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Malayan flour’s FY18 profit falls on poultry segment performance

KUALA LUMPUR, Malayan Flour Mills Bhd’s (MFM) profit for the financial year ending Dec 31, 2018 (FY18) was dragged down by an operating loss incurred by the poultry integration business and share of loss from a joint venture.

The flour milling and poultry farming group saw its net profit fall to RM17.78 million from RM68.57 million posted in FY17 despite recording 0.9 per cent higher revenue of RM2.42 billion.

In a filing with Bursa Malaysia today, MFM said the poultry integration segment incurred an operating loss of RM0.9 million in FY18 compared with an operating profit of RM37.1 million in the previous year.

Source: BERNAMA News Agency

Zontes motorcycles make debut in Malaysia

SUBANG JAYA, Motorcycle distributor Zontes Distribution (M) Sdn Bhd, which operates in Jitra, Kedah, has launched a new premium motorcycle brand in the country’s lightweight segment called Zontes.

Chief executive officer Datuk Chia Beng Tat said the brand, produced in China by Guangdong Tayo Motorcycle Co Ltd, had been in the international market, including Europe, since 2013.

Four models were introduced at the launching ceremony today, namely ZT310-T, ZT310-R, ZT310-X and ZT310-X GP.

Source: BERNAMA News Agency

Cahya Mata Sarawak’s net profit increases to RM301.26 mln

KUALA LUMPUR, Cahya Mata Sarawak Bhd’s net profit for the financial year ended Dec 31, 2018, increased to RM301.26 million compared with RM239.68 million recorded in the 2017 financial year.

Revenue rose to RM1.71 billion from RM1.58 billion previously, the group said in a filing with Bursa Malaysia today.

The significant improvement in the group’s financial performance was mainly due to the increase in the share of results of associates, namely OM Materials (Sarawak) Sdn Bhd, SACOFA Sdn Bhd, KKB Engineering Bhd and Kenanga Investment Bank Bhd.

Source: BERNAMA News Agency

MRCB posts RM101.2 mln profit for FY18

KUALA LUMPUR, Malaysian Resources Corporation Bhd (MRCB) posted a net profit of RM101.17 million for the financial year ended Dec 31, 2018 (FY18) compared with RM161.91 million in 2017.

This was on the back of a 29.2 per cent decline in revenue to RM1.87 billion due to the absence of RM1.1 billion revenue from the regeneration and redevelopment of the KL Sports City in Bukit Jalil that was completed in July 2017, it announced to Bursa Malaysia today.

The KL Sports City project contributed 41 per cent to MRCB’s total revenue in 2017.

Source: BERNAMA News Agency

IJM Corp’s net profit rises to RM93.42 mln in Q3

KUALA LUMPUR, IJM Corporation Bhd’s (IJM Corp) net profit rose to RM93.42 million for the third quarter ended Dec 31, 2018 (3Q19) from RM93.39 million in 3Q18.

Revenue, however, edged down to RM1.51 billion from RM1.55 billion previously, due to the lower revenues from its construction, manufacturing and quarrying as well as plantation divisions.

In a filing with Bursa Malaysia today, the company said revenue from its construction segment fell 16.8 per cent year-on-year (y-o-y) in 3Q19, as newer projects had yet to reach optimal construction phase.

Source: BERNAMA News Agency

IOI Properties Q2 net profit more than double to RM214.86 mln

KUALA LUMPUR, IOI Properties Group Bhd’s net profit rose 120.48 per cent to RM214.86 million in the second quarter ended Dec 31, 2018 from RM97.45 million in the same period in 2017.

Revenue eased to RM666.15 million from RM695.41 million previously.

In a filing with Bursa Malaysia, the property developer said the increase in profit was mainly due to higher operating profit contributed by property development in China and higher share of profit in joint ventures arising from the sale of South Beach Residences in Singapore.

Source: BERNAMA News Agency

Petronas Chemicals FY18 net profit jumps to RM4.98 bln

KUALA LUMPUR, Petronas Chemicals Group Bhd’s (PCG) net profit for the financial year ended Dec 31, 2018 (FY18) jumped to RM4.98 billion from RM4.18 billion the preceding year.

Revenue soared 12 per cent to RM19.58 billion from RM17.41 billion previously on the back of higher product prices and sales volumes, partially offset by the strengthening of the ringgit against the US dollar, it said in a filing with Bursa Malaysia today.

Basic earnings per share increased 62 sen from 52 sen before.

The group plant utilisation was at 92 per cent, slightly higher than 91 per cent in the previous year.

“Production and sales volumes were higher, largely contributed by urea production from Petronas Chemicals Fertiliser Sabah Sdn Bhd which commenced commercial operations in May 2017.

“Overall average product prices were higher than the corresponding year in tandem with the higher crude oil prices,” said PCG.

Moving forward, PCG said the results of the group’s operations are expected to be primarily influenced by global economic conditions, foreign exchange rate movements, utilisation rate of production facilities and petrochemical products prices, which have a high correlation to crude oil prices, particularly for the olefins and derivatives segment.

“The utilisation of our production facilities is dependent on plant maintenance activities and sufficient availability of feedstock as well as utilities supply.

“The group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation levels at above the industry benchmark,” it added.

PCG has declared a second interim single-tier dividend of 18 sen per ordinary share (2017: 15 sen per share), payable on March 27, 2019 to shareholders, on top of its first interim single-tier dividend of 14 sen per share paid in Septeember last year.

Source: BERNAMA News Agency