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Tag Archives: Corporate News

Southern Steel registers RM47.9mil net profit in FY21

KUALA LUMPUR (Bernama) -- Southern Steel Bhd registered a net profit of RM47.93 million in the financial year 2021 (FY2021) compared to a net loss of RM467.06 million in FY2020, largely thanks to higher selling prices and cost improvement.

Revenue, however, was lower at RM1.74 billion from RM1.91 billion amid lower sales volume as compared with FY2020, the steel products manufacturer said in a filing with Bursa Malaysia today.

"In the fourth quarter (Q4) of FY2021, the group posted a net profit of RM24.47 million from a net loss of RM48.93 million, while revenue rose to RM358.09

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Sapura Energy CFO Reza leaves, Chew to take over 

KUALA LUMPUR: Sapura Energy Bhd said group chief financial officer (CFO) Reza Abdul Rahim is leaving the company on Oct 1 to pursue other opportunities.

“Reza is an integral part of the Sapura Energy growth story,” said group chief executive officer Datuk Anuar Taib.

“He helped to build the Group into the global integrated energy services and solutions provider that we are today,” he said in a statement today.

Reza joined Sapura Energy as Senior Vice President of the Offshore Construction and Subsea Services Division in 2012 and was appointed Group CFO

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BDB-MBI Kedah JV to develop Langkawi Premium Outlets

KUALA LUMPUR (Bernama) -- Bina Darulaman Bhd’s (BDB) joint venture (JV) company with Menteri Besar Kedah Incorporated (MBI Kedah), BDBMBI Langkawi Ventures Sdn Bhd, will be developing an integrated commercial development consisting of premium and business outlets, food and beverage shops as well as recreational facilities in Langkawi.

BDB president and group chief executive officer Faris Najhan Hashim said the project, in collaboration with the Langkawi Development Authority (LADA), would be developed on 16.58 hectares of land in Padang Matsirat, next to Langkawi International Airport. Read More »

Malaysia pavilion hits RM572mil sales in CAEXPO 2021

KUALA LUMPUR: A total of RM572.01 million in potential sales was generated through the 18th China-ASEAN Expo (CAEXPO) 2021, which was participated by 58 Malaysian companies offering various locally made products and services.

There were also 2,574 business enquiries and more than 150 business meetings were arranged between Malaysian exhibitors with Chinese importers, distributors and wholesalers during the event, according to Malaysia External Trade Development Corporation (MATRADE).

It said 39 Malaysian companies participated in the physical trade fair while 19 other companies joined virtually. "The products and services featured at the expo involved food and beverages, health and wellness, and lifestyle,” the trade agency said in a statement today.

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Southern Acids Q1 net profit climbs on higher commodity prices 

KUALA LUMPUR: Oleochemical and plantation company Southern Acids (M) Bhd said strong commodity prices boosted its sales and profits in the first quarter ended June 30.

Net profit soared 37% to RM23.5mil compared with RM17.2mil made a year ago. Revenue jumped to RM258mil from RM158mil previously.

The group said operating profit at its three core business oleochemical, healthcare as well as milling and estate operations, were more than doubled compared to the same quarter last year.

"We remain cautious on our prospects for the Oleochemical segment," the company said i

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Evergrande woes hit Japan’s toilet, air-conditioner and paint manufacturers

TOKYO: Concern that China Evergrande may default on its mountain of debt hit shares of toilet maker Toto and other Japanese firms that are seen vulnerable to a further slowdown in China's property development.

Toto lost 6.1 % on Tuesday, extending its fall since Thursday to 14.8%, on the perceived risk of exposure to Evergrande, which investors fear could miss debt payment later this week.

"There are rising and widely reported concerns about fund flows at leading local developer China Evergrande Group, whose business scale suggests to us it is very likely one of TOTO's major customers," said Arisa Katsuyama, analyst at Morgan Stanley.

"Year-to-date debt defaults by real estate companies in China, not just China Evergrande, already exceed the cumulat

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Perak Transit issues RM100mil Islamic notes under expansion plan

KUALA LUMPUR: Perak Transit Bhd issued a second tranche of RM100mil Islamic medium term notes (IMTN), of which UOB Malaysia and AmBank Group were the subscribers.

In a statement on Tuesday, it said the unrated Islamic securities were the second tranche under its RM500mil 15-year Sukuk Murabahah programme, the company’s first Shariah-compliant debt capital raising exercise launched in 2019.

The proceeds from the issuance will be used to finance its working capital requirement and capital expenditure for the development of the company’s new transportation terminal in Bidor, Perak.

Perak Transit said it embarked on developing new transportation hubs to expand its transportation network across major towns and cities within the state.

Under i

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Techna-X to temporarily cease metallurgical coke business

KUALA LUMPUR (Bernama) -- Techna-X Bhd, which has been building up its energy storage and digital transformation businesses, will temporarily cease its loss-making metallurgical coke business operations by Dec 31, 2021.

The company said wholly-owned Linyi Yehua Coking Co had decided to suspend its coke operations until such time when the business improved and clearer visibility on the way forward could be established.

In a statement today, Techna-X said its coke business, which has been classified as "discontinuing operation”, remained in dire situation as it reco

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Hong Leong Industries profit jumps in FY21

KUALA LUMPUR, Sept 20 (Bernama) -- Hong Leong Industries Bhd recorded a higher net profit of RM291.88 million in the financial year ended June 30, 2021 (FY2021) from RM169.32 million in FY2020.

Revenue edged up to RM2.63 billion from RM2.31 billion previously contributed by higher sales across all product segments and improved operational efficiencies which reduced cost, it said in a filing with Bursa Malaysia today.

For the fourth quarter, Hong Leong Industries posted a net profit of RM39.84 million from a net loss of RM29.57 million in the same period last year propped up by a h

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After June quarter loss, Dayang expects Covid-19 easing and higher oil prices to lift Q3 results 

KUALA LUMPUR: Dayang Enterprise Holdings Bhd, an oil and gas services firm, made a RM21.9mil loss in the April-June quarter, but expects its results in the coming third quarter to "improve considerably" amid on-going vaccination efforts and higher oil prices.

In the three-month ended June 30, Dayang recorded a lower revenue of RM159.7mil compared with RM170.9mil a year ago.

The decrease in revenue was mainly attributed to lower vessel utilisation at 51% as compared to 52% in the second quarter of 2020.

"This is a result of delayed work orders/contracts being a

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