Day: August 25, 2021

KUALA LUMPUR, TH Plantations Bhd’s net profit surged to RM26.57 million in the second quarter ended June 30, 2021 (Q2FY2021) from RM8.16 million recorded a year earlier.

Revenue improved to RM176.15 million from RM127.57 million previously due to higher average realised prices for crude palm oil (CPO), palm kernel (PK) and fresh fruit bunches as well as higher sales volume for CPO and PK, it said in a filing with Bursa Malaysia today.

“The outlook for the group’s overall performance for the financial year ending Dec 31, 2021 will largely depend on the palm oil commodity prices, the COVID-19 pandemic related issues and the on-going progress of our Strategic Recovery Plan to strengthen our operations and finances.

“The acute shortage of workers due to low local employment take up and continued restrictions on foreign workers movement remains a serious concern to the group and palm oil industry,” it said.

It said palm oil prices are expected to remain favourable throughout the year given the overall low inventory level in Malaysia, increase demand, tight global edible oils supplies and the good price spread between refined, bleached and deodorised palm olein and soy oil.

“Overall production of CPO for the industry is relatively lower in the second quarter of 2021 compared to the same quarter in 2020, as the industry has not fully recovered from the general cyclical low production season, weather effect and ongoing labour shortage issues,” it added.

Source: BERNAMA News Agency

KUALA LUMPUR, Prestar Resources Bhd has returned to the black with a net profit of RM19.22 million in the second quarter ended June 30, 2021 (Q2 FY2021) from a net loss of RM2.89 million in the same period last year.

In a statement to Bursa Malaysia today, the steel products and equipment maker said the turnaround was due to higher steel prices on strong demand and positive contributions from its steel pipes, guardrails and racking division.

“Revenue was more than doubled to RM124.49 million from RM53.32 million previously, attributable to strong demand for steel pipes and related products, as well as higher steel prices which helped to boost sales margin,” it said.

For the cumulative six-month period ended June 30, 2021 (1H FY2021), Prestar’s net profit jumped 32-fold to RM37.55 million from RM1.18 million in the same period a year ago, as revenue increased 80 per cent to RM264.68 million from RM147.02 million previously.

Group managing director Datuk Toh Yew Peng said demand for the company’s steel pipes and related products were strong in April and May despite the reimposition of the Movement Control Order (MCO) since Q1 FY2021, but the robust growth was hampered when a total lockdown was imposed since June 1, 2021.

Moving forward, Toh expects steel price to remain on an upward trend as the worldwide supply chain, which had been disrupted badly by the COVID-19 pandemic, had caused the prices of most commodities and shipping costs to increase drastically.

“Locally, the iron and steel sector is still not in full operation due to lockdown measures imposed, thus affecting the demand and supply of steel products.

“The board expects this trend to continue for the rest of this financial year and the company adopts a cautious and pragmatic approach to meet customers’ demand as well as ensuring efficient management of supply chain and working capital,” he said.

In another development, Prestar said it is extending its collaboration with Murata Machinery, Ltd (Japan) for the supply of automated storage and retrieval system (ASRS) to another nine of the latter’s subsidiaries.

According to Prestar, its wholly-owned unit Prestar Storage System Sdn Bhd had on Aug 17, 2021 entered into a supplemental manufacturing partnership agreement with Murata’s logistics and automation division to include the nine subsidiaries.

The subsidiaries are in the United States, China, Europe, India, Thailand, Singapore, Vietnam, Taiwan, and Hong Kong, said Prestar.

Source: BERNAMA News Agency

KUALA LUMPUR, Tech solution provider Green Packet Bhd’s fully-owned subsidiary, Oasis Capital Investment Bank (OCIB) has secured a conditional Investment Bank licence from Labuan Financial Services Authority (LFSA).

“The conditional Investment Bank licence is a conditional approval by LFSA for Green Packet Group to begin fulfilling operational conditions such as setting up the required processes and technology platforms in accordance with regulatory requirements,” it said in a filing with Bursa Malaysia.

Full operating licence will be awarded by LFSA upon fulfilment of these operationalisation activities, it said.

The group said Green Packet’s entry into the sector comes on the back of shareholders’ approval of its diversification of business into the area of investment at the recent extraordinary general meeting.

“Our decision to participate in this high-growth specialised investment sector is aligned with Green Packet’s 5.0 strategy and our massive transformation purpose, which is to improve the way we live through continuous digital innovations,” said OCIB’s chief executive officer Tan Kay Yen.

It is to be noted that Green Packet is also leading a consortium with ZICO Holdings Inc and M24 Tawreeq Sdn Bhd to apply for one of five digital banking licences to be issued by Bank Negara Malaysia.

In June, the consortium announced that the application is aimed to establish an Islamic digital bank with several other strategic collaborators that would further complement the products and value-added services to be offered by the group.

Source: BERNAMA News Agency