Latest news with #RM2.1bil
The Star
6 days ago
- Business
- The Star
Tropicana sees sustained earnings with RM2.1bil unbilled sales
KUALA LUMPUR: Tropicana Corp Bhd 's unbilled sales of RM2.1bil as at March 31 place the company in a comfortable position to deliver sustainable earnings. The property developer believes that the demand for properties in prime locations in Tropicana's established, mature and developing townships will persist, with attractive pricing and various promotional packages. 'Further, the group expects improved sales especially for its properties in Johor, as a result of the Johor-Singapore Special Economic Zone, Johor Bahru-Singapore Rapid Transit System Link project, as well as the positive growth effects from the possible resuscitation of the High Speed Rail project. 'Premised on the expected demand, the group will continue to launch its properties at strategic locations across the Klang Valley, Genting Highlands, Northern and Southern Regions,' Tropicana said in the notes accompanying its financial results. In the first quarter ended March 31, Tropicana posted a net profit of RM1.3mil, or earnings per share 0.05 sen, compared with a net loss of RM9.08mil, or loss per share of 0.40 sen. Revenue for the quarter stood at RM260.4mil, down 10.6% from RM291.3mil. Tropicana said it will continue to leverage on its various sales initiatives and marketing campaigns to secure more sales and therefore remaining positive and confident on the long-term prospects of its property development business. In addition, the group will continue to develop and market its properties located at various strategic locations, which will in turn, translates to higher sales and positive contributions to the future earnings of the group. Tropicana's current landbank stood at 1,336.1 acres, with a total potential gross development value (GDV) of RM168.4bil.
The Star
22-05-2025
- Health
- The Star
US$500mil for WHO over the next five years
THE government will give an additional US$500mil (RM2.1bil) to the World Health Organisation over five years, an official told the World Health Assembly, as the UN agency seeks extra funding to offset the expected loss of its top donor, the United States. China's Vice-Premier of the State Council Liu Guozhong made the announcement in a speech in Geneva, Switzerland. 'The world is now facing the impacts of unilateralism and power politics bringing major challenges to global health security... multilateralism is a sure pass to addressing difficulties,' Liu told delegates. The WHO has already revised down its 2026-2027 budget by 21% to US$4.2bil due to its financial difficulties, caused mainly by the Trump administration's decision. The new budget, set to be decided by the assembly, will increase countries' mandatory fees by 20% over the next two years and make China the new top state donor. It was not immediately clear if the US$500mil donation from China has already included that fee increase. — Reuters
The Star
21-05-2025
- Business
- The Star
JS-SEZ returns to aid rakyat
ISKANDAR PUTERI: Johor will ensure that revenue collected from the Johor-Singapore Special Economic Zone (JS-SEZ) directly benefits the rakyat, says Datuk Onn Hafiz Ghazi. The Johor Mentri Besar said that these benefits will be channelled to the people through various programmes and initiatives designed to tackle issues like inflation and the rising cost of living. 'Inflation and the rise in living costs will happen whether or not the JS-SEZ is implemented,' he told the state Legislative Assembly at Kota Iskandar here yesterday. 'It's our job to ensure the blow is softened on the people.' He noted that last year, Johor recorded its highest-ever revenue, collecting over RM2.1bil. To address economic challenges, the state government has launched programmes such as food basket distribution, the Jualan Kasih sales programme offering cheaper goods and the Johor affordable housing scheme. The state is also collaborating with the Domestic Trade and Cost of Living Ministry to conduct spot checks, ensuring a sufficient supply of subsidised cooking oil packets. 'Although (inflation) is a global and national issue, the revenue from the JS-SEZ will be channelled to the rakyat through programmes and initiatives,' he said in response to a question posed by Muszaide Makmor (BN-Sedili), who asked about the state government's efforts to ensure that the presence of JS-SEZ investors would not cause a rise in living cost. Meanwhile, Onn Hafiz said efforts have been carried out to provide job opportunities for locals. The Investment, Trade and Industry Ministry has set conditions for investors in the manufacturing sector to allocate 80% of their jobs for locals while the rest can be for foreign labour, he said. 'In Johor, job opportunities and salaries are among our top priorities when meeting with JS-SEZ investors. 'The majority of the companies we met with are aligned with the state's requirements to offer a base salary of RM3,500 for diploma holders and RM4,000 for degree holders. 'However, the condition is that they must justify the salary with their productivity and their skills must match industry needs,' he said, adding that the state government is also providing the necessary skills training programmes. The Mentri Besar was replying to Datuk Zulkurnain Kamisan (BN-Sri Medan), who wanted to know whether conditions have been set by the state government to ensure investors employ local talents and provide attractive salaries.
The Star
20-05-2025
- Business
- The Star
Eco-Shop registers stronger 3Q25 results
Eco-Shop saw its third-quarter net profit soar 45% year-on-year to RM61.7mil. PETALING JAYA: Eco-Shop Marketing Bhd (Eco-Shop) is bullish over its prospects for the rest of the financial year ending May 2025 (FY25), as it carries over confidence from building on the strong double-digit growth in revenue and profit after tax (PAT) recorded in FY24. Citing a report from Frost & Sullivan GIC Malaysia Sdn Bhd, the group said Malaysian dollar store retail sector penetration remains relatively low compared to more mature markets such as Japan, Canada and the United States, and in terms of sales value, this sector is expected to grow at a compound annual growth rate of 14.2% in the next five years from to 2029. Releasing its results for the third quarter ended Feb 28 yesterday (3Q25), Eco-Shop saw net profit soar 45% year-on-year (y-o-y) to RM61.7mil, as revenue also increased 17.2% to RM736.4mil. The group attributed its turnover growth primarily to the expansion of its store network, with the opening of 26 new stores in 3Q25 compared to 14 in the corresponding period of last year. 'The total store count increased from 278 stores in 3Q24 to 349 stores in 3Q25. 'Additionally, the group's revenue was supported by a modest increase in same store growth (SSSG) of 0.6%,' said Eco-Shop in a statement to Bursa Malaysia. At the same time, the strong profit margin was attributable to a more favourable product mix and the strengthening of the ringgit against the yuan. Cumulatively for the nine months ended February (9M25), Eco-Shop posted a net profit y-o-y growth of 35.9% to RM154.9mil, as revenue escalated 19% to RM2.1bil. Eco-Shop said the strong performance over the three quarters was mainly due to the opening of 59 new stores during the period and an SSSG of 2.1%, aside from the strengthening of the ringgit against the yuan that also helped improve profitability. The group did not declare any dividends for the year. Looking ahead, Eco-Shop said it will continue to be vigilant and well-prepared to manage various cost and risk factors, including the upcoming electricity tariff hike effective from July 1, the implementation of the multi-tier levy system that could increase the cost of hiring foreign workers, and the enforcement of a mandatory 2% Employees' Provident Fund contribution for non-citizen employees. 'As our store network continues to grow, we anticipate greater demand for distribution and storage capabilities. 'To support this, we plan to strengthen our logistics infrastructure in Peninsular Malaysia. 'Construction of a semi-automated distribution centre on a 307,560 sq m site in Klang, Selangor, is expected to commence in the first quarter of 2026, with completion targeted for the financial year ending May 31, 2027,' it said.
The Star
23-04-2025
- Business
- The Star
FBM KLCI tops 1,500 mark as sentiment lifts across Asia
KUALA LUMPUR: The FBM KLCI closed above the psychological 1,500-point level on Wednesday, tracking upbeat sentiment across regional markets amid encouraging external cues. The upbeat mood followed U.S. President Donald Trump's remarks, easing market concerns, as he assured that he does not intend to fire Federal Reserve Chair Jerome Powell and that tariffs on China will be "nowhere near" the current 145%. At 5pm, the FBM KLCI rose 14.94 points, or 1.01%, to 1,501.19 — its intraday high and the highest level in over two weeks. The index touched an intraday low of 1,493.26. All indices ended higher, except the Bursa Malaysia Plantation Index. Market breadth was positive with 716 securities ending in the green versus 264 that closed weaker. Trading volume stood at almost three billion units worth RM2.1bil. Malaysian Pacific Industries , the biggest gainer on Bursa Malaysia, jumped 80 sen to RM15.64, PPB Group added 32 sen to RM12.02, PETRONAS Chemicals gained 22 sen to RM3.30 and SAM Engineering climbed 22 sen to RM3.52. Among the decliners, Ideal Capital slid 20 sen to RM3.80, United Plantations lost 14 sen to RM22.84, Heineken fell 14 sen to RM26.22 and Oriental declined 13 sen to RM6.94. In terms of fund flows, foreign investors offloaded RM105mil worth of equities on Tuesday, while local institutions and retailers emerged as net buyers at RM40mil and RM65mil respectively. Meanwhile, the ringgit was quoted at 4.3968 against the US dollar, down 0.22%, while it gained 0.21% to 3.3522 against the Singapore dollar. Around the region, MSCI's Asia ex-Japan stock index was higher by 1.97%. Japan's Nikkei 225 rose 1.89% to 34,868.63 while South Korea's Kospi closed up 1.57% at 2,525.56. Hong Kong's Hang Seng Index added 2.37% to 22,072.62. China's CSI 300 Index rose 0.08% to 3,786.88 while the Shanghai Composite Index fell 0.1% to 3,296.36.
