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New Straits Times
4 days ago
- Business
- New Straits Times
Not Bersatu's practice to pay its bureau chiefs, says Muhyiddin's ex-officer
KUALA LUMPUR: The High Court today heard that Parti Pribumi Bersatu Malaysia (Bersatu) did not pay individuals who led its internal bureaus, including its former legal head Mohamed Haniff Khatri Abdulla. Marzuki Mohamad, the former principal private secretary to party president Tan Sri Muhyiddin Yassin, testified that no payments were made to prominent lawyer Haniff, who headed the legal and constitutional bureau during the party's early years as it was the practice, reported FMT. Marzuki, now a university lecturer, was quoted as saying that,"Two other lawyers also offered their services voluntarily. It was standard practice not to offer remuneration." He was testifying in a 2021 suit filed by Haniff to claim RM12.5 million in legal fees from Bersatu. Apart from Marzuki, Haniff had named Muhyiddin, deputy president Datuk Seri Hamzah Zainudin and treasurer Mohamed Salleh Bajuri as co-defendants. Haniff claimed he received no response on the multiple invoices he had issued between January and March 2021 while Bersatu, in their defence, claimed that Haniff's services from 2016 to 2020 were offered pro-bono. Questioned by Haniff's lawyer Nizamuddin Hamid on whether he knew Haniff was never a party member, Marzuki said he had never asked. On Haniff's invoices and reminders, Marzuki said he had not seen them and that he had learned of Haniff's lawsuit via media reports. Judge Datuk Akhtar Tahir set Aug 25 to deliver his decision after Bersatu lawyer Chetan Jethwani said the defence had closed its case.
BusinessToday
06-05-2025
- Business
- BusinessToday
Hartalega's FY2024 Profit Jumps 6-Folds To RM72 Million
For the current quarter ended 31 March 2025 (Q4FY25), rubber glove maker Hartalega reported revenue of RM612 million, an increase of RM81 million or 15% compared to the preceding year (Q4FY24). The notable revenue growth was primarily driven by an increase in sales volume of 9% and the strengthening of average selling price (ASP) of 6%. The Group recorded an operating profit of RM9.6 million during the quarter, recovering from an operating loss of RM12.5 million in Q4FY24. This improvement was primarily driven by the higher sales volume and improved operating margin underpinned by an increase in average selling price (ASP) and enhanced operational efficiencies. Despite the increase in operating profit, the Group has registered profit before tax of RM17.6 million, representing a slight decrease as compared to RM18.6 million during Q4FY24. The decline in profitability was mainly due to lower non-operating income recognised during the quarter, which negated the impact of revenue growth for the period. For the 12 months ended 31 March 2025 (12MFY25), the Group achieved revenue of RM2.6 billion, representing a significant increase of RM747 million or 41% compared to the previous financial year (12MFY24). The revenue growth was mainly driven by a 40% increase in sales volume for the year. Operating profit turned positive, at RM53 million compared to an operating loss of RM24 million in 12MFY24. PBT stood at RM48 million, reflecting a 24.7% improvement from RM38 million in 12MFY24. Profit after tax surged more than 6 fold to RM72 million compared to RM12 million recorded in the year before. Hartalega said the profitability improved marginally and was primarily attributable to the significant revenue growth and improved production efficiencies, offset by lower other operating income and adverse foreign exchange fluctuations during the year, which contributed to margin compression Related
The Sun
24-04-2025
- Business
- The Sun
AME REIT Q4 rental income rises to RM13m
JOHOR BHARU: Industrial REIT AME Real Estate Investment Trust (AME REIT) delivered a 4.6% growth in rental income to RM13.1 million for the fourth quarter ended March 31, 2025 (Q4'25) from RM12.5 million in the previous corresponding quarter. The higher rental income supported a 1.6% increase in net property income (NPI) to RM11.6 million compared to RM11.4 million previously. The improved performance was mainly driven by income contributions from the acquisitions of two fully-leased industrial properties during Q4'25. For the 12 months ended March 31, 2025 (FY25), AME REIT generated total rental income of RM50.9 million, a 6% increase from RM48 million in the previous year, and NPI of RM46.4 million, rising 4.5% from RM44.4 million previously. AME REIT, in a statement said it will distribute RM9.7 million in distributable income for Q4'25, equivalent to a distribution per unit (DPU) of 1.83 sen. The distributable income is adjusted for gain in fair value of investment properties less deferred tax expenses, unbilled lease income receivables, management fees payable in units, and amortisation of capitalised financing costs. The Q4'25 income distribution is payable on May 30, 2025 to unitholders whose names appear in the Record of Depositors of AME REIT at the close of business on May 9, 2025. Total income distribution for FY25 will amount to RM39.2 million, representing 99.99% of distributable income for the year and resulting in a DPU of 7.43 sen. I REIT Managers Sdn Bhd CEO and executive director Chan Wai Leo said: 'AME REIT's Q4'25 performance reflects the positive impact of our accretive acquisitions, supporting stable rental income growth and consistent returns to unitholders. Our growth will be further fuelled by the ongoing purchase of five more fully-leased industrial properties in Iskandar Malaysia for a total purchase consideration of RM147.8 million from our sponsor AME Elite Consortium Bhd. The acquisitions, comprising 460,267 sq ft of ALA, are expected to be completed in phases between the third quarter of 2025 and the first quarter of 2026.' Going forward, he added they are focused on continued expansion in the Malaysian industrial property market to optimise sustainable long-term returns. AME REIT's portfolio includes 39 properties — 36 industrial units with 2.1 million sq ft of lettable space, and 3 industrial-related assets. Most are located in AME Group's industrial parks in Iskandar Malaysia. As at March 31, 2025, AME REIT's properties under management are valued at RM773.5 million.
