Latest news with #RM18
The Star
22-05-2025
- Business
- The Star
FBM KLCI sinks to intraday low as banks drag
KUALA LUMPUR: The FBM KLCI ended at its intraday low on Thursday, dragged down by selling in banking stocks amid weak regional markets. The FBM KLCI fell 17.78 points, or 1.15%, to 1,527.02, marking its sixth straight session of losses. The index had earlier touched an intraday high of 1,541.46. The broader market sagged, with decliners outnumbering gainers 660 to 298, as 2.78 billion shares worth RM2.15 billion changed hands. F&N, the top loser on Bursa Malaysia, fell 24 sen to RM27.24. Malaysian Pacific Industries lost 20 to RM18, MSM slid 19 sen to RM1.20, and KLCC declined 19 sen to RM8.70. Top gainers include Heineken, which rose 50 sen to RM28.30, Dutch Lady gained 44 sen to RM30.10, Nestle added 34 sen to RM80, and United Plantations climbed 22 sen to RM22.88. Among the banks, Maybank fell 18 sen to RM9.82, CIMB lost 15 sen to RM6.85, Public Bank declined 13 sen to RM4.30, Hong Leong Bank slid 22 sen to RM19.78, while RHB ended flat at RM6.71. On the forex market, the ringgit strengthened by 0.26% against the US dollar to 4.2600, and appreciated by 0.25% against the Singapore dollar to 3.3009. Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.93%. Japan's Nikkei 225 ended down 0.84% at 36,985.87, while South Korea's Kospi finished 1.22% lower at 2,593.67. Hong Kong's Hang Seng index closed down 1.19% at 23,544.31. China's blue-chip CSI 300 index ended down 0.06% at 3,913.86, while the Shanghai Composite Index lost 0.22% to 3,380.19.
The Star
22-05-2025
- The Star
Axia driver carrying car-sized load arrested
Compiled by SHYAFIQ DZULKIFLI, C. ARUNO and R. ARAVINTHAN THE man who went viral for dangerously driving a Perodua Axia with a load nearly the same size of the car strapped to the vehicle's roof has been arrested. He was nabbed while driving along the Dengkil-Banting road, Harian Metro reported. Sepang District police chief Asst Commissioner Norhizam Bahaman said a video of the driver and vehicle was posted on Facebook at 10am on May 19. 'Following the viral video, police managed to locate the vehicle about an hour later on the same road,' he said. Initial investigations revealed that the 59-year-old driver possessed a valid driver's licence and the vehicle has all the necessary documents. 'The driver claimed that he was unwell at the time,' ACP Norhizam said, adding that further checks revealed that the driver had sustained head injuries from a road accident several years ago. The man has since been released on police bail, while the vehicle has been seized for further inspection. > A cattle farmer in Terengganu is all smiles after securing advance orders for 20 premium lembu sado (muscular bulls), including from customers outside the state, ahead of Hari Raya Aidiladha celebrations, Kosmo! reported. Nor Faizi Mamat said each cattle weighs between 800kg and 1.1 tonnes, and fetches between RM18,000 and RM30,000 per head. In addition to lembu sado, Nor Faizi has also received other orders for about 70 standard cattle for the annual korban (sacrificial) ritual. These cattle weigh between 300kg and 500kg, and are priced from RM4,800 to RM6,000 each. 'I expect to receive orders for at least 100 cattle in total for this year's Aidiladha,' he said. The above articles are compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with a >, it denotes a separate news item.
New Straits Times
21-05-2025
- Business
- New Straits Times
Perdana Petroleum posts net loss of RM18mil in Q1
KUALA LUMPUR: Perdana Petroleum Bhd slipped into the red with a net loss of RM18 million in the first quarter of financial year 2025 (1QFY25) from a net profit of RM6 million a year earlier. This is due to lower revenue and lower contribution from third party vessel chartering and marginally increase in vessels direct costs, according to its filing with Bursa Malaysia today. Perdana Petroleum said vessels direct cost remains high despite the lower utilisation rate, due to the costs incurred in getting the vessels ready for long-term contract with oil majors that require higher standards. Its revenue fell 62 per cent to lower vessel utilisation rates of 31 per cent as compared to 62 per cent achieved a year ago, as well as lower third-party vessels chartering from RM36.7 million to RM7.9 million. In a statement, Perdana managing director Jamalludin Obeng said the first quarter marked a transitional period for the company, as it focused on investing in vessel readiness to meet the stringent requirements of an upcoming long-term charter. "The quarter was also marked with low vessel utilisation as there was a lack of project spillovers, coupled with slower offshore activities. "Although the year began slowly, we remain cautiously optimistic of an uptick in utilisation as the offshore market gradually strengthens," he said. Jamalludin said the global energy landscape remains volatile, shaped by intensified trade tensions and new tariffs. On the domestic front, he said the outlook remains encouraging with Petronas reaffirmed its commitment to upstream development, with its 2025-2027 Activity Outlook targeting stable national oil and gas production of two million barrels of oil equivalent per day. "The Malaysia Bid Round 2025, launched earlier this year, is expected to draw new exploration investments and signal continued growth for offshore services," he added. Jamalludin said while the offshore support vessel market continues to face supply constraints due to limited new builds, largely attributed to ESG-linked financing challenge, this as an opportunity to reposition strategically. "We are staying the course with prudent financial and operational management while embracing opportunities to refresh our fleet and enhance efficiency," he said.
Daily Express
21-05-2025
- Business
- Daily Express
Joachim: Welfare of rural folks assured
Published on: Wednesday, May 21, 2025 Published on: Wed, May 21, 2025 By: Patimang Abdul Ghani Text Size: Dr Joachim with Hendrus and others at the event. KOTA MARUDU: The Sabah government remains committed to the welfare of rural communities, particularly paddy farmers and smallholders who are the backbone of the State's food supply, said Deputy Chief Minister II, Datuk Dr Joachim Gunsalam. He said various initiatives had been implemented in line with the second pillar of the Sabah Budget 2025 – inclusive and equitable development – to safeguard the interests of these groups while ensuring Sabah's food security. He said the State government, under the leadership of the Chief Minister, greatly values the contributions of farmers and smallholders. 'Therefore, efforts to empower them are being intensified through targeted programmes,' he said when officiating the 2025 district-level Kaamatan Festival at the Kota Marudu Community Hall, recently. Dr Joachim, who is also Deputy President of the Kadazan Dusun Cultural Association (KDCA), said a key step includes increasing the Paddy Field Ploughing Incentive from RM18 million to RM26 million, benefiting 22,500 farmers annually with a subsidy of RM494 per hectare. 'In addition, the government is also implementing a recovery programme for 438 hectares of idle paddy fields in Papar, Tuaran, and Sook, which is expected to yield 2,190 metric tons of rice per season – enough to feed approximately 15,330 people,' he said. Advertisement Efforts to strengthen the rice sector are further reinforced through the revival of the Sabah Paddy and Rice Board (LPBS). 'A total of RM32.5 million had been allocated for LPBS operations, including the purchase of 60 units of modern machinery and upgrading irrigation systems in six major rice-producing districts, including Kota Marudu. 'The initiative is expected to increase Sabah's rice self-sufficiency level (SSL) to 30pc by 2026,' Dr Joachim said. At the same time, he said the government has allocated RM7.49 million to the Sabah Agriculture Institute and Agricultural Vocational Training Centres to produce more semi-skilled labour in agriculture. 'All these initiatives are part of the State government's agenda to strengthen Sabah's food security, so we do not have to depend heavily on external supply and can rely on our own local resources,' he said. He added that this commitment by the State Government reflects its serious intent to empower the rural economy, reduce reliance on food imports and ensure a more sustainable future for the people of Sabah. Earlier, Dr Joachim also highlighted that the Kaamatan celebration symbolises unity and appreciation for the hard work of farming communities, who are the foundation of Sabah's culture and identity. 'Kaamatan is for everyone. It is not just an annual celebration, but a reflection of the values of gratitude, cooperation and respect for cultural heritage – values that should be passed down to future generations,' he said. Also present were Assistant Minister of Agriculture, Fisheries and Food Industry I cum Tandek Assemblyman, Datuk Hendrus Anding; Supreme Council Member of Gagasan Rakyat Sabah (PGRS), Datuk Maijol Mahap; Political Secretary to the Chief Minister and Head of the PGRS Women's Movement, Datuk Redonah Bahanda; Kota Marudu District Officer and Chairperson of the Kaamatan Main Organising Committee, Meirin Sugara; and KDCA Central Committee Member and Chairperson of the Kaamatan Festival Executive Committee, Dr Christoper Mandut. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
20-05-2025
- Business
- The Sun
Petronas Chemicals reports RM18 million net loss in Q1 as forex weighs
KUALA LUMPUR: Petronas Chemicals Group Bhd reported a net loss of RM18 million in the first quarter ended March 31, 2025 (Q1'25) due to unrealised foreign exchange losses, unfavourable net foreign exchange impact from the specialities segment, among others, despite recording a higher revenue of RM7.66 billion. The group achieved a profit of RM668 million and a revenue of RM7.50 billion in Q1'24. In a Bursa Malaysia filing yesterday, Petronas Chemicals said the quarter's higher revenue was mainly due to higher sales volume, partially offset by the strengthening of the ringgit against the US dollar. It said the reduction in net profit was mainly due to unrealised foreign exchange loss on revaluation of a shareholders loan to a joint operation entity, lower finance income arising from adjustment of timing for payment of trade payables in the preceding quarter and unfavourable net foreign exchange impact from the specialities segment. A higher plant utilisation rate of 94% was recorded compared to 87% in the previous corresponding quarter due to improved plant performance as well as lower statutory plant turnaround and maintenance activities, mainly from fertilisers and methanol segment, resulting in higher production. On prospects, the group said the results of its operations were primarily influenced by global economic conditions and petrochemical product prices, which have a high correlation to crude oil price, particularly for the olefins and derivatives (O&D) segment, utilisation rate of its production facilities and foreign exchange rate movements. The utilisation of production facilities is dependent on plant maintenance activities and sufficient availability of feedstock as well as utilities supply, Petronas Chemicals said 'The group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark,' it said. Petronas Chemicals anticipates product prices for O&D will be impacted by the implications of the United States (US) tariffs, additional supply from new capacities and weak downstream demand. 'Fertiliser product prices are forecasted to be firm with limited supply from the Middle East amidst seasonal demand from India, Southeast Asia and Australia. 'However, ammonia and methanol product prices are forecasted to be soft due to ample supply and persistent weak demand from industrial and gasoline blending sectors,' it added. For specialties, Petronas Chemicals said the group remains cautious in navigating the challenging market conditions, as we anticipate demand uncertainty to persist across most of our end markets. Commenting on the Q1'25 performance, its managing director and CEO, Mazuin Ismail, said the group's resilience in navigating the challenging market landscape underscores the strength of its diversified portfolio. 'The improvement in earnings before interest, taxes, depreciation, and amortisation reflects our ongoing efforts on operational excellence with commendable plant utilisation rate achieved by our commodities business, despite setbacks in January 2025 that temporarily impacted operations at several plants in Kertih, Kemaman District, Terengganu,' he said. Meanwhile, regarding the implications of US tariffs, Mazuin said Petronas Chemicals is closely monitoring these developments and assessing broader implications on the overall market dynamics. He added that the group remains focused on driving excellence to maintain its resilience and competitiveness amid the current industry downturn. 'Our unwavering commitment to safe and efficient operations across all facilities continues as we are currently undertaking repair and maintenance activities at several O&D and F&M plants,' he said. Mazuin said Petronas Chemicals is also strengthening customer relationships to better meet their evolving needs while upholding strict financial discipline and prudent capital spending. – Bernama
