NEWS IN BRIEF: MAY 26, 2022

FAR EAST HOLDINGS BHD’s net profit for the first quarter ended March 31, 2022 rose to RM57.29 million from RM26.86 million in the same period last year, driven by higher average crude palm oil (CPO) and palm kernel (PK) prices.

Revenue increased by 56 per cent to RM187.07 million from RM119.75 million previously.

The group’s performance in the current financial year (FY) would continue to be a challenging one due to rising operation costs, higher wages and labour shortage.

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“Fresh fruit bunches production is expected to be stable in 2022. The group’s financial result for FY2022 is anticipated to be higher than the preceding year given higher CPO prices,” it said in a filing with Bursa Malaysia.

-- BERNAMA

CAN-ONE BHD recorded a higher net profit of RM48.23 million in the first quarter ended March 31, 2022 (Q1 2022) from RM34.77 million in the same quarter last year, mainly contributed by improved operating performance in the general packaging division.

Revenue increased by 15 per cent to RM752.30 million from RM652.08 million previously, it said in a filing with Bursa Malaysia.

The general packaging division generated total revenue of RM726.3 million in Q1 2022, up RM105.4 million compared to Q1 2021, mainly due to the revision of the selling price in tandem with the increase in material prices and changes in sales mix.

-- BERNAMA

CAPITAL A BHD said its wholly-owned subsidiary, AirAsia Aviation Group Limited, and Avolon Aerospace Leasing have set up a Joint Working Group (JWG) to understand, study and research the feasibility of Urban Air Mobility in the ASEAN region.

In a filing with Bursa Malaysia, Capital A said a working group has been successfully set up with participation from relevant parties to commence the feasibility study, which is ongoing and expected to conclude by February 2023.

“Both parties are also evaluating the feasibility to lease up to 100 Vertical VX4 electric vertical take-off and landing aircraft. There’s no material development pending the outcome of the feasibility study,” it said.

-- BERNAMA

IPROPERTY.COM.MY has identified selected properties in key areas near notable international and private schools in the Klang Valley which have recorded a significant number of transactions in 2021.

These projects are within a two-kilometre radius of popular educational institutions and are located in key locations such as Subang Jaya, Puchong, Kuala Lumpur, Mont’ Kiara, Kepong, Petaling Jaya, Setapak, Ampang Jaya, Cheras, Seri Kembangan, Shah Alam, Klang, and Cyberjaya.

PropertyGuru Malaysia country manager Shylendra Nathan said one of the possible buying considerations among property seekers with growing children looking for a new home is proximity to schools.

“Despite the difficulties caused by the pandemic, properties located close to private and international schools continued to attract attention and witness encouraging transactional activity in 2021,” he said in a statement.

-- BERNAMA

AME ELITE CONSORTIUM BHD achieved record new sales of RM168.4 million for the financial year ended March 31, 2022 (FY2022), as its i-Park industrial parks as it benefitted from strong foreign and domestic direct investments on the back of economic recovery and reopening of international borders.

Following this, AME’s property development segment recorded unbilled sales of RM91.3 million as at March 31, 2022 from i-Park developments.

Besides that, AME’s order book stood at RM399.8 million for its construction projects in Johor, as well as engineering activities.

“The unbilled sales and most of the order book are expected to be recognised in FY2023,” the group said in a statement.

-- BERNAMA