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Reports Malaysia

Malaysia stock market and companies daily report (August 29, 2014)

August 29, 2014, Friday, 05:25 GMT | 01:25 EST | 09:55 IST | 12:25 SGT
Contributed by Shares Investment

BIMB Holdings’ 2Q14 Earnings Surge 86%

- For the quarter ended 30 June, BIMB Holdings reported an 86.4 percent surge in net profit to RM129.7 million, on the back of lower operating overheads and higher write back for impairment on investments and other assets. For the six-month period, earnings spiked 76.1 percent to RM253.1 million.

- The great leap in net profit attributable to shareholders was the result of the acquisition of a 49 percent interest in Bank Islam Malaysia.

- Year-on-year net financing assets grew 22.9 percent to RM26.3 billion as at 30 June, as asset quality improved further with a gross impaired financing ratio of 1.2 percent from 1.4 percent a year ago.

Significance: The higher earnings resulted in a rise in earnings per share (EPS) for the by 33.1 percent to RM0.0868 while 1H14’s EPS jumped 25.8 percent to RM0.1695.

Mah Sing Acquires Puchong Prime Land For RM657m

- Mah Sing Group is planning its largest integrated mixed development with the acquisition of 35.9 hectares of prime land in Puchong for RM656.9 million.

- The mixed development, which is expected to be completed within 10 years, has an estimated gross development value of RM9.3 billion.

- The proposed development will offer serviced residences, office towers, shop offices, retail lots, a retail mall and a hotel.

Significance: The deal gives Mah Sing earnings visibility of eight to 10 years, providing greater clarity to shareholders on the earnings sustainability of the group.

YTL Corporation FY14 Net Profit Up 21%

- For the financial year ended June 30, YTL Corporation’s revenue slid 3.8 percent to RM19.2 billion, attributable to lower contributions from the construction, management services and others as well as utilities divisions. However, gross profit improved 15.7 percent to RM4.8 billion as cost of sales decreased.

- Net profit jumped 20.8 percent to RM1.5 billion, contributed mainly by its cement business, as well as the net fair value gain on investment properties recorded by its real estate investment trusts in Malaysia and Singapore.

- The group declared an interim dividend of RM0.095 per share which, together with the two interim dividends declared earlier this financial year, represents a dividend yield of about 7.7 percent.

Significance: For the year ahead, YTL Corporation stated that all business segments are expected to achieve satisfactory results, except the utilities segment which may experience some headwinds.