Month: August 2021

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TH Plantations’ net profit surges TP RM26 mln in Q2

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

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Prestar returns to the black in Q2 with RM19.22 mln net profit

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

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Green Packet secures conditional approval for investment bank licence from LFSA

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

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ITA Announces Next Steps Towards Beginning of Operations

ROME, Aug. 24, 2021 (GLOBE NEWSWIRE) — During August 26 ITA will start the sales for flights operating from October 15. Beginning of sales follows the achievement of the certifications (Air Operator Certificate and Operating License) that ITA obtained from ENAC (Italian Aviation Authority) on August 18, 2021. The Board of Directors of ITA, chaired by Chairman Alfredo Altavilla, met today and approved to transform the non-binding offer already sent on August 16 to the Extraordinary Administration of Alitalia into a binding offer which includes 52 aircraft, a related number of slots, as well as contracts and complementary assets from the Aviation sector in order to start operations on October 15.

Starting from August 26, ITA will launch a campaign to collect applications for professional figures to be subsequently included in the flight and ground operational areas and in the staff areas. In line with the values and strategy of the airline, which decisively focuses on the digitization of business processes to develop a flexible and lean organization, the process of collecting applications will take place on the website with the assistance of innovative digital platforms. ITA has convened the trade unions on 25 August at 10:30 with the aim of starting the negotiation of new working conditions in line with market practices. Furthermore, ITA is adopting a policy in which all employees will be required to obtain the Green Pass, in line with the anti-Covid procedures and to safeguard the health of employees and customers.

The Chairman of ITA, Alfredo Altavilla, said: “An indispensable condition and our top priority is to complete negotiation with Alitalia under Extraordinary Administration for the sale of the Aviation perimeter as soon as possible. We have confidence in a constructive interaction with the trade unions in order to provide ITA with a new innovative employment contract capable of ensuring structural competitiveness of the airline with competitors.”

The Chief Executive Officer and General Manager of ITA, Fabio Lazzerini, said: “In recent days, with the certifications obtained from ENAC, we have reached an important milestone in the history of ITA. Now we are preparing to achieve another fundamental result: the start of sales. Now we must achieve new and complex goals in view of the launch of operations on October 15 and numerous projects must be completed in order to create an efficient, sustainable, digital airline, capable of facing future challenges with flexibility and in full discontinuity with the past.”

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it
+39 02 26305578 M +39 333 3905243

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Conagen Expands Natural Preservation by Fermentation

Bedford, Mass., Aug. 24, 2021 (GLOBE NEWSWIRE) — As the “clean label” trend thrives in many consumer product categories, Massachusetts-based biotech Conagen announced the launch of a natural preservative, p-Coumaric Acid (PCA). Conagen’s PCA is made by fermentation and expands the natural preservatives offered by its commercialization partner Blue California.

The natural preservation market is driven by consumer exploration of clean-label food, beverage, personal care, and cosmetic product which do not contain artificial ingredients while still possessing extended shelf life.

In a published Mintel report Feb. 2021, U.S. Consumers were polled on relating ‘naturalness’ with ‘health, “43% of U.S. consumers have the perception that “all-natural” is an important factor when choosing healthy food and beverages.”

Food and beverage manufacturers are moving away from artificial ingredients in their processing and packaging methods. Therefore, new sources of natural preservatives, such as Conagen’s natural, fermentation-derived PCA, are ideal for brands to make a seamless change from synthetic preservation ingredients to natural ones.

“Our PCA expands the toolbox for product developers looking for a scalable, low cost-in-use, natural solution for increasing the shelf life of food without interfering with the flavor of their products,” said Conagen’s Vice President of Innovation, Dr. Casey Lippmeier.

PCA is a natural antioxidant and antimicrobial compound found in all plants, primarily peanuts, tomatoes, carrots, basil, and garlic. It is a key constituent of wine, vinegar, and honey.

Conagen produces PCA by an innovative precision fermentation process. This technology enables the cultivation of micro-organisms programmed to create sustainable, natural ingredients with high purity at a price competitive with synthetic PCA. PCA by fermentation is ideal for industrial applications as well.

“A sustainable source of PCA is also desirable as a precursor for different biopolymers and other high-tech biomaterials made with ‘green chemistry,”‘ said Lippmeier.

Green chemicals are a part of the global discussion on climate change and large chemical companies’ accelerating adoption of sustainable materials. “The novel polymers and co-polymers which can be made by fermentation-derived PCA enable the development of environmentally safer bioplastics and new applications in biomedicine,” said Lippmeier.

As an alternative to chemically synthesized compounds like bisphenol-A, PCA is a multifunctional natural and sustainable solution found in food to enable new and novel products by formulators and material scientists.

In the industrial applications space, PCA is ideal in coatings, composites, adhesives, and polymers for biomedical, transportation, aerospace, electronics, and packaging, just to name a few.

Last year, Blue California and Conagen jointly announced the commercialization of a 98% pure natural preservative, Rosavel™ rosmarinic acid, without the intensity of rosemary flavor and color as with most synthetic ingredients.  Another important natural preservative molecule derived from Conagen’s platform technologies is BC-DHQTM taxifolin, which secured GRAS status as announced last May.
About Conagen

Conagen is making the impossible possible. Our scientists and engineers use the latest synthetic biology tools to develop high-quality sustainable nature-based products through systems of manufacturing on a molecular level and fermentation basis. We focus on the bioproduction of high-value ingredients for food, nutrition, flavors and fragrances, pharmaceutical, and renewable materials industries. www.conagen.com

About Blue California

Blue California is a vertically integrated technology company providing innovative ingredient solutions to global partners. With more than 20 years of innovation success, our ingredients are used in commercial products and applications in the industries of nutrition, personal care, healthy aging and wellness, functional food and beverage, and beauty. www.bluecal-ingredients.com

Attachment

Ana Arakelian
Conagen
+1.781.271.1588
ana.arakelian@conagen.com

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Leong Hup’s Q2 net profit surges 87.5 pct to RM30.5 mln

KUALA LUMPUR, Leong Hup International Bhd’s (LHI) net profit surged 87.5 per cent to RM30.50 million in the second quarter ended June 30, 2021 (Q2 FY2021) from RM16.27 million in the same period last year.

In a statement to Bursa Malaysia today, the integrated poultry company said its revenue in Q2 FY2021 jumped 30.1 per cent to RM1.85 billion from RM1.43 billion previously, mainly supported by its livestock and poultry related products segment.

“The segment rose 22.9 per cent to RM992.46 million in Q2 FY2021 from RM807.28 million in the corresponding period a year ago.

“This is attributed to robust sales volume growth and resilient average selling price (ASP) of day-old-chicks in Indonesia and Malaysia, broiler chickens in Malaysia and the Philippines, as well as higher business-to-consumer channel contribution in Malaysia,” it said.

LHI said its feedmill business revenue grew 39.7 per cent to RM858.88 million in Q2 FY2021 from RM614.69 million in the same period last year, as Indonesia and Vietnam reported higher sales volume and ASP of livestock feed.

The company said Indonesia continued to be the largest revenue contributor to the group by contributing RM697.29 million (37.6 per cent) to the group’s total revenue in Q2 FY2021.

This is followed by Malaysia (RM479.33 million or 25.9 per cent), Vietnam (RM438.53 million or 23.6 per cent), Singapore (RM197.80 million or 10.7 per cent) and the Philippines (RM40.86 million or 2.2 per cent).

For the cumulative six-month period ended June 30, 2021 (H1 FY2021), LHI saw its net profit soar 164.9 per cent to RM100.83 million from RM38.06 million previously, while revenue was 23.5 per cent higher at RM3.53 billion from RM2.86 billion in H1 FY2020.

Touching on the upcoming poultry processing plant in West Java, Indonesia, LHI said the plant is slated to begin construction in Q3 2021 and commence operations in early 2022.

“The facility is expected to enable its Indonesian operations to have better control over the sporadic demand-supply imbalance of broiler chickens.

“This would provide some degree of insulation against price volatility of live poultry,” it said.

On the group’s prospects, executive director and group chief executive officer Tan Sri Lau Tuang Nguang is anticipating some short to medium-term headwinds to persist as a result of ongoing fluctuations in the demand and adjustments in the supply of poultry products.

“Movement restrictions to a varying extent are still in force for most of the group’s operating markets.

“The durability of the group’s recovery is, therefore, contingent upon the extent to which the COVID-19 pandemic is effectively controlled and restrictions are eased in each of the group’s operating markets,” he said.

Source: BERNAMA News Agency

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IJM Corp’s net profit rises to RM65.68 mln in Q1

KUALA LUMPUR, IJM Corporation Bhd’s (IJM Corp) net profit surged to RM65.68 million in the first quarter ended June 30, 2021 (Q1 2022) from RM2.05 million in Q1 2021 due to fewer operational disruptions arising from COVID-19 movement control restrictions.

Revenue surged 48.4 per cent to RM1.30 billion during the quarter under review from RM879.8 million previously, the group said in a filing with Bursa Malaysia today.

In a separate statement, chief executive officer and managing director Liew Hau Seng said certain businesses such as port and toll operations — which were classified as essential activities — were able to continue operating during the lockdown, albeit at lower capacities due to reduced business activities and lockdown restrictions.

He said the construction division’s revenue increased by 31.3 per cent year-on-year (y-o-y) to RM377.5 million, mainly due to higher construction activities, improved gross profit margin and lower finance costs.

Revenue from the company’s property division increased 127.9 per cent y-o-y to RM332.1 million, underpinned by higher construction activities, improved gross profit margin and lower finance cost recorded during the quarter, he said.

“The plantation division reported a 31.9 per cent increase in revenue to RM271.7 million in Q1 2022, mainly due to higher commodity prices recorded by both the Malaysian and Indonesian operations,” he said.

Going forward, Liew said despite operating challenges, the group’s financial performance in the first half of financial year 2022 (1H2022) is expected to be bolstered by a sizeable one-off gain from the disposal of IJM Plantations.

He said the financial performance of the construction, property, industry and infrastructure divisions should recover in 2H2022 when operational activities recommence.

Meanwhile, IJM Plantations Bhd recorded a lower net profit of RM60.06 million in Q1 2022 against RM82.12 million in Q1 2021.

Revenue, however, increased 31.9 per cent y-o-y to RM271.72 million due to higher commodity prices during the quarter.

The fresh fruit bunches production in Q1 was lower y-o-y, mainly due to weather effects on the taller palms, the group said.

Source: BERNAMA News Agency