Latest news with #RM121
New Straits Times
29-05-2025
- Business
- New Straits Times
Genting Q1 profit on track despite one-off charges
KUALA LUMPUR: Genting Plantations Bhd's core net profit of RM121 million in the first quarter (Q1) 2025 met expectations, accounting for 39 per cent and 38 per cent of CIMB Securities Research's and Bloomberg consensus full-year estimates, respectively. The research house considers this to be in line with expectations, as it expects weaker earnings in the coming quarters for Genting Plantation due to lower crude palm oil (CPO) prices and higher production costs. Reported net profit, however, the firm said, came in significantly lower at RM61 million, mainly due to RM72 million in impairment charges. "Of this, RM66 million was related to the provision for potential income loss from some parts of its Indonesian planted estates that have been demarcated as forest land by the Indonesian government under a recent regulation. "No dividend was declared in Q1 2025, in line with expectations," it said. Meanwhile, CIMB Securities said the negative surprise this quarter was a RM66 million impairment on Genting Plantation's Indonesian bearer plants, arising from the likely reclassification of some parts of its mature oil palm estates as forest land by the Indonesian government. The firm has maintained its Hold rating but lowered its target price to RM5.28 per share, applying a higher 20 per cent discount (from 15 per cent) to its sum-of-parts (SOP) valuation to reflect growing regulatory risks in Indonesia. "The higher discount reflects increasing regulatory risks in Indonesia, where 57 per cent of Genting Plantation's planted estates are located. "It also captures our earlier concerns about Genting Plantation's proposed RM676 million acquisition of two land parcels (totalling 152 ha) in Jakarta for property development — a segment in which the company has no prior track record in Indonesia, posing execution risks," it said. On a positive note, CIMB Securities said Genting Plantation recently completed the sale of 213.9 hectares of land in Mukim Paya Rumput, Melaka, to Scientex for RM333.8 million. The transaction, completed on 21 May, will allow Genting Plantation to recognise a one-off net gain of RM284.9 million, it added.
New Straits Times
22-04-2025
- Business
- New Straits Times
Aneka Jaringan Q2 earnings surge sixfold to RM749,000
KUALA LUMPUR: Aneka Jaringan Holdings Bhd posted a net profit of RM749,000 for the second quarter of 2025 (2Q25), up from RM121,000 in the same period last year. Revenue rose 23.5 per cent to RM66.96 million from RM54.22 million a year ago, supported by stronger contributions from ongoing projects and improved execution efficiency in both Malaysia and Indonesia. Aneka Jaringan said it will closely monitor the ongoing uncertainty in the global trade environment and take appropriate steps to minimise its impact. "The group maintains its cautiously optimistic outlook for its financial performance in the financial year ending Aug 31, 2025," it said. Its managing director Pang Tse Fui said the profitability reflects the resilience of their operations and the successful delivery of key projects in both Malaysia and Indonesia. "With RM146.43 million in revenue achieved in just the first half of the financial year, we are well on track to deliver a better performance compared to the previous year. "Backed by a healthy order book and disciplined cost management, we remain focused on executing our projects efficiently while continuing to pursue strategic contract wins to drive sustainable long-term growth," he said in a statement. As of Feb 28, 2025, Aneka Jaringan's order book stood at RM198.97 million, bolstered by RM99.03 million in new projects secured year-to-date. Its share price closed 3.85 per cent higher at 13.5 sen, giving the company a market capitalisation of RM90 million.
