Thursday, 17 March 2011 11:17
KUALA LUMPUR: Timber-related stocks advanced on Thursday, March 17 on expectations of an increase in demand for products following the earthquake in Japan last Friday.
AmResearch has maintained its overweight rating on the timber sector and its buy call on Ta Ann and Jaya Tiasa, with fair values of RM6.30 and RM6 respectively.
The research house said that the Ta Ann management informed it that there had been no supply disruption so far to Japan.
“Orders are placed once or twice in a month. Its shipments go through Osaka, south of Tokyo in the central-southern region, which was not affected by the tsunami,” it said.
Meanwhile, MIDF Research in a note March 17 said local timber companies will be the main beneficiary when Japans starts to rebuild the earthquake disaster areas as Malaysia is their largest plywood exporter accounting for 48% of Japan’s total plywood.
Japan imports more than 50% of the total plywood for its consumption, it said.
“We believe the main beneficiary will be WTK and Ta Ann since these companies exposure to the Japan market is about 80-90% of their plywood sales.
“Between them, WTK has greater leverage since it is a pure timber company compared to Ta Ann whose earnings mainly comes from CPO with its plywood division registering loss due to the usage of more costly eco-friendly raw material sourced from its Tasmanian operation.
Lingui is the other beneficiary as it has close to 50% exposure to Japan’s plywood sales, it said
*source the edge
Thursday, March 17, 2011
Wednesday, March 16, 2011
World Largest Glove Maker : Top Glove
TOP GLOVE CORPORATION BHD
Net profit for the second quarter ended Feb 28, 2011 fell 63.9% to RM25.41 million from RM70.53 million a year earlier, due mainly to persistently high latex prices and the continued weakening of the US dollar coupled with the time lag in passing on the higher costs to its customers,
Revenue for the period fell to RM485.21 million from RM509.89 million last year.
Earnings per share was 4.11 sen while net assets per share was RM1.82.
For the six months ended Feb 28, Top Glove’s net profit tumbled to RM61.46 million from RM135.73 million last year, on the back of revenue RM976.72 million.
Reviewing its performance, Top Glove said the decline in performance comparing with last year was also due to the exceptionally high sales volume experienced last year during the H1N1 flu virus outbreak.
It said on Wednesday, March 16 that in order to mitigate latex cost increases in the future, the company had started moving upstream by acquiring land by diversifying into rubber PLANTATION.
“Top Glove is also dedicating more production lines to produce nitrile gloves, which command better margins and not subjected to the volatility in latex prices,” it said.
The company said it continued to maintain its strong balance sheet position with net cash and short term investments of RM207 million despite higher working capital requirement from the escalating latex price.
Top Glove chairman Tan Sri Lim Wee Chai said it was a challenging period, as the company faced substantial increases in its main raw material costs and adverse foreign exchange movements.
“Nevertheless, we have started to revise our latex glove prices and it is starting to arrest the decline in our revenue. We are also rigorously mitigating the impact of foreign exchange through hedging with forward contracts,” he said.
Lim said Top Glove's long-standing business relationship with its customers had enabled it to seek their understanding in passing on part of the increased raw material costs to them.
“Even though in the short term we expect the business conditions to remain difficult, I am encouraged by our prospects going forward while we take actions to strengthen the Group and improve returns to shareholders,” said Lim.
(Source : The Edge)
Net profit for the second quarter ended Feb 28, 2011 fell 63.9% to RM25.41 million from RM70.53 million a year earlier, due mainly to persistently high latex prices and the continued weakening of the US dollar coupled with the time lag in passing on the higher costs to its customers,
Revenue for the period fell to RM485.21 million from RM509.89 million last year.
Earnings per share was 4.11 sen while net assets per share was RM1.82.
For the six months ended Feb 28, Top Glove’s net profit tumbled to RM61.46 million from RM135.73 million last year, on the back of revenue RM976.72 million.
Reviewing its performance, Top Glove said the decline in performance comparing with last year was also due to the exceptionally high sales volume experienced last year during the H1N1 flu virus outbreak.
It said on Wednesday, March 16 that in order to mitigate latex cost increases in the future, the company had started moving upstream by acquiring land by diversifying into rubber PLANTATION.
“Top Glove is also dedicating more production lines to produce nitrile gloves, which command better margins and not subjected to the volatility in latex prices,” it said.
The company said it continued to maintain its strong balance sheet position with net cash and short term investments of RM207 million despite higher working capital requirement from the escalating latex price.
Top Glove chairman Tan Sri Lim Wee Chai said it was a challenging period, as the company faced substantial increases in its main raw material costs and adverse foreign exchange movements.
“Nevertheless, we have started to revise our latex glove prices and it is starting to arrest the decline in our revenue. We are also rigorously mitigating the impact of foreign exchange through hedging with forward contracts,” he said.
Lim said Top Glove's long-standing business relationship with its customers had enabled it to seek their understanding in passing on part of the increased raw material costs to them.
“Even though in the short term we expect the business conditions to remain difficult, I am encouraged by our prospects going forward while we take actions to strengthen the Group and improve returns to shareholders,” said Lim.
(Source : The Edge)
Friday, March 4, 2011
World Top Oil Producing Nations
Unrest in the Middle East has put investors on high alert as crude oil prices move seemingly with every development in the region.
In order to understand the effect of those events on both US and global oil markets, a key figure to watch is the amount of crude oil produced daily in each country. With data from the Energy Information Administration (EIA), a division of the Department of Energy.
The numbers that follow are the most recent available from the EIA, dating from November 2010, unless otherwise noted. As a result, the numbers represent daily production levels of countries under normal circumstances prior to the recent events in the Middle East.
Interestingly, Libya ranks as only the 17th largest oil producer in the world and imported 32,000 barrels of crude per day to the United States in December 2010, representing an average of approximately 0.37% of daily US crude imports that month.
15. Norway
Crude production: 2.14 million barrels per day
Share of world production: 2.45%
Daily crude exports to the US: 35,000*
Proven reserves: 6.7 billion barrels
*Export daily average in October 2010. From July-August 2010, daily exports ranged from 10,000 barrels to 31,000 barrels per day.
14. Algeria
Crude production: 2.16 million barrels per day
Share of world production: 2.47%
Daily crude exports to the US: 262,000 barrels
Proven reserves: 12.2 billion barrels
13. Venezuela
Crude production: 2.35 million barrels per day
Share of world production: 2.8%
Daily crude exports to the US: 825,000 barrels
Proven reserves: 99.4 billion barrels
12. Iraq
Crude production: 2.39 million barrels per day
Share of world production: 2.81%
Daily crude exports to the US: 336,000 barrels
Proven reserves: 115 billion barrels
11. Kuwait
Crude production: 2.5 million barrels per day
Share of world production: 2.93%
Daily crude exports to the US: 125,000 barrels
Proven reserves: 101.5 billion barrels
10. Nigeria
Crude production: 2.51 million barrels per day
Share of world production: 2.95%
Daily crude exports to the US: 1.02 million barrels
Proven reserves: 37.2 billion barrels
9. Brazil
Crude production: 2.75 million barrels per day
Share of world production: 3.2%
Daily crude exports to the US: 271,000 barrels
Proven reserves: 12.8 billion barrels
8. United Arab Emirates
Crude production: 2.81 million barrels per day
Share of world production: 3.3%
Daily crude exports to the US: 10,000 barrels*
Proven reserves: 97.8 billion barrels
7. Mexico
Crude production: 2.88 million barrels per day
Share of world production: 3.39%
Daily crude exports to the US: 1.22 million barrels
Proven reserves: 10.4 billion barrels
6. Canada
Crude production: 3.7 million barrels per day
Share of world production: 4.3%
Daily crude exports to the US: 2.06 million barrels
Proven reserves: 175.2 billion barrels
5. Iran
Crude production: 4.2 million barrels per day
Share of world production: 4.9%
Daily crude exports to the US: 0
Proven reserves: 137.6 billion barrels
4. China
Crude production: 4.26 million barrels per day
Share of world production: 5.0%
Daily crude exports to the US: 8,000 barrels*
Proven reserves: 20.4 billion barrels
3. United States
Crude production: 8.85 million barrels per day
Share of world production: 10.4%
Total crude imports: 8.63 million barrels per day
Proven reserves: 19.2 billion barrels
2. Russia
Crude production: 9.91 million barrels per day
Share of world production: 11.6%
Daily crude exports to the US: 158,000 barrels
Proven reserves: 60 billion barrels
1. Saudi Arabia
Crude production: 10.3 million barrels per day
Share of world production: 12.1%
Daily crude exports to the US: 1.08 million barrels
Proven reserves: 259.9 billion barrels
( source : CNBC )
Notes :
Total daily crude imports to US : 8.63 million barrels
Total world proven reserves from top 15 producing countries : 1165.3 billion barrels
North Africa and Arab World : 7 out of 15 countries
Share of world production : 31.46 %
Daily crude exports to US : 2.833 million barrels ( 32.82 % of total export to US )
Proven reserves : 761.2 billion barrels ( 65.32 % of top 15 countries )
South America : 3 out of 15
Share of world production : 9.39 %
Daily crude exports to US : 2.31 million barrels ( 26.76 % )
Proven reserves : 122.6 billion barrels ( 10.52 % )
Top 15 excluding South Africa and Arab World, South America
Share of world production : 33.75 %
Daily crude exports to US : 3.487 million barrels ( 41.04 % )
Proven reserves : 281.5 billion barrels of ( 24.16 % )
In order to understand the effect of those events on both US and global oil markets, a key figure to watch is the amount of crude oil produced daily in each country. With data from the Energy Information Administration (EIA), a division of the Department of Energy.
The numbers that follow are the most recent available from the EIA, dating from November 2010, unless otherwise noted. As a result, the numbers represent daily production levels of countries under normal circumstances prior to the recent events in the Middle East.
Interestingly, Libya ranks as only the 17th largest oil producer in the world and imported 32,000 barrels of crude per day to the United States in December 2010, representing an average of approximately 0.37% of daily US crude imports that month.
15. Norway
Crude production: 2.14 million barrels per day
Share of world production: 2.45%
Daily crude exports to the US: 35,000*
Proven reserves: 6.7 billion barrels
*Export daily average in October 2010. From July-August 2010, daily exports ranged from 10,000 barrels to 31,000 barrels per day.
14. Algeria
Crude production: 2.16 million barrels per day
Share of world production: 2.47%
Daily crude exports to the US: 262,000 barrels
Proven reserves: 12.2 billion barrels
13. Venezuela
Crude production: 2.35 million barrels per day
Share of world production: 2.8%
Daily crude exports to the US: 825,000 barrels
Proven reserves: 99.4 billion barrels
12. Iraq
Crude production: 2.39 million barrels per day
Share of world production: 2.81%
Daily crude exports to the US: 336,000 barrels
Proven reserves: 115 billion barrels
11. Kuwait
Crude production: 2.5 million barrels per day
Share of world production: 2.93%
Daily crude exports to the US: 125,000 barrels
Proven reserves: 101.5 billion barrels
10. Nigeria
Crude production: 2.51 million barrels per day
Share of world production: 2.95%
Daily crude exports to the US: 1.02 million barrels
Proven reserves: 37.2 billion barrels
9. Brazil
Crude production: 2.75 million barrels per day
Share of world production: 3.2%
Daily crude exports to the US: 271,000 barrels
Proven reserves: 12.8 billion barrels
8. United Arab Emirates
Crude production: 2.81 million barrels per day
Share of world production: 3.3%
Daily crude exports to the US: 10,000 barrels*
Proven reserves: 97.8 billion barrels
7. Mexico
Crude production: 2.88 million barrels per day
Share of world production: 3.39%
Daily crude exports to the US: 1.22 million barrels
Proven reserves: 10.4 billion barrels
6. Canada
Crude production: 3.7 million barrels per day
Share of world production: 4.3%
Daily crude exports to the US: 2.06 million barrels
Proven reserves: 175.2 billion barrels
5. Iran
Crude production: 4.2 million barrels per day
Share of world production: 4.9%
Daily crude exports to the US: 0
Proven reserves: 137.6 billion barrels
4. China
Crude production: 4.26 million barrels per day
Share of world production: 5.0%
Daily crude exports to the US: 8,000 barrels*
Proven reserves: 20.4 billion barrels
3. United States
Crude production: 8.85 million barrels per day
Share of world production: 10.4%
Total crude imports: 8.63 million barrels per day
Proven reserves: 19.2 billion barrels
2. Russia
Crude production: 9.91 million barrels per day
Share of world production: 11.6%
Daily crude exports to the US: 158,000 barrels
Proven reserves: 60 billion barrels
1. Saudi Arabia
Crude production: 10.3 million barrels per day
Share of world production: 12.1%
Daily crude exports to the US: 1.08 million barrels
Proven reserves: 259.9 billion barrels
( source : CNBC )
Notes :
Total daily crude imports to US : 8.63 million barrels
Total world proven reserves from top 15 producing countries : 1165.3 billion barrels
North Africa and Arab World : 7 out of 15 countries
Share of world production : 31.46 %
Daily crude exports to US : 2.833 million barrels ( 32.82 % of total export to US )
Proven reserves : 761.2 billion barrels ( 65.32 % of top 15 countries )
South America : 3 out of 15
Share of world production : 9.39 %
Daily crude exports to US : 2.31 million barrels ( 26.76 % )
Proven reserves : 122.6 billion barrels ( 10.52 % )
Top 15 excluding South Africa and Arab World, South America
Share of world production : 33.75 %
Daily crude exports to US : 3.487 million barrels ( 41.04 % )
Proven reserves : 281.5 billion barrels of ( 24.16 % )
Monday, February 28, 2011
Alibaba
Alibaba.com Ltd., owner of China’s largest online-commerce site, has been the go-to marketplace for Western companies seeking gaskets, garden gnomes and gelatin. Disclosures that its salespeople helped defraud buyers may send business to rivals Google Inc. and Global Sources Ltd.
Since Alibaba announced the scam Feb. 21, its chief executive officer and chief operating officer resigned, and the Hangzhou, China-based company has lost about $1 billion in market value. The flagship of Alibaba Group Holding Ltd., which counts Yahoo! Inc. as its biggest shareholder, also may struggle to sign up new clients, analysts said.
Alibaba.com shares have fallen 14 percent in Hong Kong trading since the announcement, and three analysts downgraded their recommendations from buy to hold. Wuh, the top Alibaba analyst over the past year according to Bloomberg Absolute Return Rank, maintained his sell recommendation.
Alibaba fell 4.8 percent to HK$14.40 at the 12:30 p.m. trading break in Hong Kong after dropping as much as 6.5 percent earlier in the day.
Alibaba.com, founded in 1999 by Jack Ma, is a business-to- business, or B2B, website. Its target audience is companies in the U.S. and Europe buying from low-cost manufacturers in China, Vietnam and Pakistan, among others. The buyers typically are too small to travel thousands of miles to meet suppliers and inspect factories.
The company operates marketplaces in Chinese, English and Japanese. Buyers use the services for free while suppliers pay an annual fee of 29,800 yuan ($4,500) to appear on the English- language website as a “Gold Supplier” for a year, Spelich said.
The site offers tips for avoiding fraud and hosts a forum where users can notify each other of potential scammers. Alibaba also posts the names of suppliers who have been banned.
Alibaba.com may have been victimized by its own success, Wuh said. Sales more than tripled to $567.2 million in 2009 from $171.1 million in 2006, according to data compiled by Bloomberg.
That growth was fueled by company claims a third party verifies the credibility of all suppliers with paid memberships. Its database of registered suppliers almost tripled to 108,000 last year from about 30,000 in 2008, Wuh said.
The frauds recently disclosed involved vendors offering small quantities of electronics at attractive prices, with payments settled using “less reliable” methods, Spelich has said. Alibaba employees either intentionally or negligently allowed the vendors to evade authentication and verification measures, the company said.
Google Benefits
Google Inc., the Mountain View, California-based operator of the Internet’s most-used search engine, may benefit from sellers setting up their own websites and paying to show up on Internet queries, said Muzhi Li, an analyst at Mizuho Securities Asia Ltd. in Hong Kong.
Caroline Hsu, a spokeswoman for Google in Hong Kong and Taiwan, declined to comment on how the company’s business might benefit from the Alibaba fraud.
Another beneficiary may be Global Sources, a Shenzhen, China-based organizer of trade shows where buyers meet sellers of electronics, toys and lingerie, among other products, analysts said. It organizes 56 shows a year in locations including India, China, South Africa, Dubai and Miami.
Third-Party Checks
The company also operates a B2B site the competes against Alibaba. Online and other media services accounted for about 66 percent of Global Source’s $174.5 million in revenue in 2009, the last full year reported. Its stock is up 19 percent this year in New York trading.
Like Alibaba, Global Sources uses contractors to vet suppliers through factory visits and checks of business registrations and credit, Chief Executive Officer Merle Hinrichs said. The company has about 260,000 sellers, primarily in Asia, and about 970,000 buyers worldwide.
The strength of Alibaba’s model has been called into doubt, said Dane Chamorro, managing director for North Asia at Control Risks Group in Shanghai. His firm does background checks for companies.
‘Lost Their Way’
Although Alibaba tries to minimize the risks to buyers by vetting sellers, the system broke down because staff colluded with fraudulent sellers to bypass that verification process, said Elinor Leung, head of Internet research at CLSA Ltd. in Hong Kong. More than 2,300 vendors were involved, Alibaba said.
Alibaba CEO David Wei and COO Elvis Lee, who weren’t accused of wrongdoing, resigned to take responsibility for the “systemic breakdown” of integrity, the company said in a statement. About 100 salespeople were involved, the company said.
Jonathan Lu, 41, who heads the Taobao.com online retailing affiliate, China’s Ebay, replaced Wei.
That’s no small task, Li said. As many as 35 percent of Alibaba’s registered sellers don’t renew their one-year contracts, meaning the company needs to add about 35,000 new suppliers a year to maintain current sales.
The turnover rate at Global Sources is about the same, Hinrichs said.
The entire B2B industry will suffer from the Alibaba scam, he said.
Since Alibaba announced the scam Feb. 21, its chief executive officer and chief operating officer resigned, and the Hangzhou, China-based company has lost about $1 billion in market value. The flagship of Alibaba Group Holding Ltd., which counts Yahoo! Inc. as its biggest shareholder, also may struggle to sign up new clients, analysts said.
Alibaba.com shares have fallen 14 percent in Hong Kong trading since the announcement, and three analysts downgraded their recommendations from buy to hold. Wuh, the top Alibaba analyst over the past year according to Bloomberg Absolute Return Rank, maintained his sell recommendation.
Alibaba fell 4.8 percent to HK$14.40 at the 12:30 p.m. trading break in Hong Kong after dropping as much as 6.5 percent earlier in the day.
Alibaba.com, founded in 1999 by Jack Ma, is a business-to- business, or B2B, website. Its target audience is companies in the U.S. and Europe buying from low-cost manufacturers in China, Vietnam and Pakistan, among others. The buyers typically are too small to travel thousands of miles to meet suppliers and inspect factories.
The company operates marketplaces in Chinese, English and Japanese. Buyers use the services for free while suppliers pay an annual fee of 29,800 yuan ($4,500) to appear on the English- language website as a “Gold Supplier” for a year, Spelich said.
The site offers tips for avoiding fraud and hosts a forum where users can notify each other of potential scammers. Alibaba also posts the names of suppliers who have been banned.
Alibaba.com may have been victimized by its own success, Wuh said. Sales more than tripled to $567.2 million in 2009 from $171.1 million in 2006, according to data compiled by Bloomberg.
That growth was fueled by company claims a third party verifies the credibility of all suppliers with paid memberships. Its database of registered suppliers almost tripled to 108,000 last year from about 30,000 in 2008, Wuh said.
The frauds recently disclosed involved vendors offering small quantities of electronics at attractive prices, with payments settled using “less reliable” methods, Spelich has said. Alibaba employees either intentionally or negligently allowed the vendors to evade authentication and verification measures, the company said.
Google Benefits
Google Inc., the Mountain View, California-based operator of the Internet’s most-used search engine, may benefit from sellers setting up their own websites and paying to show up on Internet queries, said Muzhi Li, an analyst at Mizuho Securities Asia Ltd. in Hong Kong.
Caroline Hsu, a spokeswoman for Google in Hong Kong and Taiwan, declined to comment on how the company’s business might benefit from the Alibaba fraud.
Another beneficiary may be Global Sources, a Shenzhen, China-based organizer of trade shows where buyers meet sellers of electronics, toys and lingerie, among other products, analysts said. It organizes 56 shows a year in locations including India, China, South Africa, Dubai and Miami.
Third-Party Checks
The company also operates a B2B site the competes against Alibaba. Online and other media services accounted for about 66 percent of Global Source’s $174.5 million in revenue in 2009, the last full year reported. Its stock is up 19 percent this year in New York trading.
Like Alibaba, Global Sources uses contractors to vet suppliers through factory visits and checks of business registrations and credit, Chief Executive Officer Merle Hinrichs said. The company has about 260,000 sellers, primarily in Asia, and about 970,000 buyers worldwide.
The strength of Alibaba’s model has been called into doubt, said Dane Chamorro, managing director for North Asia at Control Risks Group in Shanghai. His firm does background checks for companies.
‘Lost Their Way’
Although Alibaba tries to minimize the risks to buyers by vetting sellers, the system broke down because staff colluded with fraudulent sellers to bypass that verification process, said Elinor Leung, head of Internet research at CLSA Ltd. in Hong Kong. More than 2,300 vendors were involved, Alibaba said.
Alibaba CEO David Wei and COO Elvis Lee, who weren’t accused of wrongdoing, resigned to take responsibility for the “systemic breakdown” of integrity, the company said in a statement. About 100 salespeople were involved, the company said.
Jonathan Lu, 41, who heads the Taobao.com online retailing affiliate, China’s Ebay, replaced Wei.
That’s no small task, Li said. As many as 35 percent of Alibaba’s registered sellers don’t renew their one-year contracts, meaning the company needs to add about 35,000 new suppliers a year to maintain current sales.
The turnover rate at Global Sources is about the same, Hinrichs said.
The entire B2B industry will suffer from the Alibaba scam, he said.
Monday, February 14, 2011
Mid Valley Megamall market value @ RM1.92b
KUALA LUMPUR: The Mid Valley Megamall, which is owned by KRISASSETS HOLDINGS BHD ’s unit Mid Valley Megamall, has a market value of RM1.92 billion as at Dec 31, 2010 following a revaluation. The company said on Feb 11, 2011, this was a 3.78% increase over the RM1.85 billion when it was revalued on Sept 30.
KrisAssets said the net surplus of RM52.5 million (deferred tax at 25%) was recognised in statement of comprehensive income of KrisAssets group for the three months ended Dec 31, 2010.
“The total net surplus for the financial year ended Dec 31, 2010 is RM90 million, an increase of 6.67% compared with the preceding year. Based on the ordinary share capital and treasury shares as at Dec 31, 2010, the consolidated net assets per share of KrisAssets is RM3.52 per share,” it said.
It announced for the quarter ended Dec 31, 2010, the company recorded a 5.4% increase in revenue to RM61.79 million from RM58.63 million mainly due to higher total rental income.
Net profit rose 61.7% to RM80.11 million from RM49.54 million. It proposed a dividend of 7.5 sen a share, similar to a year ago.
Pre-tax profit rose 72.6% to RM107.4 million compared with RM62.2 million a year ago. This was mainly due to recognition of revaluation surplus of RM70 million as fair value gain on investment property in the current quarter compared with RM30 million in the corresponding quarter in 2009.
“Excluding the fair value gains on investment property, the group recorded pre-tax profit of RM37.4 million, representing 16.15% increase, compared with pre-tax profit of RM32.2 million in the corresponding period in 2009. This was mainly due to higher total rental income and lower maintenance and utility costs in the current quarter,” it said.
For the financial year ended Dec 31, 2010, earnings rose 47% to RM200.01 million from RM136.02 million while revenue increased by 5% to RM239.39 million from RM227.88 million.
KrisAssets said the net surplus of RM52.5 million (deferred tax at 25%) was recognised in statement of comprehensive income of KrisAssets group for the three months ended Dec 31, 2010.
“The total net surplus for the financial year ended Dec 31, 2010 is RM90 million, an increase of 6.67% compared with the preceding year. Based on the ordinary share capital and treasury shares as at Dec 31, 2010, the consolidated net assets per share of KrisAssets is RM3.52 per share,” it said.
It announced for the quarter ended Dec 31, 2010, the company recorded a 5.4% increase in revenue to RM61.79 million from RM58.63 million mainly due to higher total rental income.
Net profit rose 61.7% to RM80.11 million from RM49.54 million. It proposed a dividend of 7.5 sen a share, similar to a year ago.
Pre-tax profit rose 72.6% to RM107.4 million compared with RM62.2 million a year ago. This was mainly due to recognition of revaluation surplus of RM70 million as fair value gain on investment property in the current quarter compared with RM30 million in the corresponding quarter in 2009.
“Excluding the fair value gains on investment property, the group recorded pre-tax profit of RM37.4 million, representing 16.15% increase, compared with pre-tax profit of RM32.2 million in the corresponding period in 2009. This was mainly due to higher total rental income and lower maintenance and utility costs in the current quarter,” it said.
For the financial year ended Dec 31, 2010, earnings rose 47% to RM200.01 million from RM136.02 million while revenue increased by 5% to RM239.39 million from RM227.88 million.
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