Formosa Prosonic starts the year marginally better despite 21% higher revenue
This came on the back of 21% higher revenue y-o-y of RM252.06 million. “The group recorded higher sales of RM252.1 million, an increase of 21% from the previous year’s corresponding quarter of RM208.2 million, mainly attributable to higher sales volume and change in sales mix. On a quarter on quarter (q-o-q) basis, Formosa’s net profits fell 25.4% from RM28.22 million recorded in the fourth quarter ended Dec 31, 2021. The much lower net profits outpaced the 3.3% q-o-q drop in revenue, which highlights issues of higher raw materials and operating costs during the quarter under review. Besides that, as a manufacturer, Formosa will also be facing higher operating costs as the new minimum wage standard is being implemented in Malaysia, the group said.
Source:The Edge Markets
May 27, 2022 18:18 UTC
Bursa suspends Power Root short selling after price slump
On Friday (May 27), Power Root's share price fell as much as 27 sen or 15.98% to RM1.42 before cutting losses to close at RM1.57. The reasons behind Power Root's share price and volume fluctuations could not be immediately ascertained. Power Root's notable Bursa filings include those on the Retirement Fund (Inc)'s acquisition of more shares in Power Root besides Power Root's statements on its share buy-backs. According to Power Root's Bursa filings, KWAP on April 22, 2022 raised its direct and indirect stakes in Power Root to 6.146% and 0.364% respectively after acquiring 574,900 shares in Power Root. On Thursday (May 26, 2022), Power Root said KWAP on Wednesday (May 25, 2022) upped its direct and indirect stakes in Power Root to 6.198% and 0.71% respectively after buying 22,900 shares.
Source:The Edge Markets
May 27, 2022 13:09 UTC
YTL Corp posts 18-fold increase in 3Q earnings
PETALING JAYA: YTL Corp Bhd reported an over 18-fold increase in net profit for the third quarter ended March 31 at RM414.61mil compared with RM22.43mil a year ago. Revenue increased 71.7% to RM13.31bil for the nine months ended March 31 compared to RM7.75bil a year earlier. Its Ebitda increased 34.3% to RM2.8bil for the current period compared to RM2.1bil for the same period last year. Revenue jumped 73.9% to RM1.9bil for the nine months ended March compared with RM1.09bil for the previous corresponding period. YTL Hospitality REIT recorded higher revenue of RM257.4mil for the nine months ended March 31, up 8.7% from RM236.9mil posted last year.
Source:The Star
May 27, 2022 06:52 UTC
My Say: The courage to become a better version of ourselves
I always say three things: “You own your own story”; “You are young and limitless”, “Evolve, pivot along this disruptive journey”. I had the courage to stand up, ask and learn from others while pushing through, despite my insecurities. Imagine the difference to our community and society if every one of us chose to be the best version of ourselves — we would have a better community and a better civil society. In 1996, she was appointed group CEO of RHB Banking Group. From 2003 to 2013, she was group CEO of Hong Leong Banking Group.
Source:The Edge Markets
May 27, 2022 03:42 UTC
Amazing seniors cook up a storm
A GROUP of senior citizens cooked meals for the needy during the Amazing Raya Charity Cookout. The volunteers were from Amazing Seniors, an online platform designed for adults aged 50 and above to enter the job market. The recent event was organised by Amazing Seniors directors Jasmin Amirul Ghani and Penny Low, together with The Assembly Soup Kitchen (T.A.S.K) founders Wong Suet Beng and Soo Mun Keong. “We provide a platform for volunteers to spend time doing good by helping those mostly within Sunway Mentari (250 families), Subang Jaya USJ (250 families), Lembah Subang (150 families) and Puchong (200 families). T.A.S.K depends on cash donations as well as contributions in the form of dried goods, frozen food, fresh vegetables and even face masks.
Source:The Star
May 27, 2022 00:54 UTC
After oleochemicals, Mega First adds small exposure to semiconductors
KUALA LUMPUR (May 26): Fresh from turning around its newly acquired oleochemicals business, Mega First Corp Bhd (MFCB) has further expanded its exposure in the booming semiconductor space, following its acquisition of a 28.83% stake in Integrated Smart Technology Sdn Bhd (IST) for RM5.56 million. This is not the first electrical and electronic (E&E) venture by MFCB, which also holds a 100% stake in Bloxwich (Malaysia) Sdn Bhd. MFCB is also a sister company to LED manufacturer D&O Green Technologies Sdn Bhd, by virtue of having the Goh family as a major shareholder. The latest venture came after MFCB announced a faster-than-expected turnaround of its oleochemicals business that is held through 50%-owned Edenor Technology Sdn Bhd, which it invested in in 2021. On core businessesMFCB is also involved in the sale of hydro and solar energy, as well as packaging.
Source:The Edge Markets
May 27, 2022 00:36 UTC
DRB-Hicom 1Q net loss widens to RM25.74 mil on loss incurred by PROTON
KUALA LUMPUR (May 26): DRB-Hicom Bhd’s net loss in the first quarter ended March 31 (1QFY22) swelled to RM25.74 million from a net loss of RM16.96 million a year ago, underpinned by losses incurred at 50.1%-owned PROTON Holdings Bhd and the group’s property segment. As a result, losses per share widened to -1.33 sen from -0.88 sen, its Bursa Malaysia filing showed on Thursday (May 26). On a quarterly basis, the conglomerate’s net loss position during the quarter was in stark contrast to the RM117.47 million net profits registered in the preceding quarter. DRB-Hicom expects to recover particularly with the continued strong demand, new products, new markets and countermeasures against supply chain issues. Shares in DRB-Hicom settled one sen or 0.75% higher at RM1.34, giving it a market capitalization of RM2.59 billion.
Source:The Edge Markets
May 26, 2022 18:19 UTC
Bursa extends gains to close higher
At 5pm, the benchmark index settled 5.59 points, or 0.36%, higher at 1,541.15, from Wednesday’s close at 1,535.56, after moving between 1,535.89 and 1,541.75 throughout the day. Total turnover rose to 2.89 billion units worth RM1.92 billion from 2.34 billion units worth RM1.8 billion on Wednesday. Sector-wise, the Industrial Products and Services Index was 0.88 of a point higher at 198.34, the Plantation Index slid 79.55 points to 7,988.69 and the Financial Services Index rose 94.18 points to 16,589.91. Main Market volume increased to 1.86 billion shares worth RM1.72 billion from 1.6 billion shares worth RM1.65 billion on Wednesday. ACE Market volume expanded to 649.14 million shares worth RM181.37 million from 454.77 million shares worth RM98.44 million.
Source:The Edge Markets
May 26, 2022 16:13 UTC
Zuraida quits Bersatu to join PBM
PETALING JAYA: Ampang MP Datuk Zuraida Kamaruddin (pic) has quit Parti Pribumi Bersatu Malaysia (Bersatu) to join Parti Bangsa Malaysia (PBM). ALSO READ: Zuraida has isolated herself from Bersatu, says party disciplinary board chief"I will also discuss with him the role and direction of PBM in strengthening the Keluarga Malaysia government. With the Ampang MP joining PBM, the party launched on Dec 21 will have three MPs, including party president Larry Sng of Julau and Steven Choong of Tebrau, and five assemblymen. Zuraida said that after in-depth consideration, she decided on PBM as she believed in its struggles. The Ampang MP said she saw a lot of potential in PBM, especially as Malaysians were tired of the old politics, which stifled the country's progress.
Source:The Star
May 26, 2022 08:59 UTC
Sabah to showcase abundant dive sites at KL expo
KOTA KINABALU: Sabah will showcase its abundant dive sites to the rest of the world during the three-day Malaysia International Dive Expo (MIDE) in Kuala Lumpur starting Friday (May 27). The state’s rich dive sites such as the Blue Ring Reef and shipwreck dives in Lahad Datu will also be highlighted during a presentation by Sabah dive industry pioneer Clement Lee on Saturday (May 28). The figure consists of both international and domestic visitors to the dive sites. Noredah said it was also encouraging to see an 11% growth in domestic arrivals to dive sites in 2019. According to Sabah’s 2019 tourism statistics, China (including Hong Kong) recorded the most international visitors to Sabah’s dive sites with 99,714 arrivals.
Source:The Star
May 26, 2022 08:02 UTC
My Say: What it means to lead in a multipolar world
After decades of living under the illusion of a unipolar world, the multipolar reality is hitting us in the face. In a multipolar world, a functional use of power requires a systemic way of thinking beyond the unipolar or command-and-control perspective. In a multipolar world, respect and tolerance are a prerequisite. The multipolar leaderIn a multipolar world, embracing diversity means being open to opposing or different views, genuinely accepting and learning from them, and facilitating efforts to arrive at mutually acceptable outcomes. In a multipolar world, multipolar leadership may help to bring about peace and prosperity, for one and for all.
Source:The Edge Markets
May 26, 2022 03:30 UTC
Cypark price falls to record low, volume spikes
On Wednesday, Cypark's share price drop had led Bursa to again suspend the PDT short selling and IDSS of Cypark shares. On Wednesday, Cypark's share price closed down 12 sen or 24% at 38 sen with 116.73 million shares traded. On Tuesday, Cypark's share price closed down at 50 sen from 66 sen on Monday (May 23), when 1.59 million shares changed hands. Since the beginning of 2022, Cypark's share price had fallen to its current level at 38 sen from its closing share price at 89.5 sen on Jan 3, 2022. At 38 sen, Cypark has a market capitalisation of about RM220.41 million, based on the company's 580.02 milllion outstanding shares.
Source:The Edge Markets
May 26, 2022 02:50 UTC
Cops cripple diesel smuggling syndicate in Masai
JOHOR BARU: Police crippled a diesel smuggling syndicate at Seri Plentong, Masai industrial park near here on Monday (May 23). Southern Region Two marine police commander Asst Comm Muhd Zailani Abdullah said the syndicate had been operating for about a month. “We seized subsidised diesel worth RM14,620,’’ ACP Muhd Zailani said in a statement. ACP Muhd Zaini said a barrel with a capacity of 1,000 litres, two fuel pumps and a lorry worth RM111,620, including the seized diesel. ACP Muhd Zailani urged the public with information on crime-related activities to contact Southern Region Two Marine Police at 07-2372221/2222.
Source:The Star
May 26, 2022 01:12 UTC
SkyWorld receives new recognition by The Malaysia Book of Records
KUALA LUMPUR: SkyWorld Development Group achieved two significant milestones with SkyAwani 3 Residences. This 550m skybridge connects all the three-towers, where residents can enjoy exclusively unobstructed views of the Kuala Lumpur city skyline. “Well done, SkyWorld team and congratulations to its future residents who will be enjoying the million-dollar panoramic view of Kuala Lumpur high up from Level 52,” said Jwan Heah, The Malaysia Book of Records chief marketing officer. To date, SkyWorld has launched 6,236 units of affordable homes and is one of the biggest contributors of Residensi Wilayah Keluarga Malaysia. Additionally, SkyWorld plans to launch four projects in Kuala Lumpur this year at various strategic locations in Setapak, Cheras, Taman Melawati and Setiawangsa.
Source:The Star
May 25, 2022 14:46 UTC
Mega First opens results briefing to public, likely first listed company in Malaysia to do so
The invitation to the virtual briefing at 3.30pm on Thursday (May 26), issued via a filing with Bursa Malaysia, is extended to “all shareholders and interested parties”. It also has a packaging business under which it manufactures printed labels and stickers, paper bags and flexible packaging products for various industries. MFCB is also conserving cash for potential merger and acquisition opportunities in the future, the two research houses said. It paid out 6.75 sen dividends for FY21, up from 6.25 sen for FY20. Shares in MFCB were three sen or 0.8% higher at RM3.77 at the time of writing on Wednesday, giving it a market capitalisation of RM3.73 billion.
Source:The Edge Markets
May 25, 2022 14:16 UTC