UEM Edgenta Bhd fell into the red in the second quarter ended June 30, 2020 (2QFY20) with a net loss of RM26.91 million, due to a one-off impairment of RM50 million on unsold property inventories.

In comparison, the asset management and infrastructure solutions group reported a net profit of RM34.36 million in 2QFY19, and a net profit of RM11.16 million in 1QFY20.

RM50m impairment pushes UEM Edgenta into the red in 2Q

Genting Plantations Bhd’s (GENP) net profit grew 9.13% to RM22.64 million in the second quarter ended June 30, 2020 (2QFY20) from RM20.74 million a year ago, on higher palm products selling prices despite lower fresh fruit bunches (FFB) production.

The group said the average price levels for palm products were comparatively higher year-on-year as palm products prices in 2019 were burdened by higher inventory levels and weaker soybean oil prices amid the US-China trade dispute coupled with the African Swine Fever outbreak in China

Genting Plantations 2Q net profit up on higher selling prices, proposes six sen dividend

Power Root Bhd's net profit fell 15.32% to RM10.73 million for the first quarter ended June 30, 2020, from RM12.67 million in the preceding quarter, due to lower local sales.

Power Root's 1Q profit down on lower sales, proposes 2.5 sen dividends

QL Resources Bhd’s first quarter net profit for the financial year ending March 31, 2021 (FY21) saw a marginal increase to RM50.87 million from RM50.55 million a year ago, despite a 2.3% slip in revenue, as its performance was largely lifted by its improved marine product manufacturing and palm oil activities segments.

QL Resources's 1Q profit steady despite revenue slip, amid favourable CPO price, forex

Fashion retailer Padini Holdings Bhd slipped into the red in the fourth quarter ended June 30, 2020 (4QFY20), posting a net loss of RM16.84 million versus a net profit of RM16.62 million in the preceding quarter ended March 31.

This is the first time Padini registered a loss-making quarter since 2004, when it reported a net loss of RM2.3 million in 4QFY04

Padini sinks into loss in 4Q for the first time since 2004

International technology, media, and telecommunications player Green Packet Bhd saw its net loss narrow to RM11.98 million in the second quarter ended June 30, 2020 (2QFY20), from RM34.07 million in the previous quarter.

This was despite the group's continuous heavy investment in the business development in Digital Services and the group’s engineering center of excellence in Chengdu, China.

Green Packet net loss narrows on investment fair value gain

Pos Malaysia Bhd's net loss for the second quarter ended June 30, 2020 narrowed to RM19.02 million, from RM49.22 million in the previous quarter, due to higher revenue.

Pos Malaysia narrows net loss in 2Q thanks to strong growth in courier business

The FBM KLCI continued to close lower today by 13.62 points or 0.87% mainly due to profit-taking activities seen across glove makers.

At 5pm, FBM KLCI closed at 1,555.96 points. In today’s session, it was only trading in the red zone between the range of 1,552.92 and 1,569.58 points.

FBM KLCI slips lower, weighed down by glove makers

Lagenda Properties Bhd, formerly known as DBE Gurney Resources Bhd, is buying five parcels of leasehold agriculture land in Tapah, Perak that it plans to develop into an affordable housing township. 

The group said it will pay RM1.10 per sq ft, or a total of RM29.86 million, for the land measuring 623.07 acres in aggregate.

Lagenda Properties buys land in Tapah from UEM Sunrise for affordable housing project

Syarikat Takaful Malaysia Keluarga Bhd's net profit fell 7.24% year-on-year to RM75.09 million for the second quarter ended June 30, 2020, from RM80.95 million last year, mainly due to lower sales generated by family takaful business.

Syarikat Takaful 2Q net profit slips on lower sales from family takaful business

Transport Minister Anthony Loke announced that the redevelopment of the Kuala Lumpur Sentral Station (KL Sentral) will begin later this year.

KL Sentral Station redevelopment project to commence by year end — Loke

South Korea's foreign minister Cho Tae-yul will visit China between Monday and Tuesday next week at the invitation of his Chinese counterpart Wang Yi, Seoul's foreign ministry said on Friday.

South Korea's foreign minister to visit China next week

PKR vice-president Nik Nazmi Nik Ahmad has urged PAS secretary-general Datuk Seri Takiyuddin Hassan to refrain from resorting to cheap politics, such as spreading slander about Prime Minister Datuk Seri Anwar Ibrahim in an attempt to woo the people.

Nik Nazmi tells PAS sec-gen to stop resorting to cheap politics 

KUALA LUMPUR (May 10): The Malaysian Anti-Corruption Commission (MACC)said on Friday that the King has consented to the extension of Tan Sri Azam Baki’s contract as chief commissioner at the agency for another one year, beginning May 12, 2024.

More to come
...

Azam Baki’s contract as MACC chief commissioner extended for one year

Britain bounced back strongly from a shallow recession, providing some relief for Prime Minister Rishi Sunak who has so far struggled to deliver on his promise to grow the economy.

UK recession ends with strongest growth since end of lockdown

The Ministry of Education (MOE) is willing to consider proposals from all parties, including the National Union of Teaching Profession (NUTP), to release the 2023 Sijil Pelajaran Malaysia (SPM) results earlier than the scheduled date of May 27.

MOE to consider proposals to release SPM results earlier — Wong

Japan's Honda Motor Co forecast a 2.8% rise in operating profit for this financial year, after it exceeded analysts' estimates in the fourth quarter as strong sales growth in the US offset a decline in China.

Honda sees full-year profit rising 2.8%

KUALA LUMPUR (May 10): Bursa Malaysia’s all-time high indicates that measures under the Madani framework are building investor confidence, said Finance Minister II Senator Datuk Seri Amir Hamzah Azizan.

Bursa’s all-time high indicates Madani Framework is building investor confidence — Amir Hamzah

Supermax Corp Bhd’s (KL:SUPERMX) plan to take full control of its loss-making Canadian unit will drag on its balance sheet and income statement, Kenanga Investment Bank flagged.

Supermax's full acquisition of Canadian unit will drag on earnings — Kenanga

As India’s general election nears the halfway mark, falling voter turnout is prompting concerns about voter disengagement in the world’s largest poll.

India’s lower voter turnout raises questions of BJP fatigue

Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.

HLIB says Genting is undervalued, target price RM7.12

Shares of MCE Holdings Bhd (KL:MCEHLDG) rose to their highest in at least two decades after the automotive parts manufacturer said Brahmal Vasudevan of private equity firm Creador is its newest substantial shareholder.

MCE Holdings surges to highest in at least two decades

With signs of a simmering settlement with the government in one of the longest-standing civil land disputes in history dissipating, the Court of Appeal (COA) has fixed Sept 19 to hear the appeal by Semantan Estate (1952) Sdn Bhd in its seven-decade dispute over 263.272 acres of land along Jalan Duta that is currently occupied by public properties.

No settlement in sight, Semantan Estate’s appeal to resume in September

KUALA LUMPUR (May 10): Datin Seri Rosmah Mansor faces another legal action, this time revolving around from 1Malaysia Development Bhd (1MDB), SRC International Sdn Bhd and subsidiaries over luxury goods that were allegedly obtained through misappropriated funds.

1MDB, SRC file fresh civil suit against Rosmah over US$350 mil luxury goods

TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.

TA Securities values ACE Market-bound Smart Asia Chemical at 54 sen 

CIMB Securities Sdn Bhd, a unit of CIMB Group Holdings Bhd (KL:CIMB), said on Friday it is targeting “high” single-digit growth in market share by year end.

CIMB Securities eyes single-digit growth in market share by year end

Shares of Globetronics Technology Bhd [KL:GTRONIC] surged on Friday as analysts project a promising outlook for the group's earnings in the second half of the financial year 2024 (2HFY2024), despite first quarter performance below consensus expectations.&nbsp;

Globetronics surges to one-month high as analysts project strong outlook for 2HFY2024

SINGAPORE (May 10): Oversea-Chinese Banking Corporation Ltd (OCBC) has announced a S$1.4 billion voluntary unconditional general offer for the 11.56% stake in Great Eastern Holdings (GEH) that it does not currently own.

Singapore’s OCBC makes privatisation bid for Great Eastern with S$25.60 offer price

KUALA LUMPUR (May 10):&nbsp; <a href="https://theedgemalaysia.com/" target="_blank">theedgemalaysia.com</a> highlighted three stocks with positive momentum and five stocks with negative momentum at Bursa Malaysia’s afternoon close on Friday. &nbsp;

Kuchai, VSTECS, AHB, Mclean, Kluang, Prtasco, Skywld, Kobay

The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.

Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes

Malaysia’s industrial output rose at a faster-than-expected pace in March from a year earlier with the manufacturing sector leading broad gains, the Department of Statistics Malaysia (DOSM) said on Friday.

Malaysia's industrial output grows faster-than-expected in March, official data shows

Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.

Phillip Capital raises target price for Pentamaster to RM6.23 

Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.

KLCI seen hovering between 1,600 and 1,610 on Friday

World stocks rallied on Thursday, led by surging European shares and a larger-than-expected rise in US weekly jobless claims that buoyed interest rate cut hopes, while the dollar eased as the market awaits key inflation data next week.

Asia stocks rally on renewed global rate cut optimism

Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and forecast its net interest margin at the higher end of a 2.20% to 2.25% range for the full year.

Singapore's OCBC posts record 1Q profit, lifts margin guidance for 2024

Apple Inc issued a rare apology for an advertisement touting its latest iPad Pro that upset many creatives and other customers. The company also said it won’t air the ad on television as planned.

Apple apologises for iPad Pro ad, scraps plan to air it on TV

<h3>Directors’ duties with respect to&nbsp;financial statements</h3>

In 2011, in the case of Australian Securities and Investments Commission v Healy &amp; Ors, the Federal Court of Australia delivered an important ruling and laid down important principles of law on the standard of care for th...

My Say: Court rulings on chairperson’s and directors’ duties raise cautions for holders of these posts

KUALA LUMPUR/MUMBAI (May 10): Malaysia’s palm oil stocks increased at the end of April for the first time in six months, as production jumped despite a drop in exports, the industry regulator said on Friday.

Malaysia’s palm oil stocks surge as output jumps despite weak exports

Entities are expected to submit a declaration of compliance to the Securities Commission on the Guidelines on Technology Risk Management (GTRM) by the first quarter of 2025, as part of the regulator's commitment to promote cyber hygiene practices.

Entities to submit compliance declaration on SC's Technology Risk Management Guidelines by 1Q 2025

KUALA LUMPUR (May 10): The Malaysian Anti-Corruption Commission (MACC)said on Friday that the King has consented to the extension of Tan Sri Azam Baki’s contract as chief commissioner at the agency for another one year, beginning May 12, 2024.

More to come...

Wong Ee Lin

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

Wong Ee Lin

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌