Bursa Malaysia’s 1QFY2020 net profit rose by 38% year-on-year, on the back of higher revenue with growths in trading revenue and derivative market trading revenue, following a higher trade volume.
CMMT has committed RM35mil in rental relief for shopping mall tenants in non-essentials services during the Movement Control Order (MCO).
The trust said this is inclusive of the 14-day rental waiver implemented during phase one of the MCO from March 18 to March 31, and the government’s provision of a 15% discount on electricity tariffs.
George Kent’s 4QFY20 net profit tumbled 65.56% year-on-year on lower contribution from its engineering division.
The lower engineering segment contribution was mainly due to lower revenue and gross profit margin — due in particular to reduced pace of work on the LRT3 project.
JAG’s unit Jaring Metal Industries Sdn Bhd (JMI) has received approval from the Ministry of International Trade and Industry to operate during the MCO.
Sapura Energy is expecting another two challenging years, following this year’s unprecedented oil market downturn.
CEO Tan Sri Shahril Shamsuddin said project postponements have become inevitable, following oil prices crashing below US$20 a barrel, as a result of oversupply caused by the escalation in Covid-19 lockdowns.
JF Apex said plantation counters are also in the limelight as demand for palm oil is expected to decline this year, as contractions seen in the global economy will ultimately be a heavy blow to the commodity.
On a webinar hosted by the Solvent Extractors Association of India (SEA), Godrej International Ltd director Dorab Mistry noted that demand for the edible oil is expected to drop in the major markets such as China and India, as well as in other developing countries.
Meanwhile, US markets tumbled on Friday after President Trump threatened to impose new tariffs on China over the coronavirus.
Major European exchanges were closed for Labour Day holiday but UK stocks declined
over the latest conflict between the US and China over the coronavirus.
“Following the recent positive momentum, the FBM KLCI could take a breather and hover below the resistance level of 1,415 points,” JF Apex said.
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