News in brief

THE NEW STRAITS TIMES PRESS MALAYSIA BHD said its first quarter to November sales rose 17% year-on-year to RM194.795mil due to an improvement in turnover from advertising revenue, circulation revenue and insurance underwriting business. 

The higher revenue and greater emphasis on cost efficiency as well as lower finance costs helped the company to turn around to post a net profit of RM1.5mil compared with a net loss of RM2.9mil in the same period last year, it said in the notes accompanying its results. 

Compared with the preceding quarter, the company said it turned in a pre-tax profit of RM1.6mil in the first quarter from a RM800,000 loss in the three months to August due to improvements in revenue and lower finance costs. – AFX 

MALAKOFF BHD said it posted first quarter to November net profit of RM85.045mill due to the contribution from GB3, following the initial commissioning of its combined cycle power plant, and on commendable performance of the Lumut power plant. 

Malakoff posted net profit of RM84.375mil in the first quarter last year. 

The company posted first-quarter sales of RM404.798mil compared with RM389.432mil a year ago. 

However, net profit fell quarter-on-quarter due to a decline in contribution from the GB3 plant, which was affected by plant shutdown for conversion to combined cycle mode during the first quarter. – AFX 

MALAYSIAN PLANTATIONS BHD said it is proposing to raise up to RM150mil, by issuing commercial papers and medium-term notes, to refinance its borrowings and for standby funding requirements. 

At the same time, the company had called off earlier plans to issue RM180mil worth of five-year, 3% redeemable bonds, which it had announced on Dec 20 2001, it said. 

In a statement, Malaysian Plantations said the commercial papers would be fully underwritten while the mid-term notes would be privately placed.  

MBf HOLDINGS BHD has entered into a share sale agreement with Binanamik Sdn Bhd for the disposal of its 100% interest in MBf Property Services Sdn Bhd (MBfPs) for RM1. 

MBfPS, which is involved in the provision of property management and consultancy services to developers, has accumulated losses of RM417.93mil and negative shareholders’ funds of RM415.93mil. 

The disposal is part of the rationalisation and streamlining exercise of the MBf group. – Bernama 

PDZ Holdings Bhd’S wholly-owned subsidiary Perkapalan Dai Zhun Sdn Bhd has entered into a sale and purchase agreement with two individuals to purchase from them a 1,011.7125 sq m land together with a three-storey commercial building in Seksyen 13, Bandar Pelabuhan Klang, Klang, Selangor, for RM3.43mil. 

It said the property would be used by the group as offices and was in line with PDZ’s rationalisation programme of centralising the operations and support functions of the group at Port Klang. 

Agency offices continue to remain at various locations namely Kuching, Kota Kinabalu, Port Klang and Singapore. – Bernama 

LPI Capital Bhd’S pre-tax profit for the 4th quarter ended Dec 31, 2002, increased to RM10.899mil from RM8.910mil in the previous year corresponding quarter. Net profit rose to RM9.186mil from RM6.332mil. Revenue rose to RM69.818mil from RM54.45mil. 

For the year ended Dec 31, 2002, LPIs pre-tax profit increased to RM36.292mil from RM31.063mil in the previous year, while net profit rose to RM28.443mil from RM26.843mil. Revenue increased to RM292.419mil from RM218.577mil. – Bernama 

JOHOR LAND BHD has aborted the proposed disposal of about 376.77 acres of freehold agriculture land for RM48.98mil in Kota Tinggi, Johor.– Bernama 

Perusahaan Sadur Timah Malaysia Bhd (PERSTIMA) recorded a higher pre-tax profit of RM5.22mil for the third quarter ended Dec 31, 2002 compared with RM3.43mil in the previous corresponding period. 

This was achieved on the back of higher turnover recorded in the same quarter at RM69.92mil compared with RM52.21mil previously. – Bernama 

AMANAH HARTA TANAH PNB 2 posted a lower pre-tax profit of RM732,000 for the second quarter ended Dec 31, 2002 compared with RM881,000 in the previous corresponding period. 

Its revenue decreased to RM1.4mil in the same period compared with RM1.57mil previously. – Bernama 

The higher revenue and greater emphasis on cost efficiency as well as lower finance costs helped the company to turn around to post a net profit of RM1.5mil compared with a net loss of RM2.9mil in the same period last year, it said in the notes accompanying its results.