Latest news with #RM8.1mil
The Star
27-05-2025
- Business
- The Star
MACC arrests two for submitting false particulars in RM8.1mil fraud
PUTRAJAYA: Two people have been arrested by the Malaysian Anti-Corruption Commission (MACC) on suspicion of submitting false particulars amounting to approximately RM8.1mil involving the provision of machinery rental services, facilities, and waste disposal. According to sources, a former company owner and a former Chief Financial Officer, both in their 40s and 50s were arrested around 6:30 pm on Monday (May 26) when they arrived to give their statements at the MACC Headquarters here. "Both suspects are believed to be involved in corruption and money laundering for the provision of machinery and facility rental services between 2019 and 2021. "Additionally, the investigation also focuses on claims for waste disposal services that occurred from January to October 2022, as well as the receipt of bribe money," the source said. The source added that MACC's investigation is also identifying other criminal offences under the Penal Code and money laundering activities. Through "Op Flora," conducted by MACC's Special Operations Division (BOK) at 11 premises around the Klang Valley and Negeri Sembilan on Monday, the MACC has frozen 76 bank accounts, comprising individual and company accounts, totaling approximately RM1.68 million. The source informed that both individuals are currently remanded for one day after Magistrate Irza Zulaikha Rohanuddin allowed the MACC's application at the Putrajaya Magistrate's Court. Meanwhile, MACC Special Operations Division Senior Director, Datuk Mohamad Zamri Zainul Abidin, when contacted, confirmed the arrests and stated that the case was being investigated under Section 18 of the MACC Act 2009. - Bernama
The Star
01-05-2025
- Business
- The Star
Bonia faces soft near-term sales on weak demand
Affin Hwang IB expects Bonia's sales growth to remain flattish in the near term. PETALING JAYA: Muted sales are anticipated for luxury fashion retailer Bonia Corp Bhd in the near term due to weaker sales volume amid current global economic conditions. According to Affin Hwang Investment Bank (Affin Hwang IB), the brand also faces difficulties in raising its product prices. The group posted a 12% decline in sales to RM188.2mil for the first half ended Dec 31, 2024 (1H25), due to weaker sales in both the Malaysian and Singaporean markets. Both markets have recorded negative sales growth since the fourth quarter of financial year 2023 (4Q23), with the decline in 1H24 primarily due to a high base effect in the same period last year, where the group benefited from economic recovery and revenge spending by the consumers. The negative growth was most likely due to the broader economic environment rather than company-specific issues. Affin Hwang IB also noted that Bonia's core earnings of RM8.1mil came in below both its and consensus full-year expectations, accounting for just 31% and 29%, respectively. 'The earnings miss was driven by lower-than expected sales and higher-than-expected operating costs, primarily from selling and distribution costs,' it added. The research house expects Bonia sales growth to remain flattish in the near term with sales growth of 0.4% to 4% in financial year 2025 (FY25) to FY27, with potential downside risks that could further impact performance – particularly if economic uncertainties, such as US tariffs, weigh on the broader economy. 'We estimate Bonia's upcoming 3Q25 results, which is likely to be reported in late May, to come in within the range of RM10mil to RM12mil range. 'This represents a stronger year-on-year net earnings growth, driven by higher sales, partly due to an earlier Hari Raya celebration this year,' it noted. Affin Hwang IB added that net margin, however, is expected to remain flat at 11% to 12% in 3Q25 due to cost pressures. While Malaysian consumers are expected to remain cautious with spending on big-ticket items such as Bonia products – which have an average basket size of RM800 to RM1,000 – the research house believes sales could be slightly supported by favourable government policies. However, the retail outlook in Singapore remains bleak. In light of lower growth forecasts and sustained negative growth in discretionary spending, Bonia's sales performance in the Singapore market is expected to face further downside in the near term. 'In response to this, we gather that the management is likely to close non-performing stores across Singapore to safeguard margins. 'This move should result in modest cost savings through reduced rental and labour costs, easing margin pressure from subdued sales in Singapore,' it added. Bonia also plans to reduce its advertising and promotional expenses, with no major marketing events scheduled for the near term. Instead, the group will focus on more strategic marketing activities involving influencers to enhance brand exposure. Affin Hwang IB upgraded its recommendation on Bonia to a 'hold', with a higher target price of RM1.17 per share.
