Latest news with #265
New Straits Times
5 days ago
- Business
- New Straits Times
Palm tracks Dalian palm olein and Chicago soyoil lower
KUALA LUMPUR: Malaysian palm oil futures opened lower on Friday, erasing all the gains made so far this week, as weakness in Dalian palm olein and Chicago soyoil outweighed support from stronger crude oil prices. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid RM65, or 1.5 per cent, to RM4,265 (US$1,011.14) a metric tonne in early trade. The contract has declined 0.09 per cent so far this week after three straight weeks of gains. Dalian's most-active soyoil contract rose zero point four nine per cent, while its palm oil contract shed zero point six nine per cent. Soyoil prices on the Chicago Board of Trade were down zero point three five per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose, buoyed by optimism over a potential trade deal between the US and the European Union and reports of Russian plans to restrict gasoline exports to most countries. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened zero point one four per cent against the US dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Indonesia's palm oil exports are likely to fall to 28 million metric tonnes in 2025 from 29.5 million tonnes shipped a year earlier, the Indonesian Palm Oil Association said. Malaysia's crude palm oil production is likely to rise to 19.5 million tonnes in 2025 from last year's 19.3 million tonnes, as labour supply has improved, the Malaysian Palm Oil Board said. Palm oil may test support at RM4,273 per tonne, a break below which could open the way towards RM4,211, Reuters technical analyst Wang Tao said.
TimesLIVE
14-07-2025
- Automotive
- TimesLIVE
Chery denies improper subsidy declarations
Chinese carmaker Chery on Saturday denied assertions it had improperly claimed government subsidies for environmentally friendly vehicles. An audit by the ministry of industry and information technology disqualified declarations by Chery and BYD for a combined $53m (R951,265,072) in government subsidies for thousands of vehicles sold in the five years to 2020, accounting for nearly 60% of the improper claims. Chery denied its declarations were improper. It said it had previously consulted the authorities about the challenges of missing receipts because the cars were sold more than five years ago and the government had advised the company to declare the cars for the ministry to determine if they should be qualified. "Our company has truthfully reported to the authorities we did not collect certificates for end sales. There's no fraudulent act," Chery said. The government's assertions do not include allegations of fraud.
TimesLIVE
20-06-2025
- Automotive
- TimesLIVE
The Audi RS Q8 is a high-riding supercar
With the hammer dropped all the way, the 4.0l motor spits out 471kW/850Nm, with a claimed 0-100km/h sprint time of 3.6 seconds. We have tested faster from Audi — the electric RS E-Tron GT comes to mind. But this offers a different sensation entirely. Old school and visceral, the mechanical symphony that happens as pedal depression translates to pace is something to savour. On a hard launch, you can feel the Quattro system gripping as it sends the hefty RS Q8 from rest and towards road-shredding higher velocities. To say accessing its full performance capabilities is foolproof might be an overstatement because even with its leech-like all-wheel drive system, the RS Q8 could be a lethal weapon in overzealous hands. One needs full sensitisation to its weight and deceptively brutal acceleration before getting into a proper, comfortable rhythm of dynamic driving. A tag of R3,265,100 is what the model goes for, before options and individualisation. This includes a five-year/100,000km maintenance plan. For reference, the Lamborghini Urus begins at R4,875,000 while the Porsche Cayenne Turbo GT comes in at R4,506,000.
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.
