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Malaysia stock market and companies daily report (August 31, 2010)

Contributed by Shares Investment

By Shares Investment

Amtek Confident Of Returning To Profitability Next Year

Amtek Holdings says it is confident of being profitable again for the financial year ending 30 Jun-11, after several years of losses. Amtek still expects to report a loss for FY10 but has projected a net profit of RM2m on RM62m revenue next year. Chairman Syed Azmin Syed Nor said after a restructuring, Amtek now has very low gearing and two core businesses of making and selling apparel and shoes. The Crocodile clothing brand that Amtek is acquiring will be a major revenue churner, Syed Azmin said. The uniformed and safety shoes business, in which Amtek is among the top three players locally, will continue to provide a stable income. Amtek, which owns a shoe manufacturing plant in Port Klang, has an order book of RM20m for uniform and safety shoes. This will last it until Dec-11. The orders include shoes for nurses, national service participants and the police force.

Kulim’s Q2 Pre-Tax Profit Jumps To RM123m

Kulim (Malaysia) Q2 pre-tax profit rose to RM123.05m from RM99.55m in the same quarter of last year. Its revenue increased to RM1.67b for the quarter ended 30 Jun from RM1.49b previously. For the first half-year, Kulim recorded a higher pre-tax profit of RM288.94m from RM228.87m in the same period last year. Revenue increased to RM3.19b from RM2.80b previously. Earnings per share for the first half of its financial year stood at 24.51 sen versus 17.92 sen recorded last year, the company said in an announcement to Bursa Malaysia. “The oil palm sector recorded higher revenue and profits for the quarter due to better palm product prices compared to the corresponding quarter in 2009,” it said.

Penang Records Growth In Air, Sea Cargo In 1H10

The first half of the year (1H10) saw an increase in air and sea cargo shipped out of Penang compared to the corresponding period in 2009. With figures provided by Malaysia Airports Holdings, statistics compiled by Penang-based Socio-Economic and Environmental Institute (Seri) reflected a 17.1% rise in air cargo between Jan and Jun this year. The Penang Port recorded a 27.3% increase in cargo handled during the same six months. At Penang Port, the number of ships to have dropped anchor or berthed during the first six months of this year stood at 3,048, a 10.8% rise against 2,752 ships in the same period last year. According to Malaysian Industrial Development Authority data, from Jan to Apr this year, Penang had RM236.8m worth of new investment projects approved.

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