Latest news with #620
SowetanLIVE
04-07-2025
- Automotive
- SowetanLIVE
Tesla stares down a second year of dwindling sales
Tesla is headed for another year of shrinking sales after it posted a second straight drop in quarterly deliveries, dragged down by CEO Elon Musk's right-wing political stances and an ageing vehicle line-up that has turned off some buyers. The carmaker now needs to deliver more than one million vehicles in the typically strong second half to avoid another annual sales decline — a task that some analysts say could prove difficult due to tariff-driven economic uncertainty and threats to phase out key EV incentives under the Trump administration's sweeping tax bill, including the $7,500 (R131,620) credit on new sales and leases. It reported on Wednesday that deliveries fell 13.5% in the second quarter, missing analysts' expectations, despite Musk saying in April that sales had turned a corner. Shares, down about a quarter this year, rose 4.5% as the drop was less severe than the bleakest analysts views, partly helped by a modest demand recovery in the competitive Chinese market, where its refreshed Model Y has gained some traction. Some investors welcomed the numbers, though with caution. 'You need two dots to draw a line. I don't think you can get too excited yet until you have some confirmation (of a demand recovery),' said Camelthorn Investments adviser Shawn Campbell, who personally holds Tesla shares. 'We've had so much bad news — almost any good news is going to help at this point.'
TimesLIVE
03-07-2025
- Automotive
- TimesLIVE
Tesla stares down a second year of dwindling sales
Tesla is headed for another year of shrinking sales after it posted a second straight drop in quarterly deliveries, dragged down by CEO Elon Musk's right-wing political stances and an ageing vehicle line-up that has turned off some buyers. The carmaker now needs to deliver more than one million vehicles in the typically strong second half to avoid another annual sales decline — a task that some analysts say could prove difficult due to tariff-driven economic uncertainty and threats to phase out key EV incentives under the Trump administration's sweeping tax bill, including the $7,500 (R131,620) credit on new sales and leases. It reported on Wednesday that deliveries fell 13.5% in the second quarter, missing analysts' expectations, despite Musk saying in April that sales had turned a corner. Shares, down about a quarter this year, rose 4.5% as the drop was less severe than the bleakest analysts views, partly helped by a modest demand recovery in the competitive Chinese market, where its refreshed Model Y has gained some traction. Some investors welcomed the numbers, though with caution. 'You need two dots to draw a line. I don't think you can get too excited yet until you have some confirmation (of a demand recovery),' said Camelthorn Investments adviser Shawn Campbell, who personally holds Tesla shares. 'We've had so much bad news — almost any good news is going to help at this point.' While Tesla has leaned on offers such as low-cost financing to boost demand, it is yet to roll out long-promised cheaper models in a market where snazzy and feature-packed EVs from its Chinese rivals have been winning over buyers. Tesla had said it would start producing a cheaper vehicle — expected to be a pared-down Model Y — by the end of June, but Reuters reported in April it was delayed by at least a few months. An escalating feud between Musk and US President Donald Trump over the tax bill has also worried investors as it could potentially alienate more buyers after Musk's embrace of right-wing politics eroded demand in Europe and the US and increase regulatory scrutiny of the robotaxis that are central to its nearly trillion-dollar valuation.
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.
Gulf Today
22-05-2025
- Business
- Gulf Today
Bayt Al Khair spent Dhs10,504,184 on humanitarian initiatives last month
Bayt Al Khair revealed that its total expenditure for April 2025 amounted to Dhs10,504,184, bringing the cumulative spending for the first four months of 2025 to Dhs85,954,842. Humanitarian support programmes topped the list, with expenditures totaling Dhs39,698,079 during the same period. These programmes aim to alleviate the hardships faced by individuals struggling with their livelihoods, addressing deficiencies beyond their financial capabilities. This expenditure is in addition to the monthly cash assistance projects targeting low-income Emirati families, which amounted to Dhs5,569,620 during the same period. The emergency assistance project falls under the "Fazaa" community solidarity programme, dedicated to relieving the burdens of modest families and those facing sudden crises or disabilities, enabling them to overcome their challenges and resume their normal lives. Through this initiative, "Bayt Al Khair" also provides humanitarian support to patients, both citizens and residents, via the "Treatment" project, which spent Dhs13,192,508 by the end of April. Additionally, the programme assists individuals burdened by debts they cannot repay through "Al Gharimin" project, which has expended Dhs3,118,087 so far.
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.
