<div class=newsTextDataWrapInner><p>KUALA LUMPUR (June 25): Magni-Tech Industries Bhd shares fell as much as 75 sen or 15% to RM4.35, after the clothing manufacturer reported net profit declined to RM91.37 million in financial year ended April 30, 2018 (FY18), from RM120.1 million a year earlier.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>At noon break today, Magni-Tech was the biggest decliner across Bursa Malaysia. Magni-Tech fell 67 sen to RM4.43, with 1.35 million shares traded.</p></div>

<div class=newsTextDataWrapInner><p>Public Investment Bank Bhd wrote in a note today: "Overall, FY18 was a weak-performing year, with revenue and core net profit both declined by 5.3% and 11.1% YoY respectively, mainly impacted by lower sale orders received, higher operating expenses (particularly labour costs) and unfavorable foreign exchange movements."&nbsp;</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"The results were within expectations at 101% and 98% of ours and consensus estimates, respectively. We maintain our Outperform call on Magni-Tech with an unchanged SOP (sum-of-parts)-based TP (target price) of RM6.40," Public Investment said.</p></div>


KUALA LUMPUR (June 25): Magni-Tech Industries Bhd shares fell as much as 75 sen or 15% to RM4.35, after the clothing manufacturer reported net profit declined to RM91.37 million in financial year ended April 30, 2018 (FY18), from RM120.1 million a year earlier. 

At noon break today...

Magni-Tech tops Bursa decliners

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<p>A Philippine freight railway project may be built with the support of the US and Japan, an official in charge of it said, as Manila seeks alternative financing deals after dropping funding talks with China.</p>


<p>A highly anticipated Bitcoin software update called the “halving” has been completed, dealing a potential blow to the companies that make money by ensuring that the digital currency functions smoothly and securely.</p>


<p>Digital Nasional Bhd (DNB), the operator of Malaysia’s 5G telecommunications assets, said the process in relation to the subscription of its shares by five mobile network operators (MNOs) in this country is ongoing.</p>


<p>Approved road transport logistics companies will obtain “fleet cards” from select fuel retailers to purchase subsidised fuel under the diesel subsidy rationalisation programme, the Ministry of Finance (MOF) said.</p>


<p>The ringgit is likely to trade in the same range of around 4.78 against the US dollar next week, as the situation in the Middle East will continue to be under scrutiny by investors, said an analyst.</p>


<p>Shareholders of the International Monetary Fund (IMF) agreed this week on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on Friday.</p>


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<p>The World Bank on Friday said that 11 countries have pledged to contribute over US$11 billion (RM52.62 billion) to new hybrid capital and portfolio guarantee instruments designed to expand the bank's financing capacity by US$70 billion over a decade to tackle climate change, pandemics and other global challenges.</p>


<p>PKR Information chief Fahmi Fadzil said no specific names were discussed regarding the leadership of the Sabah PKR State Leadership Council (MPN) at a special meeting with Prime Minister Datuk Seri Anwar Ibrahim on Saturday.</p>


<p>Efforts to reform the Bretton Woods institutions – the International Monetary Fund and the World Bank – are progressing, albeit slowly. In December, the IMF Board of Governors approved a 50% increase in member quotas, which will reduce its reliance on borrowed resources, and the World Bank has re...