Latest news with #RM74
New Straits Times
28-05-2025
- Business
- New Straits Times
E&O ends FY2025 with 95pct revenue surge on strong property, JV sales
KUALA LUMPUR: Eastern & Oriental Bhd (E&O) saw a strong finish to its financial year ended March 31, 2025 (FY2025), with fourth-quarter revenue surging 95.1 per cent year-on-year to RM236.7 million, up from RM121.3 million. Pre-tax profit rose 49.3 per cent to RM72.1 million, while net profit nearly doubled to RM74 million. For the full year, revenue climbed 75.3 per cent to RM741.1 million, and net profit increased by 28.8 per cent to RM181.7 million. Excluding unrealised forex losses and one-off items, recurring net profit stood at RM210.5 million, up 95 per cent. E&O said that the strong performance was largely driven by the property segment, which contributed RM630.5 million in revenue, a 102 per cent increase and 85.1 per cent of total group revenue. Joint venture projects, including Conlay, The Peak, and Avira Garden Terraces, contributed RM428.9 million in revenue, marking a 61.5 per cent increase. On an aggregate basis, the total revenue generated by the properties segment, including joint ventures, reached RM1.06 billion. Managing director Kok Tuck Cheong said, "We are encouraged to end FY2025 on a strong note. Our performance reflects the impact of our strategic direction and focus on sustainable growth." At Andaman Island, E&O currently has five ongoing projects with a total gross development value (GDV) of RM2.7 billion. "The group remains committed to delivering high-quality developments that cater to the expectations of discerning homebuyers and investors while enhancing community living and driving long-term value creation," Wong said. Looking ahead, the group plans to launch four residential and retail projects in Penang and the Klang Valley in Q2 or Q3 of FY2026. E&O's hospitality segment also remains steady, and the group expects stronger performance in the new financial year, supported by hotel refurbishments, increased international flights, and expanded visa-free travel between Malaysia and China.
The Sun
20-05-2025
- Business
- The Sun
Weakening dollar reflects growing disinterest in ‘Brand USA'
NEW YORK: Trade-related uncertainties, ballooning fiscal debt and weakened confidence about enduring US exceptionalism have weighed on US assets, with the dollar one casualty. Investors see the currency losing more of its luster as the greenback comes back to earth from lofty valuations. The Trump administration's tariffs salvo this year prompted investors to cut exposure to US assets after a long period of overperformance. While the US currency steadied somewhat in recent sessions as investors took heart from a truce in the ongoing US-China trade war, it came under renewed selling pressure after ratings agency Moody's cut the US' pristine sovereign credit rating by one notch. 'There's plenty of room for further depreciation, purely from a valuation perspective,' said George Vessey, lead FX and macro strategist at payments firm Convera. The 'sell America' trade was back in focus after Moody's US credit downgrade, he said. The US dollar index has tumbled as much as 10.6% from its January highs, one of the sharpest retreats for a three-month period, leaving speculators net short the dollar to the tune of US$17.32 billion (RM74 billion), close to the most bearish position on the buck since July 2023, according to CFTC data. Part of the bearishness around the dollar has been due to the currency trading at a relatively rich valuation – in January trading as high as 22% above its 20-year average of 90.1 on the dollar index. Currently, the index is hovering about 10% above its 20-year average level. There is room for it to weaken significantly further, for example another 10% slide would take it to the lows touched during President Donald Trump's first term. Investors and strategists have viewed the dollar as overvalued for years but betting against the currency has proved painful time and again, as the US economy powered on. That could be about to change. Steve Englander, head of global G10 FX Research at Standard Chartered in New York, said that while recent trade arrangements might calm markets some, they do not address long-term confidence issues facing the US. 'The dollar weakness story is not over,' said Englander. Investors are also concerned about the long-term fiscal picture for the US. Analysts say Trump's sweeping tax-cut bill would add US$3 trillion to US$5 trillion to the nation's US$36.2 trillion in debt over the next decade. 'The combination of diminished appetite to buy US assets and the rigidity of a US fiscal process that locks in very high deficits is what is making the market very nervous,' George Saravelos, global head of FX research at Deutsche Bank, said in a note. The Trump administration has said it backs a strong-dollar policy. 'President Trump has been unequivocally clear about maintaining the strength and power of the US dollar as the world's reserve currency,' White House spokesman Kush Desai said. Despite recent foreign selling, years of US asset appreciation mean the world still holds trillions in US equities and Treasuries. Such selling pressure could come from various corners of the globe as more people zero in on the dollar's recent failure to act as a haven, investors said. 'That's really what gave people a jolt ... and say 'Well, if the dollar is no longer acting as a safe-haven currency, if it's not diversifying us any longer, should we really be holding this much of it?'' said Peter Vassallo, FX portfolio manager at BNP Paribas Asset Management. Colin Graham, head of multi-asset strategies at Robeco in London, however, said that while there had been a rebalancing of portfolios where people wanted to cut risk, 'it hasn't turned into people selling dollars, assets or equities or Treasuries to repatriate yet.' That could still follow, he said. The dollar's strength over the last decade had let market participants hold US assets without worrying too much about currency risk. With foreign holdings of US assets in trillions of dollars, per estimates from banks including Deutsche Bank, even a modest rise in hedge ratios – the portion of foreign currency exposure that is protected – could spell significant selling. Increased hedging by investors means less direct demand for the dollar and more dollar selling pressure in the forward markets. Asian economies including China, South Korea, Singapore and Taiwan have accumulated massive USD exposure as a result of a decades-long trend of investing big trade surpluses in US assets. An unprecedented two-day surge in Taiwan's currency in early May showed investors how a scramble out of the US dollar could roil markets. Eurizon SLJ Capital's Stephen Jen and Joana Freire said in a note in early May that USD hoardings of about US$2.5 trillion by Asian exporters and institutional investors 'pose sharp downside risks to the dollar vis-à-vis these Asian currencies.' – Reuters
New Straits Times
13-05-2025
- Business
- New Straits Times
CIMB cuts Berjaya Food forecasts amid weak Q3, sluggish sales recovery
KUALA LUMPUR: Berjaya Food Bhd is expected to see slower-than-expected sales recovery after its core net loss widened in the third quarter ended March 31, 2025 (Q3FY25). CIMB Securities has raised its core net loss estimates for the company to RM133 RM133million, RM74 million and RM23 million for financial year 2025 (FY25), FY26 and FY27, respectively. The estimates were revised upwards from the previous forecast of RM104 million, RM61 million and RM20 million. The firm also lowered its target price for the stock to 28 sen from 32 sen previously. Berjaya Food reported a core net loss of RM36.7 million in 3QFY25, after adjusting for one-off items of RM0.5 million. This brought the cumulative nine-month core net loss to RM101.2 million, missing CIMB Securities' expectations at 97 per cent for the FY25 previous loss estimate and 110 per cent of the Bloomberg consensus forecast. "The earnings miss is attributed to lower-than-expected revenue from Starbucks and Kenny Rogers Roasters operations, as well as higher-than-expected start-up costs for its overseas expansion efforts," it said in a note. Berjaya Food is likely to post narrow losses in Q4 Q4FY25 following the end of Ramadan fasting in March. Additionally, the company has indicated early signs of recovery at its Malaysia Starbucks outlets, as the impact of the boycott related to the Israel-Palestine conflict appears to be easing. "The group's ongoing efforts to rationalise its store network by closing underperforming outlets may also support loss mitigation." The firm maintained its 'Reduce' call on the stock.
Malay Mail
23-04-2025
- Business
- Malay Mail
RM74m Dalat road project 70 days behind schedule, Uggah says stakeholders to meet April 30
DALAT, April 23 — The Public Works Department (JKR), along with the contractor, consultants, project licensee and other stakeholders involved in constructing the Kampung Medong/Lebrasau/Kampung Klid Road here, will meet on April 30 to discuss matters related to the completion of the 11.67-kilometre-long road. In stating this, Deputy Premier Datuk Amar Douglas Uggah Embas emphasised the importance of the meeting in resolving issues affecting the project's progress. He said that the RM74 million road project is a concern, as it is currently 70 days behind schedule, with only 48.56 per cent completion compared to the planned 55.62 per cent. 'That is why we always 'turun padang' (go to the ground) to check on the progress of project implementation. We want to ensure all approved projects are implemented properly and completed as scheduled. 'Through these visits, we also can find out if the contractors face any problems. Then, together with JKR, we will solve them,' he told the media after visiting the project construction site. Uggah, who is also the Minister of Infrastructure and Port Development, said that besides the road, the project also includes the construction of three bridges over Sungai Lebrasau, Sungai Peluan, and Sungai Klid. He added this project is scheduled for completion by the end of January next year. He also highlighted that Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg recently stressed the importance of JKR and other agencies fulfilling their roles to ensure the timely completion of all development projects. Meanwhile, Mukah MP and Deputy Minister of Economy Datuk Hanifah Hajar Taib who was present, expressed gratitude to Uggah for taking the time to monitor the progress of projects in her constituency. Also present was JKR Sarawak director Cassidy Morris. — The Borneo Post
Borneo Post
23-04-2025
- Business
- Borneo Post
RM74 mln Dalat road project faces delay, meeting set for April 30
Uggah (third right), Cassidy (right), Hanifah (partially hidden, left) at a briefing given by the contractor's representative. DALAT (April 23): The Public Works Department (JKR), along with the contractor, consultants, project licensee and other stakeholders involved in constructing the Kampung Medong/Lebrasau/Kampung Klid Road here, will meet on April 30 to discuss matters related to the completion of the 11.67-kilometre-long road. In stating this, Deputy Premier Datuk Amar Douglas Uggah Embas emphasised the importance of the meeting in resolving issues affecting the project's progress. He said that the RM74 million road project is a concern, as it is currently 70 days behind schedule, with only 48.56 per cent completion compared to the planned 55.62 per cent. 'That is why we always 'turun padang' (go to the ground) to check on the progress of project implementation. We want to ensure all approved projects are implemented properly and completed as scheduled. 'Through these visits, we also can find out if the contractors face any problems. Then, together with JKR, we will solve them,' he told the media after visiting the project construction site. Uggah, who is also the Minister of Infrastructure and Port Development, said that besides the road, the project also includes the construction of three bridges over Sungai Lebrasau, Sungai Peluan, and Sungai Klid. He added this project is scheduled for completion by the end of January next year. He also highlighted that Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg recently stressed the importance of JKR and other agencies fulfilling their roles to ensure the timely completion of all development projects. Meanwhile, Mukah MP and Deputy Minister of Economy Datuk Hanifah Hajar Taib who was present, expressed gratitude to Uggah for taking the time to monitor the progress of projects in her constituency. Also present was JKR Sarawak director Dr Cassidy Morris. Dalat douglas uggah embas Kampung Medong/Lebrasau/Kampung Klid Road lead
