Revenue ias 18

- A + A KUALA LUMPUR (May 18): Apex Healthcare Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22) surged 32.76% to RM15.77 million, from RM11.88 million a year ago, underpinned by higher sales revenue achieved by its operating subsidiaries. Meanwhile, Apex Healthcare’s quarterly revenue rose 20.3% to RM215.92 million as compared to RM179.49 million in 1QFY21, driven by private sector demand for cough and cold products induced by the Omicron Covid-19 variant — which it said manifested largely as a community respiratory illness. The group said its improved net profit was also attributed to an improved contribution from its associate company Straits Apex Group Sdn Bhd of RM860,000, a 153.1% increase as compared to a year ago. “In January and February, production output was again dampened by workforce Covid-19 infections and exacerbated by persistent supply chain disruption for certain components and services. Production output has since improved,” it … [Read more...] about Apex Healthcare 1Q net profit up 33%, carried by higher sales revenue

KOTA KINABALU: The Election Commission (EC) should explain why the Bugaya state by-election is not being held despite being vacant for over 18 months. A local NGO, Development of Economic Affairs and Leadership Skills Sabah (DEALS) president Datuk Kalakau Untol said so many other elections had been held but the by-election for Bugaya state seat in Semporna had yet to be conducted. The seat was left vacant after the death of its Parti Warisan incumbent Datin Manis Muka Mohd Dara on Nov 17, 2020 - hardly two months after the snap Sabah state elections was held on Sept 20, 2020. "Why is it that after eighteen months of the Bugaya state assembly seat being declared vacant, the Election Commission has still failed to conduct a by-election? "This is a denial of the Bugaya people’s right to obtain the services of a state assemblyman and development and other facilities enjoyed by other constituencies," said Kalakau, who is Parti Bersatu Rakyat Sabah (PBRS) election director. Kalakau … [Read more...] about EC urged to explain delay behind Bugaya by-election despite 18-month vacancy

Serba Dinamik seeks restraining order against units, proposes '100% return' scheme of arrangement to creditors - A + A KUALA LUMPUR (May 18): Four subsidiaries of Serba Dinamik Holdings Bhd are seeking a restraining order and a leave to convene a creditors' meeting -- a move seen as to revive the troubled oil and gas group which is facing a winding up petition from its creditors. In a bourse filing on Wednesday (May 18), Serba Dinamik said its subsidiaries, namely Serba Dinamik Group Bhd (SDGB), Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Development Sdn Bhd and SD Controls Sdn Bhd, have filed an application for the two purposes on May 13. SDGB and SDSB are also among Serba Dinamik’s three subsidiaries, which together with the listed entity were slapped with winding-up petitions from six financial institutions for failing to service its RM1.2 billion syndicated term financing. The lenders are HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, … [Read more...] about Serba Dinamik units seek restraining order, proposes ‘100% return’ scheme of arrangement

- A + A HONG KONG (May 18): Smarting from HSBC Holdings Plc’s move to scrap its dividend during the height of the pandemic, the bank’s largely silent mass of retail shareholders in Hong Kong is warming up to the idea of a breakup. Splitting up Europe’s biggest bank to separate out its Asian operations is being pushed by its largest investor, Ping An Insurance Group Co, based just across the border in Shenzhen. The call is winning support in Hong Kong’s retail base, which owns about a third of the bank, with some seeing it as a surefire way of preventing the steady stream of payouts from being cut off again. Their loyalty has been tested as numerous pivots in strategy fail to impress the market, leaving dividends at half of what they were in 2018 and the stock down more than 40%. The former British colony is the beating heart of the bank’s global operations, accounting for about 30% of the group’s 2021 adjusted profits. Yet decisions such as the halting of dividends … [Read more...] about HSBC’s mass of Hong Kong retail investors warms to breakup

- A + A KUALA LUMPUR (May 18): Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) for the first quarter ended March 31, 2022 (1QFY22) jumped 77.4% year-on-year (y-o-y) to RM118.9 million from RM67.02 million driven by strong pick up in business activities for the retail and hotel segments due to the relaxation in movement restrictions. Earnings per unit rose to 2.96 sen from 0.94 sen a year earlier, Sunway REIT informed Bursa Malaysia on Wednesday (May 18). Quarterly revenue grew 47.67% to RM153.97 million from RM104.27 million underpinned by higher revenue from all segments. Gross revenue for the retail segment soared 83.5% to RM98.4 million from RM53.7 million a year ago, primarily contributed by strong performance from all retail malls on the back of pent-up demand, festive spending, relaxation of Covid-19 safety measures and marginal rental support. The hotel segment’s gross revenue increased 28.6% y-o-y to RM18.5 million compared … [Read more...] about Sunway REIT’s 1Q net property income jumps 77% on strong pick up in business activities

- A + A KUALA LUMPUR (May 18): Cahya Mata Sarawak Bhd (CMS) posted a 7.42% drop in net profit for the first quarter ended March 31, 2022 (1QFY22) to RM72.02 million, from RM77.8 million a year ago, despite an improvement to its quarterly revenue. The group’s filing on Wednesday (May 18) showed that its quarterly revenue had climbed 5.93% to RM214.04 million in the quarter under review versus RM202.06 million in the previous corresponding quarter. The group attributed the lower net profit to higher tax expenses recognised in relation to higher taxable income from its divisions. It noted that its 1QFY21 earnings also included one-off gains from the disposal of Kenanga Investment Bank Bhd (KIBB) shares — amounting to RM28.52 million — and disposal of land and investment properties — amounting to RM16.99 million. Meanwhile, CMS attributed the improved revenue to higher revenue contributions from its cement and road maintenance divisions of 7% and 36% respectively. … [Read more...] about Cahya Mata Sarawak 1Q net profit down 7.42% on higher tax expenses

- A + A KUALA LUMPUR (May 18): Signature International Bhd and its largest shareholder-cum-chairman Datuk Seri Chiau Beng Teik have emerged as the largest shareholders of Fiamma Holdings Bhd after acquiring a combined 29.59% equity interest in Fiamma. The 29.59% stake or 150 million shares, was acquired from Fiamma's chief executive officer and group managing director, Lim Choo Hong, at RM1.50 per share. Following the disposal of shares in Fiamma, Lim ceased to be a substantial shareholder in Fiamma, holding a 0.413% direct equity interest and 0.118% indirect interest in the company. A filing with Bursa Malaysia showed that Signature had entered into a conditional share sale agreement (SSA) with Lim, to acquire 120 million shares or 23.67% equity interest for RM180 million cash. On a separate note, Divine Inventions Sdn Bhd, a private entity controlled by Chiau’s family, entered into an SSA with Lim to purchase 30 million shares or 5.92% equity interest in Fiamma … [Read more...] about Chin Hin founder Chiau Beng Teik and Signature International emerge as Fiamma’s controlling shareholders

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal

- A + A KUALA LUMPUR (May 18): Lion Posim Bhd is forming an unincorporated joint venture (JV) to undertake a mixed residential and commercial development in Shah Alam, with a gross development value of RM867 million. The group, via its unit Lion Posim Waterfront Sdn Bhd on Wednesday (May 18) entered into a conditional development agreement with a unit of Selangor Menteri Besar Inc, Landasan Lumayan Sdn Bhd, for the development on a parcel of land to be alienated by the Selangor State Government to Landasan Lumayan, measuring approximately 26.29 acres in Section 24, Shah Alam. “The land is accessible via Federal Highway, Lebuhraya Kemuning Shah Alam (LKSA) and Konsortium Expressway Shah Alam Selangor (KESAS) and has a long river frontage of Sungai Klang and is mostly surrounded by low and medium-end housing. The area is densely populated, which is suitable for residential development. Currently, there are no new developments of residential and commercial properties in … [Read more...] about Lion Posim forms JV with Selangor government for mixed residential development in Shah Alam

- A + A KUALA LUMPUR (May 18): MPHB Capital Bhd’s wholly-owned subsidiary Multi-Purpose Capital Holdings Bhd (MPCHB) has agreed to sell its 51% equity interest in MPI Generali Insurans Bhd for RM485 milllion to Generali Asia. “MPHB and its subsidiaries are currently involved in the underwriting of general insurance business, provision of general loan financing services and property investment and management. “The proposed disposal entails the disposal of MPHB Group’s entire general insurance business via the disposal of MPCHB’s remaining 51% equity interest in MPI Generali,” it said in a stock exchange filing. Generali Asia and MPCHB have agreed that the purchase price will be adjusted if completion of the deal occurred during the extended completion period (being the period commencing on Jan 1, 2022 and expiring on June 30, 2022, and subject to a further extension of up to Aug 31, 2022). MPHB Capital said it believes that the proposed disposal provides an … [Read more...] about MPHB Capital unit to sell remaining 51% stake in MPI Generali for RM485 mil