Latest news with #RM41.5
New Straits Times
26-05-2025
- Business
- New Straits Times
Tiong Nam's earnings shrink, revenue jumps nearly 14pct in FY25
KUALA LUMPUR: Tiong Nam Logistics Holdings Bhd's net profit fell to RM41.5 million in the financial year ended March 31, 2025 (FY25) from RM57.3 million a year ago. Tiong Nam said this was due to the higher fair value gains recorded in the previous year compared to the current quarter under review. The results also reflected higher operating and finance costs associated with expanded warehouse assets. However, Tiong Nam's revenue grew 13.8 per cent to RM863.6 million from RM758.6 million in FY24. For the fourth quarter (Q4), Tiong Nam recorded a 305.4 per cent increase in net profit to RM43.0 million, up from RM10.6 million in the corresponding quarter last year. It said the profit growth stemmed primarily from a positive fair value adjustment on investment properties,comprising its logistics warehousing assets. "This was complemented by robust logistics and warehousing activity, contributing to an 18.2 per cent rise in group revenue to RM228.7 million in Q4 FY25 from RM193.4 million previously," it said. Tiong Nam's logistics and warehousing services segment demonstrated strong top-line improvement, with revenue growing 21.5 per cent to RM218.3 million in Q4 FY25. This was driven by increased business from existing and new domestic and multinational customers. Managing director Ong Yoong Nyock said the company's logistics and warehousing operations demonstrated sustained performance, supported by resilient demand and growing customer relationships. Ong said the company's network development was integral to enhancing its capabilities and enabling increased scale to meet rising market needs for integrated logistics solutions. "This initiative advances our position as a leading total logistics solutions provider, ensuring efficient supply chains nationwide. "We anticipate positive performance for FY26, underpinned by Malaysia's resilient economic growth. "As regional trade strengthens and supply chains recalibrate across Asia, we are well-positioned to serve as a vital connection in logistics networks," he added.
The Sun
21-05-2025
- Business
- The Sun
Pos Malaysia posts RM41.2 mil 1Q net loss amid lower postal, logistics revenue
KUALA LUMPUR: Pos Malaysia Bhd recorded a net loss of RM41.5 million for the first quarter ended March 31, 2025 (1Q 2025), widening from a net loss of RM19.6 million in the same quarter last year, weighed down by lower contributions from its postal and logistics segments. Revenue decreased to RM467 million from RM491 million previously. 'The postal segment remained the largest contributor, generating RM279.1 million in revenue. 'However, this marked a four per cent decline due to lower bulk mail and international mail volumes,' said Pos Malaysia in a Bursa Malaysia filing today. Pos Malaysia said the logistics segment also saw a significant drop in revenue to RM49.1 million from RM64.8 million, mainly due to a decrease in automotive and freight management activities and a change in pricing mechanisms and the extended docking period of a vessel. In contrast, the group said the aviation segment contributed higher revenue of RM93 million in 1Q 2025 compared to RM91.7 million in the previous corresponding quarter, mainly attributable to the in-flight catering business with a higher number of meals uplifted. It added that the others segment continues to grow healthily with higher revenue, mainly attributed to increased sales of digital certificates. POS Malaysia added that while recognising potential challenges, including the uncertain impact of US tariffs on the postal segment, the group remains confident in its transformation efforts and ability to deliver sustainable, long-term value to stakeholders.
The Sun
21-05-2025
- Business
- The Sun
Pos Malaysia posts RM41.5 mil Q1 loss on weaker revenue
KUALA LUMPUR: Pos Malaysia Bhd recorded a net loss of RM41.5 million for the first quarter ended March 31, 2025 (1Q 2025), widening from a net loss of RM19.6 million in the same quarter last year, weighed down by lower contributions from its postal and logistics segments. Revenue decreased to RM467 million from RM491 million previously. 'The postal segment remained the largest contributor, generating RM279.1 million in revenue. 'However, this marked a four per cent decline due to lower bulk mail and international mail volumes,' said Pos Malaysia in a Bursa Malaysia filing today. Pos Malaysia said the logistics segment also saw a significant drop in revenue to RM49.1 million from RM64.8 million, mainly due to a decrease in automotive and freight management activities and a change in pricing mechanisms and the extended docking period of a vessel. In contrast, the group said the aviation segment contributed higher revenue of RM93 million in 1Q 2025 compared to RM91.7 million in the previous corresponding quarter, mainly attributable to the in-flight catering business with a higher number of meals uplifted. It added that the others segment continues to grow healthily with higher revenue, mainly attributed to increased sales of digital certificates. POS Malaysia added that while recognising potential challenges, including the uncertain impact of US tariffs on the postal segment, the group remains confident in its transformation efforts and ability to deliver sustainable, long-term value to stakeholders.
New Straits Times
21-05-2025
- Business
- New Straits Times
Pos Malaysia posts RM41.2mil Q1 net loss amid lower postal, logistics revenue
KUALA LUMPUR: Pos Malaysia Bhd recorded a net loss of RM41.5 million for the first quarter ended March 31, 2025 (1Q 2025), widening from a net loss of RM19.6 million in the same quarter last year, weighed down by lower contributions from its postal and logistics segments. Revenue decreased to RM467 million from RM491 million previously. "The postal segment remained the largest contributor, generating RM279.1 million in revenue. "However, this marked a four per cent decline due to lower bulk mail and international mail volumes," said Pos Malaysia in a Bursa Malaysia filing today. Pos Malaysia said the logistics segment also saw a significant drop in revenue to RM49.1 million from RM64.8 million, mainly due to a decrease in automotive and freight management activities and a change in pricing mechanisms and the extended docking period of a vessel. In contrast, the group said the aviation segment contributed higher revenue of RM93 million in 1Q 2025 compared to RM91.7 million in the previous corresponding quarter, mainly attributable to the in-flight catering business with a higher number of meals uplifted. It added that the others segment continues to grow healthily with higher revenue, mainly attributed to increased sales of digital certificates. Pos Malaysia added that while recognising potential challenges, including the uncertain impact of US tariffs on the postal segment, the group remains confident in its transformation efforts and ability to deliver sustainable, long-term value to stakeholders.
New Straits Times
19-05-2025
- Business
- New Straits Times
Previndran: Strategic upside seen in Widad's RM41.5mil Damansara Heights asset sale
KUALA LUMPUR: Widad Group Bhd's disposal of its 12-storey office building in Damansara Heights for RM41.5 million presents a potential long-term upside for the new owner, said Previndran Singhe, founder and CEO of Zerin Properties. He told Business Times that Richfield Builder (M) Sdn Bhd — a wholly owned subsidiary of Dhaya Maju Infrastructure (Asia) Sdn Bhd and the buyer of the property — could either occupy the building or lease it out for recurring rental income. "Over time, there could be opportunities to reposition or upgrade the asset to enhance its value and rental appeal," he said. "With the right vision, the building's sizeable floor plates offer potential for repositioning into a boutique office development, possibly incorporating curated retail or lifestyle elements." He added that while large-scale redevelopment may not be immediately feasible due to leasehold restrictions and zoning limitations, a strategic refurbishment could attract businesses seeking prestigious yet competitively priced office space in Damansara Heights. The 28-year-old building is located next to HELP University (formerly known as Wisma IBI) and has a gross floor area (GFA) of 132,945 sq ft. It sits on a 17,305 sq ft leasehold plot with 48 years remaining. Widad had acquired the building in 2013 for RM38 million. As of Dec 31, 2023, it carried an audited net book value of RM39.69 million. According to Previndran, the RM41.5 million sale represents a modest capital gain of about 9.2 per cent over 11 years, or an annualised return of less than 1 per cent, reflecting a subdued capital return. However, he noted that this figure does not account for rental income generated during the holding period, which would have improved the investment's overall yield. Widad stated last month that proceeds from the sale would be used to fully repay borrowings tied to the property and for working capital purposes, ultimately reducing its debt by RM40 million and improving its gearing. Previndran said that assuming a standard building efficiency of 70 per cent, the net floor area (NFA) of the building is estimated at around 93,000 sq ft. This places the transaction at roughly RM446 per sq ft (psf) based on net floor area, which falls within the typical en bloc pricing range for offices of RM400 to RM500 psf in Damansara Heights. In comparing the transaction with past sales in the area, Previndran cited Wisma IBI, a 12-storey office building with 62,320 sq ft of built-up space, which was sold in 2016 for RM36.29 million, or about RM582 psf. Another benchmark is Bangunan CIMB, a 10.5-storey office block acquired by a Widad subsidiary in 2021 for RM32 million. Although its exact built-up area is not publicly disclosed, Previndran said the deal likely reflected a lower psf value than Wisma IBI due to differences in size, condition, or transaction context. "In contrast, the current property being sold has a significantly larger GFA of 132,945 sq ft and is being disposed of for RM41.5 million. The lower psf reflects several factors, including the building's age (28 years), remaining lease of 48 years, and location disadvantages, namely the lack of direct MRT or public transport access and absence of surrounding amenities such as retail or food courts, which is increasingly challenging the marketability of such assets due to rising tenant and occupant expectations," he said. These limitations, he explained, are increasingly impacting tenant preferences and asset marketability but are already factored into the pricing, which remains fair given the property's size and location. Previndran noted that premium-grade office buildings with newer specifications, transit connectivity, and lifestyle features may command up to RM600 psf, a benchmark not applicable in this case due to the property's dated infrastructure and lack of direct transit links. "While the disposal doesn't reflect strong capital appreciation, the pricing is market consistent, especially considering the building's age, lease tenure, and locational limitations. The sale is driven by strategic financial considerations, including balance sheet improvement, rather than value maximisation," he said.
