The company said in a Bursa Malaysia filing that revenue grew 20.71% to RM342.36mil, boosted by new stores including an additional five Padini Concept and eight Brands Outlet stores.
MarketWrap: US stocks were modestly lower on Thursday, weighed down by a drop in healthcare and consumer names, while financials advanced slightly after two more Federal Reserve officials pushed the case for a rate hike. - Reuters
The DJIA fell 33.07 points, or 0.18%, to 18,448.41, the S&P 500 lost 2.97 points, or 0.14%, to 2,172.47 and the Nasdaq dropped 5.49 points, or 0.11%, to 5,212.20.
Forex summary
*The ringgit gained 0.07% to 4.0170 per US$
*It was 0.12% higher at 4.5362 per euro
*Up 0.26% to 5.3052 to the pound sterling
*Up 0.10% to 2.9709 per Singapore dollar
*0.14% higher to 3.0640 per Aussie
*Up 0.01% to 3.9981 per 100 yen
Energy
Oil prices rose 1% on Thursday on US-Iran military tensions in the Gulf and speculation the dollar will fall on a monetary policy speech due from the US Federal Reserve chair. The market, however, gave back some gains after an interview by Saudi Arabia's energy minister with Reuters raised fresh doubts about a potential Opec output freeze. Brent crude futures LCOc1 settled up 62 cents, or 1.3%, at US$49.67 a barrel. - Reuters
Top foreign stories
Singapore private banks under scrutiny: Singapore’s private banks are coming under scrutiny for earning bonuses by selling risky debt, as the city-state sees an unprecedented wave of defaults. The central bank says an industry group is reviewing the practice. - Bloomberg
As central bankers gather, some at Fed make interest rate rise case: As central bankers converge on this mountain resort on Thursday for an annual conference on monetary policy, a couple of top Federal Reserve officials took the chance to renew a push for interest-rate hikes, citing improvement in employment and inflation. - Reuters
Uber lost at least US$1.27b in first half of 2016: Ride-hailing giant Uber Technologies Inc lost at least US$1.27 billion before interest, taxes, depreciation and amortisation in the first six months of 2016, Bloomberg reported on Thursday, citing people familiar with the matter. The subsidies Uber grants its drivers was the main reason for the loss, finance head Gautam Gupta told investors in a quarterly conference call, Bloomberg said. - Reuters
Tesla wins US antitrust approval to buy SolarCity: Tesla Motors Inc has won US antitrust approval to buy solar panel installer SolarCity Corp, moving closer to its goal of creating a carbon-free energy and transportation company. - Reuters
Top local stories
Axiata raises capex to RM6b: Axiata Group Bhd
expects to spend RM6bil in capital expenditure (capex) this year, compared with an earlier estimate of between RM5.5bil and RM5.7bil. The bulk of the amount will be used to improve its network quality in Malaysia, Indonesia and Bangladesh.
Axiata said it will spend about RM1.5bil to improve its network quality in Malaysia, up from the RM850mil spent in the previous year.
* Axiata’s revenue for the first half ended June 30 grew 9.1% to RM10.3bil year-on-year, due to the earlier than expected consolidation of its new acquisition, Ncell Pte Ltd. Profit after tax fell by 45.7% to RM633mil mainly due to foreign exchange losses, finance costs and depreciation and amortisation. - StarBiz
Profits of IHH, Turkish unit jump: IHH Healthcare Bhd posted an 8% year-on-year growth in net profit in its second quarter to RM246.1mil on the back of revenue that increased 18.2% to RM2.47bil. Its Turkish unit shrugged off currency volatility and recorded earnings before interest, taxes, depreciation and amortisaion (Ebitda) growth of 23%. - StarBiz
Genting Q2 net profit surge to RM295m: Genting Bhd’s net profit for the second quarter jumped more than two-fold to RM294.74mil from RM67.91mil a year ago. Revenue was flat at RM4.23bil. It did not declare any dividends. - StarBiz
Mydin to invest RM500mil in 5 new outlets: Mydin Mohamed Holdings Bhd, owner country’s largest hypermarket chain, is to invest RM500mil to open five new hypermarkets nationwide.
Of the five hypermarkets, three will be in Kuching and one each in Malacca and Kedah. - Bernama
PPB posts Q2 net loss on Wilmar: PPB Group Bhd posted a second-quarter net loss of RM78.7mil weighed down by its associate Wilmar International Ltd which incurred a loss in the quarter. Revenue rose by 7% to RM1.06bil. PPB has also declared an interim single-tier dividend of eight sen. - StarBiz
Provision for impairment overshadows Maybank’s higher operating income: Malayan Banking Bhd (Maybank) saw growth in the top line but profit was impacted by provisions for the impairment of assets. For the first-half, Maybank registered a net operating income of RM10.74bil, an 8.7% increase year-on-year. - StarBiz
Batu Kawan on Forbes Asia’s Fab 50 list: Batu Kawan Bhd has made it to Forbes Asia’s Fabulous 50 list 2016. This time around, only one firm from the country was named on Forbes’ list from two previously. - StarBiz
Mah Sing posts RM88.8mil Q2 net profit: Amid a soft property market, Mah Sing Group Bhd saw net profit fall marginally to RM88.8mil in the second quarter on an almost flat revenue of RM773.9mil and higher income tax expenses. - StarBiz
E&O explains RM135mil profit variance: Eastern & Oriental Bhd (E&O) says the RM135mil variance between the targeted and actual cumulative profits for the three financial years ended March 31, 2014 to 2016, was due to the change in market conditions. - StarBiz
SP Setia wins ‘Best Employer’ award for 7th time: Property developer SP Setia Bhd bagged the ‘Best Employer’ award for the seventh time at the Aon Hewitt Best Employers 2016 award ceremony. - StarBiz
YTL e-Solutions offer seen ‘fair, reasonable’: Public Investment Bank Bhd believes that YTL Corp Bhd’s offer to privatise YTL e-Solutions Bhd is fair and reasonable and is recommending that shareholders accept the offer. - StarBiz
MRCB posts RM109mil operating profit: Construction and property firm Malaysian Resources Corp Bhd’s (MRCB) operating profit declined 19.08% to RM109.51mil in the second quarter. Its net profit also dropped 24.3% to RM45.50mil. - StarBiz
Tropicana Q2 profit jumps 44%: Tropicana Corp Bhd’s net profit jumped 43.8% to RM33.32mil in the second quarter on higher profit contribution from key projects and reduced finance charges from de-gearing measures. Its revenue was up 14.6% to RM358.08mil. -StarBiz
AirAsia values leasing arm at RM4.1b: AirAsia Bhd, Asia’s biggest low-cost airline, values its wholly-owned leasing arm, Asia Aviation Capital, at RM4.1 billion and aims to attract an equity investor to the unit by end-2016, it said in a presentation to analysts. - Reuters
Padini achieves record-high profit: Padini’s net profit more than doubled to RM37.36 million in the fourth quarter from RM18.36 million a year earlier, on higher sales growth. Quarterly revenue jumped 57% to RM348.88 million. Padini declared the first interim dividend of 2.5 sen per share for the financial year ending June 30, 2017. - Edge FD
Gadang plans 1-to-2 share split, 1-for-4 bonus issue: Gadang Holdings Bhd is proposing a share split to subdivide every one RM1 Gadang share into two shares of 50 sen each. Following the share split, the company plans to issue up to 129.31 million bonus shares, on the basis
of one share for every four subdivided shares held. - Edge FD
MAHB bags RM180.8m extension contract from Hamad Int’l Airport: Malaysia Airports Holdings Bhd’s (MAHB) 49%-owned Qatar unit received a 163.9 Qatari riyals (RM180.5 million) extension contract on Wednesday from Hamad International Airport to provide facility management services for airport operational facilities and ancillary buildings including its change orders for the Doha-based airport. - Edge FD
Company results announcements on Friday
* BIMB Q2
Economic events Calendar
* US GDP for second quarter (consensus 1.1% versus 1.2% previously)
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