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Reports Malaysia

Malaysia stock market and companies daily report (August 15, 2014)

August 15, 2014, Friday, 03:49 GMT | 23:49 EST | 08:19 IST | 10:49 SGT
Contributed by Shares Investment

Media Prima 2Q14 Earnings Down 40.4%

- In the quarter ended 30 June 2014, Media Prima posted a net profit of RM35.8 million down 40.4 percent year-on-year, in line with a 16.7 percent narrowing of turnover to RM388.6 million.

- On a quarter-on-quarter basis, revenue and net profit rose 9.7 percent and 32.5 percent, bolstered by increased advertising contribution from its television network, higher take up of online advertising and improved take up of sponsorship on its radio network.

- The company has declared dividends of RM0.03 per share for the interim period.

Significance: Moving forward, Media Prima will focus on the growth of its advertising segment, supported by major event such as Asian games, Commonwealth games and Visit Malaysia Year 2014.

MRC To Hold 70% Stake In RM8b Project MX1 Development

- Malaysian Resources Corporation will pay RM816.6 million for a 70 percent interest in a joint venture (JV) with the Employees Provident Fund Board’s unit, Kwasa Land, to develop Project MX1 in Selangor, which is expected to have a gross development value of RM8 billion.

- The land for the development, measuring about 64.1 acres, will be injected into the JV by Kwasa Land.

- As of 18 July 2014, the land’s market value was RM1.1 billion, making MRC’s 70 percent stake worth RM763 million. This implies that MRC’s investment amount was a 7 percent premium to the market value.

Significance: The JV intends to develop the land into a mixed development with 60 percent designated for commercial space and 40 percent aimed at residential purposes.

OSK 2Q14 Net Profit Up 143.2%

For its 2Q14, OSK Property Holdings posted revenue of RM184 million, up 77.4 percent from a year earlier on the back of achieving more advanced construction progress for its on-going projects.

- Coupled with a reduction in finance costs, earnings for the quarter spiked 143.2 percent to RM27.3 million.

- For 1H14, the firm’s turnover more than doubled to RM323.7 million while its bottom line grew close to three-fold to RM50.2 million.

Significance: Moving forward, OSK is optimistic on achieving satisfactory performance for 2H14.