a net profit of RM33.62 billion after writing back a similar amount to profit following the completion of the group's debt restructuring. The revenue of AirAsia Aviation Group's low-cost long-haul affiliate dropped to RM107.18 million in 4QFY22 from RM113.01 million in 3QFY22, its Bursa Malaysia filing showed. As travel restrictions gradually relaxed across the region, AAX said it has started operations to Incheon, Seoul and Delhi. AAX shares finished half a sen or 1.02% higher at 49.5 sen on Friday (Aug 19), giving it a market capitalisation of RM205.33 million.

KUALA LUMPUR (Aug 19): Inter-Pacific Securities Sdn Bhd said market conditions are likely to remain mostly indifferent as the FBM KLCI appears to be toppish following its 7% rebound in July. However, it said sustained buying by foreign funds helped to limit the day’s losses and kept the key index comfortably above the 1,500 level. “Conditions in the broader market were also mostly directionless and this trimmed the fresh buying interest. Inter-Pacific said with fewer impetuses, and the ongoing results reporting season devoid of significant surprises, the wait and see conditions are likely to stay for the time being. “The sustained support should also keep the key index above the psychological 1,500 level for the time being.

KUALA LUMPUR (Aug 19): Bursa Malaysia said the 60 listed companies participating in the Bursa Research Incentive Scheme (Bursa RISE) have seen their share price increase by 4% since the scheme was launched in late March. Bursa’s head of investor development Stephanie Tan said Bursa RISE injected about RM25,000 per listed company per annum. And for companies that require more investor relations assistance, we complement and provide investor relations training,” she said. Bursa expects to see at least 300 listed companies participating in the PLCT programme by 2025. As of June 30, there were 959 companies listed on Bursa.

Net profit rose 40.34% to RM11.94 million, from RM8.51 million in 4QFY21, the group said in a stock exchange filing. It said its property division's profit before tax (PBT) jumped 225% year-on-year to RM4.79 million, due to a pickup in progress billing for its ongoing project. The pharmaceuticals and healthcare products division further improved the group's performance by delivering a PBT of RM3.15 million for the quarter. Other operating segments, which mainly involved property letting business, reported a higher PBT of RM462,000, from RM215,000 previously. For the full FY22, Kobay's net profit surged 91.66% to RM51.29 million from RM26.76 million in the previous financial year.