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New Straits Times
29-05-2025
- Business
- New Straits Times
PeterLabs shares jump 43pct to fresh high amid director misconduct probe
KUALA LUMPUR: PeterLabs Holdings Bhd surged 11.69 per cent to a fresh all-time high of 43 sen, extending a rally that began last month amid a widening probe into alleged misconduct involving its directors. The counter opened lower at 37 sen, down 3.90 per cent from Wednesday's close of 38.5 sen, before rebounding sharply to a morning high of 55 sen, up nearly 43 per cent. As at press time, 4.42 million shares had changed hands. Yesterday, PeterLabs announced that the company and its subsidiary Thye On Tong Trading Sdn Bhd had initiated legal proceedings against its suspended executive director Datuk Loh Saw Foong and another director Datin Lin Ching Yein. This follows earlier disclosures made on May 13 and May 26, 2025, regarding Loh's suspension. The group is seeking various declaratory reliefs and damages as part of the legal action. PeterLabs' share price rally began on April 8, when the stock was trading at 18.5 sen. At its current price, the stock has gained 132.43 per cent in just over seven weeks. On April 21, the stock jumped to 29.5 sen, with trading volume spiking to 22.87 million shares, the highest in at least two years. This followed a raid by the Malaysian Anti-Corruption Commission (MACC) on PeterLabs' offices as part of an investigation into alleged misconduct involving Loh and Lin. PeterLabs logged its previous all-time high of 37 sen per share on April 5, 2019. The group, which manufactures and distributes animal health and nutrition products, has yet to detail the potential operational impact of the legal developments. For the fourth quarter ended Dec 31, 2024, PeterLabs' net profit fell 9.5 per cent to RM667,000 from RM737,000 a year earlier, on higher administrative and distribution costs. The group said the decline was largely due to lower operating profit, which dropped 59.7 per cent year-on-year to RM631,000, despite relatively stable revenue. Revenue for the quarter slipped 2.0 per cent to RM45.37 million from RM46.29 million previously, mainly due to weaker sales from the trading segment, which recorded a pre-tax loss of RM162,000. For the full financial year, PeterLabs posted a net profit of RM2.84 million, down 17.5 per cent from RM3.45 million in 2023, while revenue dropped 5.5 per cent to RM176.03 million from RM186.21 million. The group has changed its financial year end from Dec 31 to June 30, with the next reporting period covering 18 months from Jan 1, 2024, to June 30, 2025.
The Star
01-05-2025
- Health
- The Star
‘Exhaustion and short breath': hidden toll of Hong Kong's food delivery grind
Sunny Waseem* is often spotted on his motorbike with a food delivery bag weaving through the Hong Kong traffic under the scorching sun. However, what goes unnoticed is the sweat, headaches, thirst and anxiety to fulfil an order on time. The 38-year-old delivery rider routinely works more than 12 hours daily, handling back-to-back orders during the busy lunch rush. 'Most of our working hours are during the very hot weather. So it really affects [me], I feel exhaustion and increase in sweat and short breath,' said the full-time rider, who has six years of experience. Waseem said that he had to take painkillers several times a week to relieve headaches caused by the heat. However, he felt he could not afford to take breaks in the shade because the food delivery platform would downgrade him with its algorithms, leading to a reduction in his income. A recent Greenpeace survey of 117 delivery workers from ethnic minority backgrounds revealed that over 80% reported experiencing heat-related illnesses during work. 'During extreme weather, outdoor workers bore the brunt because they had no choice but to continue doing laborious work ... a lot of riders would just bite the bullet,' said Tom Ng Hon-lam, the green group's campaigner. About 100 of the survey respondents reported a surge in orders during hot and rainy days, as well as typhoons, with more than 70% having worked under these extreme conditions. In 2023, the government introduced a new three-tier warning system aimed at reducing the risk of heatstroke among outdoor workers. Guidelines on heatstroke prevention were updated last year to make the system more practical for both employers and workers. The green group hoped the government would consider establishing separate guidelines specifically addressing the needs of delivery workers. According to the Census and Statistics Department's latest report, there are around 13,000 food platform delivery workers in the city. Riders or couriers are divided into different tiers. The top-tier earners are those who meet target delivery times and do not reject orders, according to Waseem. He explained that the 'batch one' workers had priority in choosing shifts with the most orders. 'If I take a break for 15 minutes because I am afraid that I will have a heatstroke, somehow I will be unable to work for Foodpanda for a whole week,' he said. 'They will just calculate how many minutes I was absent from the shift, which will result in change in my batch.' When Waseem was demoted from batch one to tier two or three, his daily earnings decreased from HK$1,200 (RM667 or US$154) to around HK$800 (RM444). Following Deliveroo's recent departure from Hong Kong, Waseem now works for Foodpanda and Keeta, which he described as 'notorious' for penalising riders who did not meet their standards. Waseem now dared not to take breaks and risk being downgraded. He said that he prepared a large water bottle and drank ion supply drinks to stay hydrated. Mak Tak-ching, a member of the Riders' Rights Concern Group, noted that while some outdoor cleaners and security guards were given equipment by the employers to stay cool during hot weather, riders had to fend for themselves. He also called for greater long-term protection of riders' rights through formal employee recognition. Greenpeace also urged the platforms to consider riders' needs, including providing heat protection clothing, portable fans, or setting up rest stations with free water dispensers across the city. Foodpanda said on Wednesday that it had never required couriers to deliver orders within a limited time frame. 'Couriers have the option to accept or pass on any of the dispatched orders, and we offer them the flexibility to take breaks during their shift – at any time and from any location,' the company said. As for its batch system, the platform explained that the division was 'determined by an aggregate of various performance components', which meant passing on orders or taking breaks 'may or may not affect a courier's overall batch number'. Keeta said it was committed to offering riders flexible schedules and had provided them with equipment such as raincoats and water jackets. 'The safety and well-being of our riders are our top priorities, and we encourage them to prioritise their well-being and take breaks as needed,' Keeta said. – South China Morning Post
