Latest news with #RM1.32bil
The Star
15 hours ago
- Business
- The Star
Poh Kong remains stable as gold demand holds firm
KUALA LUMPUR: Poh Kong Holdings Bhd expects gold demand to remain strong as global trade tensions and tariff-driven disruptions push investors toward safe-haven assets like gold. 'During tariff-induced economic disruptions, gold demand typically surge as investors seek protection against inflation and market volatility, and the metal's role as a safe-haven asset,' the jeweller said in a filing with Bursa Malaysia. Poh Kong noted that global trade tensions are significantly disrupting production and trade patterns. The group said it will continue to monitor the impact of these uncertainties on its operations, while upholding its financial obligations and evaluating performance on a continuous basis. 'Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for financial year ending July 31, 2025,' Poh Kong said. In the third quarter ended April 30, Poh Kong posted a flat net profit of RM47.6mil, or earnings per share of 11.60 sen, bringing its nine-month profit to RM98.5mil, or 24.01 sen per share. Poh Kong said overall uptrend in gold prices had improved the operating profits in the current quarter under review. Revenue for the quarter rose 2.7% to RM533.9mil, lifting the nine-month revenue to RM1.32bil. The increase in revenue was mainly due to the surge in gold price during the quarter under review.
The Star
28-05-2025
- Business
- The Star
Matrix Concepts registers RM1.38bil new property sales in FY25
KUALA LUMPUR: Matrix Concepts Holdings Bhd recorded new property sales of RM1.38bil in the financial year ended March 31, 2025 (FY25), a 10.4% increase over sales of RM1.25bil in the previous year. In a statement, the property developer said the new property sales was underpinned by a strong performance across its core township developments Sendayan Developments and Bandar Seri Impian, alongside its Klang Valley high-rise project, Levia Residences. There was also maiden contribution from industrial land sales at Malaysia Vision Valley City (MVV City). In FY25, Matrix Concepts posted a net profit of RM214.1mil, down from RM244.31mil in the previous year, on revenue that was also lower at RM1.19bil against RM1.34bil in FY24. The group's earnings per share dipped to 16.37 from 19.52 sen previously. In the fourth quarter alone, Matrix Concept's net profit was RM42.67mil, down from RM60.6mil in 4QFY24, while revenue fell to RM305.17mil from RM353.14mil in the comparative quarter. It said the weaker set of figures was primarily due to the timing of launches and revenue recognition for properties sold in Sendayan Developments and Bandar Seri Impian. "Despite the impact of the timing differences on topline, the group achieved a significant improvement in gross profit margin at 51% in FY25 compared to 46.4% for FY2024. "The margin expansion was primarily driven by a favourable mix, including accelerated recognition from industrial and commercial property developments," it said. In FY25, Matrix Concepts launched projects with a total gross development value (GDV) of RM1.45bil, a 9.8% increase from RM1.32bil previously. "The collective take-up rate for FY25 launches stood at 73% as at March 31, 2025, reflecting robust buyer confidence," it said. Moving forward, chairman Datuk Mohamad Haslah Mohamad Amin said the group is positioned for transformative growth in FY26, supported by a launch target of RM1.6bil GDV in new projects. "These upcoming launches include the first phase of the MVV City's industrial land, a key catalyst for our next growth phase. "Spanning 2,382 acres with a projected GDV of RM15bil, the MVV City development is poised to provide a clear earnings trajectory in the near term and reinforce our long-term confidence," he said.
The Star
28-04-2025
- The Star
In the US: Stanley Hotel, famous for 'The Shining', plans major revamp
Stanley Hotel is the inspiration for one of King's most popular books, The Shining. – The Stanley Hotel website The hotel that inspired Stephen King to write his bestseller The Shining is turning to the municipal-bond market to pay for a sweeping overhaul in a bid to cement its status in the film industry, particularly among horror aficionados. The new owners of the Stanley Hotel, which is in Estes Park, Colorado in the United States, plan to borrow nearly US$300mil (RM1.32bil) to expand its facilities, bond documents show. The majority of the offering, which will be issued through a state authority, is tax-exempt and will be backed by revenue generated by the hotel as well as other streams. The project, which includes a new event centre, is the result of a decade's worth of planning by the state and the hotel owner along with cultural and film organisations around how to attract more regional tourism. Part of the goal is to tap into the Sundance Film Festival's planned move to Boulder (about 65km from the hotel) in 2027 from Utah. The Stanley is a 196-room independent hotel that opened in 1909 and is listed on the National Register of Historic Places. Its campus encompasses more than 16ha with amenities including outdoor pools, a spa, restaurants, and a concert hall. Located near the entrance to Rocky Mountain National Park, it's the only full-service hotel in the area. King and his wife stayed in the hotel for one night in 1974, and had the unusual experience of being the only guests as it was closing the next day for the winter, the author recalls on his website. The empty hotel struck him as a good setting for a ghost story, but it was a nightmare he had that night – of his then-toddler-aged son screaming as he was chased through the hotel's corridors by a fire-hose – that set The Shining story in motion. The book, which was turned into the 1980 movie starring Jack Nicholson, is about a writer who, with his family, is hired to take care of a remote, haunted hotel during the winter and progressively goes insane. The hotel exterior featured in the movie was in Oregon. 'The Stanley is a great old hotel,' King said through a representative. 'For me it's full of ghosts.' The hotel created a replica of the toilet featured in the 1980 movie starring Jack Nicholson. – Handout Expanded campus With the proceeds of the debt sale, the hotel will add 65 guest rooms, build a new lobby and arrivals area and the event centre. The debt is unrated, a category that tends to be on the riskier side and is sold only to qualified investors. Among the risks cited in bond documents: the prospect that tariffs on imported construction materials could boost costs and lead to higher prices that ultimately weigh on revenue from the hotel and the new centre. The centre will be dedicated to the horror genre with a museum and a film archive with exhibits and events curated by Blumhouse Productions, which produced films including Halloween and Paranormal Activity. Exhibits will include movie sets and artefacts from films, bond documents say. It will also have an auditorium with the capacity to hold 1,100 people, a 176-seat theatre and a speakeasy. The renovated hotel will continue to host the annual Sundance Directors Lab programme, which features up-and-coming and established filmmakers. Mark Heller, executive director of the Colorado Educational and Cultural Facilities Authority, the issuer, said in a statement that the hotel's agreements with Blumhouse and Sundance will 'greatly enhance Colorado's standing in film-making'. The lab will also fill the hotel during low-tourism winter months, he said. As part of the renovation, the property will also become a fully-owned subsidiary of the issuer, which is a public entity that provides financing for cultural and educational institutions in the state. – Bloomberg
