<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on September 11, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Magni-Tech Industries Bhd achieved a 38.6% growth in net profit for the first financial quarter ended July 31, 2019 (1QFY20) to RM30.51 million or 18.76 sen per share, compared with RM22.01 million or 13.53 sen per share a year ago. Quarterly revenue expanded 19.6% to RM327.33 million from RM273.74 million.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia yesterday, Magni-Tech attributed the higher revenue to its garment business, which accounted for about 92.5% and 96.8% of the group’s revenue and operating profit respectively for 1QFY20.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>For the packaging business, the company saw its profit before tax for the quarter jump 25.9%.</p></div>

<div class=newsTextDataWrapInner><p>The group declared a single-tier interim dividend of seven sen per share, higher than the five sen declared for 1QFY19. The dividend is payable on Oct 25. On prospects, the group said the manufacturing and sale of garments will remain as its major revenue contributor.</p></div>

<div class=newsTextDataWrapInner><p>While the group’s operating environment for the remainder of the year is expected to be challenging amid persisting global economic uncertainties, Magni-Tech said its garment and packaging businesses are seen to remain profitable during the period.</p></div>


KUALA LUMPUR: Magni-Tech Industries Bhd achieved a 38.6% growth in net profit for the first financial quarter ended July 31, 2019 (1QFY20) to RM30.51 million or 18.76 sen per share, compared with RM22.01 million or 13.53 sen per share a year ago. Quarterly revenue expanded 19.6% to RM327.33 milli...

Magni-Tech 1Q profit up 38.6%; firm declares 7 sen dividend

Four of seven ships trapped in Baltimore Harbour since the Francis Scott Key Bridge collapsed last month have cleared the wreckage and are en route to their destinations.

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Intel forecast second-quarter revenue and profit below market estimates on Thursday, sending its shares tumbling roughly 8% as it faces weak demand for its traditional data centre and PC chips and trails in the surging market for artificial intelligence (AI) components.

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China’s top diplomat Wang Yi warned his American counterpart that problems are mounting between the world’s largest economies, as the US threatens Beijing with sanctions for its support of Russia.

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Microsoft beat Wall Street estimates for third-quarter revenue and profit on Thursday, driven by gains from adoption of artificial intelligence (AI) across its cloud services, and the company's shares jumped more than 4% in extended trade.

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The US plans to award Micron Technology Inc US$6.1 billion (RM29.14 billion) in grants and as much as US$7.5 billion in loans to help the memory-chip maker build new American factories, rounding out a slew of major federal awards for advanced semiconductor manufacturing.

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US Treasury Secretary Janet Yellen said on Thursday the strong dollar reflected the strength of the US economy and high interest rates, insisting that interventions by governments in currency markets were acceptable only in rare circumstances.

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The Securities Commission Malaysia (SC) has updated its Investor Alert List.

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Mercury Securities Sdn Bhd has valued ACE Market-bound Sin-Kung Logistics Bhd at 14 sen based on a 14 times financial year 2025 (FY2025) earnings per share forecast of one sen.

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China is preparing a United Nations General Assembly resolution that it says is intended to help close gaps between rich and developing countries in the advance of artificial intelligence (AI), an initiative that follows an extensive and ambitious campaign by the US, its biggest AI competitor.

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<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:</p>


AirAsia X, Capital A, ViTrox, PavREIT, Luxchem, Chin Teck, MKHOP, TAS Offshore, Inta Bina, Heineken, Pantech and Infoline Tec 

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<p>Mercury Securities Sdn Bhd has valued ACE Market-bound Sin-Kung Logistics Bhd at 14 sen based on a 14 times financial year 2025 (FY2025) earnings per share forecast of one sen.</p>


<p>US economic growth for the first quarter could be revised higher and inflation will ease to more normal levels, Treasury Secretary Janet Yellen told <em>Reuters </em>on Thursday after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.</p>


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<p>The Securities Commission Malaysia (SC) has updated its Investor Alert List.</p>


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<p>Hulu Selangor Bersatu action division head has been named as Perikatan Nasional's (PN) candidate for the Kuala Kubu Baharu (KKB) state by-election on May 11.</p>


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<p>RHB Retail Research said YTL Corp Bhd is eyeing to extend the upside movement after it staged a bullish breakout.</p>


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<p>RHB Retail Research said VS Industry Bhd is poised to continue the bullish trajectory after it broke past the key resistance on high volume.</p>


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<p>The Tesla Inc shareholder who won a court order in Delaware killing co-founder Elon Musk’s US$56 billion (RM267.54 billion) pay package is premature in asking the judge to bar the billionaire from moving the executive-compensation dispute to Texas, the car company’s lawyers argue.</p>


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<p>Alphabet announced its first-ever dividend on Thursday and a US$70 billion (RM334.43 billion) stock buyback, cheering investors who sent the stock surging nearly 16% after the bell.</p>


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