Friday 17 August 2012

News - Sime Darby : Files RM863m suit in Qatar | MISC : Logs higher pre-tax profit


Sime Darby Bhd (RM9.79/share)
Files RM863m suit in Qatar
Sime Darby Bhd has filed a 1.0bil Qatari riyals (RM863mil) legal suit against Qatar Petroleum (QP) in relation to an engineering project offshore in Qatar undertaken by the Malaysian conglomerate’s wholly-owned subsidiary, Sime Darby Engineering Sdn Bhd (SDE).

Sime Darby told Bursa Malaysia that on Aug 15, SDE had filed a statement of claim at the Qatar Court against QP. The claim was regarding the outstanding invoices, compensation, performance bonds and additional costs in relation to the engineering project, pursuant to a contract signed by both SDE and QP on Sept 27, 2006.

However, Sime Darby said the contract came into effect much earlier on April 15, 2006 and SDE had commenced work since then. The first court hearing has been fixed for Oct 9. – StarBiz

MISC Bhd (RM4.49/share)
Logs higher pre-tax profit
MISC Bhd’s pre-tax profit for the second quarter ended June 30 2012 rose to RM458.5mil, from RM379.6mil in the same period of 2011. However, revenue decreased slightly to RM2.5bil from RM2.6bil, Malaysia’s leading international shipping line said in a filing to Bursa Malaysia yesterday.

The higher pre-tax profit was driven by an improved performance in the offshore business and higher contributions from the tank terminal segment. It was also due to lower losses in the petroleum business following the one-off settlement received from an early redelivery of vessels on time charter contracts, MISC said. The drop in revenue was due to lower income in petroleum and chemical businesses following lower earning days and softer petroleum freight rates. – Business Times

Pos Malaysia Bhd (RM2.91/share)
Q1 net profit up from a year ago
Pos Malaysia Bhd recorded a gain in net profit to RM36.8mil in the first quarter ended June 30, 2012, compared to RM21.6mil in the same period a year ago. The increase in net profit was attributed to higher profit from operations. Revenue also increased 8.5% to RM311.3mil in the period, against RM286.9mil last year. In its filing on Bursa Malaysia, Pos Malaysia said its five-year strategic plan is in place, and expects its financial year ending March 31, 2013 to be positive. – StarBiz

DRB-Hicom Bhd (RM2.58/share)
On divestment trail
DRB-Hicom Bhd announced yesterday that Affin Bank Bhd had obtained Bank Negara Malaysia’s (BNM) approval to start negotiation to buy the group’s stake in Bank Muamalat Malaysia Bhd, in which it holds 70% equity interest. DRB-Hicom said the potential disposal of interest in Bank Muamalat is in line with the condition imposed by BNM when it bought the 70% stake from Bukhary Capital Sdn Bhd, controlled by its major shareholder Tan Sri Syed Mokhtar Al-Bukhary, for RM1.1bil in October 2008. The condition required DRB-Hicom to reduce its stake in Bank Muamalat to 40%.  The announcement did not reveal the size of the stake in Bank Muamalat that DRB-Hicom intends to sell to Affin Bank.

Khazanah holds the remaining 30% stake in Bank Muamalat. The negotiations are to be completed on or before Dec 31 this year, Affin Holdings said. – The Edge

Source: AmeSecurities

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