Profit v net profit

A part of the Noma restaurant run by Chef Rene Redzepi is seen in Copenhagen in this Dec 12, 2009 file photograph. - A + A (June 30): Noma, the Copenhagen restaurant which has repeatedly been voted the world’s best, lost money for the first time in four years in 2021 even after receiving Covid-19 support from the Danish government. The restaurant booked a net loss of 1.69 million kroner (US$240,000) after recording a tiny profit in 2020, according to a filing with the Danish Business Authority. Noma received 10.9 million kroner in government compensation as Denmark imposed virus lockdowns for parts of the year. Noma, which offers its vegetable lunch menu with wine for about US$700 per person, is currently ranked No. 1 by the World’s 50 Best Restaurants list after having won the top prize a total of five times. It also has three Michelin stars. The last time Noma was unprofitable was in 2017 when chef Rene Redzepi shut it down for about a year for a revamp. The … [Read more...] about World’s top restaurant Noma can’t turn profit on US$700 lunch menu

- A + A KUALA LUMPUR (June 30): Sersol Bhd is partnering Thailand’s private jet charter services provider MJets Ltd to venture into the private aviation industry. Both parties entered into a heads of agreement (HOA) to form a 50:50 joint venture (JV) company that offers aircraft charter services, ground handling services, aircraft management and bring in new fleet of private jets into Malaysia and Indonesia, Sersol said in a statement. Sersol, whose principal activities involve coatings, thinners and industrial chemicals, said the collaboration is expected to improve travel options at competitive prices. Its managing director Datuk Justin Lim believes the JV could tap into the increasing demand preference for private charters by high-net-worth individuals, especially after the pandemic, many passengers worldwide are seeking safer ways to travel without complications of being exposed to infections. “We believe the private jet charter aviation sector offers a blue … [Read more...] about Sersol venture into private jet charter services via JV with Thai MJets

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

- A + A KUALA LUMPUR (June 30): Reach Energy Bhd (REB) will issue 1.03 billion new shares at an issue price of 20 sen apiece to offset debt owing to Super Racer Ltd (SRL) amounting to US$49.56 million (or RM206.51 million). Following the exercise, SRL will be the largest shareholder of the group, with a stake of 48.5%. SRL intends to seek exemption from taking a mandatory takeover offer of REB’s remaining shares and outstanding warrants, the latter said. The issuance of the 1.03 billion shares will nearly double REB’s existing share capital of 1.1 billion shares, and would bring its enlarged share capital to 2.13 billion shares. The exercise will also dilute the REB stake held by Reach Energy managing director Shahul Hamid Mohd Ismail via Reach Energy Holdings Sdn Bhd to 6%, from 11.66%. Meanwhile, MTD Capital Bhd’s stake in the company will be diluted to 5.38%, from 10.45%. SRL is wholly owned by Hong Kong citizen Cheung Siu Fai, a former head of Asia Pacific of … [Read more...] about Reach Energy to see emergence of 48.5% shareholder on US$49 mil debt-to-equity exercise

Swiss chocolatier Barry Callebaut | AFP BRUSSELS — Salmonella bacteria have been discovered in the world’s biggest chocolate plant, run by Swiss giant Barry Callebaut in the Belgian town of Wieze, the firm said Thursday. A company spokesman told AFP that production had been halted at the factory, which produces liquid chocolate in wholesale batches for 73 clients making confectionaries. “All products manufactured since the test have been blocked,” spokesman Korneel Warlop said. “Barry Callebaut is currently contacting all customers who may have received contaminated products. Chocolate production in Wieze remains suspended until further notice.” Most of the products discovered to be contaminated are still on the site, he said. But the firm has contacted all its clients and asked them not to ship any products they have made with chocolate made since June 25 at these Wieze plant, which is in Flanders, northwest of Brussels. Belgium’s food safety agency AFSCA has been … [Read more...] about Salmonella found in world’s biggest chocolate plant

Bank of Baroda reports profit of Rs 1779 crore in March quarter. Bank of Baroda has reported a standalone net profit of Rs 1,778.77 crore for the fourth quarter of 2021-22 as against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, the lender’s net profit fell 19 per cent from Rs 2,197.03 crore in the third quarter of last fiscal. Net interest income grew 21.2 per cent to Rs 8,612 crore from Rs 7,107 crore a year ago. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of Bank of Baroda (BoB) advanced higher in early trade on May 16, after the state-owned lender reported a nine-fold jump in its profit after tax (PAT) at Rs 7,272 crore for the financial year ended March 2022 as compared to a PAT of Rs 829 crore registered in FY21. At 11:20 am, the scrip traded at Rs 98.90 apiece on the BSE, up 4.16 … [Read more...] about Bank of Baroda shares gain after lender reports nine-fold jump in PAT for FY22

- A + A KUALA LUMPUR (June 30): Shipping firm Marine & General Bhd (M&G) returned to the black in its fourth financial quarter ended April 30, 2022 (4QFY22), registering a net profit of RM3.52 million compared with a net loss of RM10.27 million a year ago, mainly due to better vessel utilisation in the current quarter and deployment of all tankers of the downstream division under time charter as compared to three tankers in 4QFY21. A net reversal of vessel impairment amounting to RM24.1 million in 4QFY22 compared with RM5.3 million in 4QFY21 also contributed to the improved financial performance. As a result, it posted an earnings per share of 0.16 sen for 4QFY22 compared with a loss per share of 0.46 sen for 4QFY21. Revenue for the quarter rose 35.2% to RM63.24 million from RM46.79 million in 4QFY21, underpinned by improved demand for oil products and higher fleet utilisation. In a statement on Thursday (June 30), M&G said the upstream division … [Read more...] about Marine & General returns to the black in 4Q on better vessel utilisation

Share to Twitter Share to Linkedin Approximately two-thirds of autistic individuals are looking for a job . Autistic people tend to have lower employment rates, and the pandemic has only exacerbated the issue. The unemployment rate for people with disabilities is almost twice the national average . "Today, more than 80% of autistic people are unemployed or are in a low-skill level role that doesn't fully leverage their talent," says David Friedman, Founder/CEO of AutonomyWorks. "High unemployment rates significantly impact these individuals' lives and usually result in inadequate financial resources and limited housing or educational options. These conditions force many autistic adults to rely on government programs or families for basic necessities. Beyond the economic costs, they damage their self-image and a sense of purpose." While not widely known, the autism community is an untapped resource of diverse talent. The real challenge is connecting the … [Read more...] about How Autistic Individuals Can Offer Special Skills To Your Business

- A + A KUALA LUMPUR (June 30): Here is a brief look at some corporate announcements and news flow on Thursday (June 30) which include iDimension Consolidated Bhd, Marine & General Bhd (M&G), Petronas Chemicals Group Bhd (PetChem), Mudajaya Group Bhd, Teck Guan Perdana Bhd, Farm Fresh Bhd, Reach Energy Bhd (REB) and Telekom Malaysia Bhd (TM). Information technology solutions provider iDimension Consolidated Bhd has regularised its financial condition and level of operations and hence, it no longer triggers any of the criteria under Paragraph 2.1 of Guidance Note 3 (GN3) of the ACE Market listing requirements. As such, it will be lifted from its GN3 status on Friday (July 1). Shipping firm Marine & General Bhd ( M&G ) returned to the black in its fourth financial quarter ended April 30, 2022 (4QFY22), registering a net profit of RM3.52 million compared with a net loss of RM10.27 million a year ago, mainly due to better vessel utilisation in the … [Read more...] about iDimension, Marine & General, PetChem, Mudajaya, Teck Guan, Farm Fresh, Reach Energy and TM

Representative image PRO Only Highlights - Quarterly performance largely backed by improved realisations - Medium-term triggers China plus and protectionist measures for tyre industry - Valuations not inexpensive; but improved medium-term outlook In the March 2022 quarter, our coverage universe of 14 FMCG (excluding ITC) companies saw revenues, gross profit, EBITDA and net profit growing by 17 percent, 6 percent, 7 percent and 9 percent, respectively, year on year (YoY). Quarter on quarter (QoQ), growth remained flattish. Among individual companies, Adani Wilmar reported one of the highest revenues and gross profit growth of 40 percent and 26 percent, respectively. Tata Consumer Products saw an EBITDA (earnings before interest, taxes, depreciation and amortization) growth... … [Read more...] about FMCG Review: Some green shoots appearing, though not yet out of the woods