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BUSINESS

News in brief: Nov 24, 2021

24/11/2021 09:53 PM

PETRON MALAYSIA REFINING & MARKETING BHD’s net profit narrowed to RM32.9 million in the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM97.6 million in the same quarter last year. 

Revenue strengthen to RM2.19 billion against RM1.68 billion previously driven by continued price recovery, it said in a filing with Bursa Malaysia today. 

“Despite lingering oil supply and demand uncertainties and challenging business environment, the company is committed to carry out its prudent resource and risk management measures, sales volume recovery program and cost rationalisation initiatives to sustain its strong financial performance,” it said.  

-- BERNAMA

 

HAP SENG PLANTATIONS HOLDINGS BHD’s net profit strengthen to RM52.93 million in the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM25.08 million in the corresponding quarter last year.

Revenue rose to RM173.6 million from RM128.9 million previously mainly attributable to higher average selling prices realisation of crude palm oil (CPO) and palm kernel (PK) but was offsetted by lower sales volume of both products.

“Average selling price of CPO and PK for the current quarter were significantly higher at RM4,341 per tonne and RM2,615 per tonne respectively as compared to the preceding year corresponding quarter of RM2,753 per tonne for CPO and RM1,560 per tonne for PK,” it said in a filing with Bursa Malaysia today. 

It added that the company expected its results for the financial year ending Dec 31 2021 to be significantly higher than the previous financial year.

-- BERNAMA

 

CAHYA MATA SARAWAK BHD’s net profit rose to RM53.9 million in the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM46.7 million in the same quarter last year. 

Revenue, however, weakened to RM185.87 million against RM226.48 million previously due to a hike in COVID-19 cases in the quarter under review.

“The division is making every effort to bolster its competitive edge as it bids for new projects related to Sarawak’s Coastal Road Network and the Second Trunk Road projects to grow its current construction order book,” it said in a filing with Bursa Malaysia today. 

-- BERNAMA

 

CAHYA MATA SARAWAK BHD has unveiled plans to enhance corporate governance, management accountability and proactively raise its risk management capability following a review of financial and investment activities undertaken by its appointed independent financial advisor.

In a statement with Bursa Malaysia, the company said it would also embark on a human capital transformation programme to build a culture of governance and growth across the company to strengthen the accountability and integrity at all levels of senior management.

“The company has already taken initial steps toward this direction by bringing in several key leaders including head of risk, chief technical officer, chief of staff and head of compliance.

“It expects to augment these initiatives with a group-wide revamp of processes, procedures and controls to improve project bidding, monitoring of project costs and significantly improve project management,” it added.

-- BERNAMA

 

TH PLANTATIONS BHD’s net profit improved to RM26.8 milion in the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM15.77 million recorded in the same quarter last year. 

Revenue widened to RM205.87 million from RM167.43 million previously primarily due to higher revenue from oil palm plantations on the back of higher average realised prices for crude palm oil (CPO), palm kernel (PK) and fruit bunch (FFB) despite lower sales volume for the three products, it said in a filing with Bursa Malaysia today.

It said the outlook for the company’s overall financial performance for the financial year ending Dec 31, 2021 would largely depend on the movement of palm products prices and the progress of its ongoing Strategic Recovery Plans.

“Markets are expected to remain favourable until December 2021 as the result of overall low commodity inventory level in Malaysia,” it said.

-- BERNAMA



 


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