Latest news with #116
TimesLIVE
23-05-2025
- Business
- TimesLIVE
Energy bills to fall for millions of Britons as price cap dips 7%
Millions of British households will see lower energy bills from July after regulator Ofgem said its domestic price cap would fall 7% to reflect lower wholesale energy prices. The reduction is welcome news for the government, under pressure to ease a cost-of-living squeeze, and comes after data earlier this week showed a bigger-than-expected rise in inflation in April. "Global wholesale prices for energy have gone down. While this is the main cause, changes to supplier business costs have also made an impact on energy prices falling," Ofgem said. Wholesale gas and power prices are a major part of the formula the regulator uses to calculate the price cap. Benchmark British gas prices have fallen almost 40% since their peak in February, dented by fears over an industrial slowdown and global trade war and after the EU parliament backed weaker gas storage rules. Despite the fall, domestic energy prices remain about 50% higher than they were in the summer of 2021, before Russia's invasion of Ukraine sent gas prices soaring and sparked an energy price crisis in Europe. Consumer groups warned energy costs remain unmanageable for many households and called for more support for those struggling. "Any fall in the price of energy is always welcome news, but this is a short fall from a great height. Bills remain punishingly high for low-income households," said Adam Scorer, CEO of energy poverty charity National Energy Action. British Prime Minister Keir Starmer on Wednesday said he recognised older people were feeling the pressure of energy prices and he wanted to ensure more pensioners become eligible for winter fuel payments, having curbed the number of people eligible last year. Ofgem's new cap of £1,720 (R41,552) a year for average use of electricity and gas is down £129 (R3,116) from the previous cap for April to June.
The Star
22-05-2025
- Business
- The Star
KLK quarterly earnings rise 32% to RM154mil
The group expects plantation earnings to remain resilient. PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) posted a 31.8% year-on-year (y-o-y) rise in net profit to RM154.27mil for the second quarter ended March 31, 2025 (2Q25), driven by higher crude palm oil (CPO) and palm kernel (PK) selling prices, which bolstered plantation earnings despite a weak showing in its manufacturing segment. Revenue for the quarter grew 16.2% y-o-y to RM6.34bil, as CPO prices averaged RM4,116 per tonne, up 13.7% from RM3,620 a year ago, while PK surged 70.2% to RM3,265 per tonne. For the first half of its financial year 2025 (1H25), KLK's net profit rose 8.9% y-o-y to RM374.73mil on the back of a 10.7% increase in revenue to RM12.28bil. The group declared a 20 sen interim dividend to be paid on July 29, with the entitlement date set for July 10. The plantation segment remained the primary profit driver, with 2Q25 profit improving to RM454.3mil from RM357.7mil a year earlier, helped by favourable selling prices. Furthermore, this was despite lower CPO and PK sales volumes and a fair value loss of RM53.4mil on unharvested fresh fruit bunches. However, the manufacturing division turned in a pre-tax loss of RM38.3mil versus a RM56.7mil profit in 2Q24, weighed by continued losses in its refinery and kernel crushing operations. KLK's performance was also impacted by a RM63mil share of loss from 27%-owned Synthomer plc and foreign exchange losses totalling RM217mil in 1H25, both of which are non-cash in nature. The group expects plantation earnings to remain resilient, supported by the upcoming high crop season and cost management amid expectations that CPO prices will trade between RM3,800 and RM4,200 per tonne. 'Given the challenging macroeconomic outlook and increased volatility in commodity markets following recent tariff developments, the group adopts a prudent stance in navigating the remainder of financial year 2025,' it noted. Meanwhile, KLK's major shareholder Batu Kawan Bhd saw its net profit rise 3.7% y-o-y to RM87.89mil in 2Q25, while revenue climbed 15% to RM6.51bil. For the first half, net profit rose 9.7% to RM215.48mil, while revenue increased 9.9% to RM12.63bil. Additionally, Batu Kawan's plantation segment delivered a 41% jump in profit to RM1.05bil in 1H25, underpinned by stronger CPO and PK prices, which helped offset lower fresh fruit bunch yields and extraction rates caused by adverse weather conditions.
The Star
22-05-2025
- Business
- The Star
KLK records higher earnings in 2Q25
PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) posted a 31.8% year-on-year (y-o-y) rise in net profit to RM154.27mil for the second quarter ended March 31, 2025 (2Q25), driven by higher crude palm oil (CPO) and palm kernel (PK) selling prices, which bolstered plantation earnings despite a weak showing in its manufacturing segment. Revenue for the quarter grew 16.2% y-o-y to RM6.34bil, as CPO prices averaged RM4,116 per tonne, up 13.7% from RM3,620 a year ago, while PK surged 70.2% to RM3,265 per tonne. For the first half of its financial year 2025 (1H25), KLK's net profit rose 8.9% y-o-y to RM374.73mil on the back of a 10.7% increase in revenue to RM12.28bil. The group declared a 20 sen interim dividend to be paid on July 29, with the entitlement date set for July 10. The plantation segment remained the primary profit driver, with 2Q25 profit improving to RM454.3mil from RM357.7mil a year earlier, helped by favourable selling prices. This was despite lower CPO and PK sales volumes and a fair value loss of RM53.4mil on unharvested fresh fruit bunches. However, the manufacturing division turned in a pre-tax loss of RM38.3mil versus a RM56.7mil profit in 2Q24, weighed by continued losses in its refinery and kernel crushing operations. KLK's performance was also impacted by a RM63mil share of loss from 27%-owned Synthomer plc and foreign exchange losses totalling RM217mil in 1H25, both of which are non-cash in nature. The group expects plantation earnings to remain resilient, supported by the upcoming high crop season and cost management amid expectations that CPO prices will trade between RM3,800 and RM4,200 per tonne. 'Given the challenging macroeconomic outlook and increased volatility in commodity markets following recent tariff developments, the group adopts a prudent stance in navigating the remainder of FY25,' it noted. Meanwhile, KLK's major shareholder Batu Kawan Bhd , saw its net profit rise 3.7% y-o-y to RM87.89mil in 2Q25, while revenue climbed 15% to RM6.51bil. For the first half, net profit rose 9.7% to RM215.48mil, while revenue increased 9.9% to RM12.63bil. Batu Kawan's plantation segment delivered a 41% jump in profit to RM1.05bil in 1H25, underpinned by stronger CPO and PK prices, which helped offset lower fresh fruit bunch yields and extraction rates caused by adverse weather conditions.
