Latest news with #TMR
Malaysian Reserve
15 hours ago
- Business
- Malaysian Reserve
Fuel station operators push for delay in subsidy control mechanism
THE government should postpone the implementation of the Petrol Subsidy Control System (SKPS) until two critical issues related to it are resolved. The President of the Petrol Dealers Association of Malaysia (PDAM), Datuk Khairul Annuar Abdul Aziz, said the two issues concern margins under the automatic pricing mechanism (APM) and the merchant discount rate (MDR) charged by payment card companies. He said the APM margin, unchanged since 2019, no longer reflects current costs, causing small and medium-sized operators to suffer losses from day one of the SKPS rollout. 'In addition, the government needs to look into the MDR issue, which is based on sales value, while dealers' commission is based on litres sold. 'Increases in pump prices will raise the MDR, but they do not increase commissions, which ends up eroding dealer margins,' he said in a statement yesterday. Previously, Prime Minister Datuk Seri Anwar Ibrahim, when presenting Budget 2025, gave an assurance that the introduction of targeted RON95 subsidies would not impact 85% of Malaysians. In response, Khairul Annuar expressed hope that the association would be able to meet with Anwar, following two years of unsuccessful attempts to do so. 'We believe that only through the direct leadership of the Prime Minister can a concrete solution be reached to ensure the sustainability of local fuel dealers and guarantee fuel supply for the public,' he said. According to Khairul Annuar, PDAM represents the voices of more than 60% of petrol stations nationwide. 'PDAM is always ready to cooperate with any party in advocating for the interests of this industry in a comprehensive and fact-based manner,' he said. — TMR
CTV News
5 days ago
- Business
- CTV News
Some TMR business owners say Hydro-Québec construction is hurting their livelihoods
A Hydro-Québec construction project in TMR is drawing frustration from some local business owners who say they were given little notice and are now struggling. A major Hydro-Québec construction project in the Town of Mount Royal (TMR) is drawing frustration from some local business owners who say they were given little notice and are now struggling to stay afloat. Crews have been digging and blocking streets since late April to install an underground transmission line along Jean-Talon West and Lucerne Road. While the Crown corporation says the work is essential to meet growing energy demands on the island of Montreal, business owners like Amit Bachar of Details Car Wash say it's left them with no clear way out. 'I've lost half my revenue already,' said Bachar, who's been operating the Jean-Talon West car wash for 18 years. 'On a sunny day like today, there would normally be 15 cars lined up. But now there's no one because customers can't even access my business.' The project, expected to continue through early September, has severely limited traffic on Lucerne Road, which is the main access point for Bachar's car wash. While one lane remains open for southbound traffic, the northbound route is entirely closed. That means drivers must take a detour just to get in. 'Cars can't come in from Jean-Talon like they usually do,' he said. Bachar says the situation has already forced him to cut employee hours. 'I'm trying to help them as much as I can, but I don't have unlimited money,' he said. 'This business is like my baby. Everything I've built over the past 18 years—Hydro-Québec could undo it in weeks.' A stone's throw away, Shalom Grunwald runs District Bagel. He said the disruption only began affecting him in recent days, but business has already slowed. 'Usually, when the weather is like this, our patio and inside would be full,' Grunwald said. 'Now, it's barely just a few people walking in.' He blames what he sees as poor planning and a lack of communication from Hydro-Québec. 'There's a detour, but it adds 15 to 20 minutes if you're driving,' Grunwald said. 'For a sandwich? Most people will just go somewhere else.' Both Grunwald and Bachar said they were only informed of the multi-month construction about two weeks before it began. Bachar described his calls to Hydro-Québec as frustrating, claiming he was told to hire a lawyer if he wanted help. 'So instead of supporting us, they're telling us to get into legal battles?' he said. 'I can't fight the government. They have all the money and we're just small business owners trying to survive.' In a statement to CTV News, Hydro-Québec spokesperson Jonathan Côté said excavation and paving near the intersection of Lucerne and Jean-Talon should be completed by June 6, with the full project wrapping up by Sept. 5. 'These are major works that will be completed in full by the end of summer,' Côté wrote, adding that specific efforts were made to limit disruption for local merchants. Those measures include installing bypass roads, signage, flaggers during work hours, and even a police presence during rush hour. Côté said plans were shared with affected business owners in advance and that the corporation held individual meetings with merchants. However, Hydro-Québec stated that financial compensation would not be provided in this case. The spokesperson said that's due to the work serving a public utility need, construction happening on public roads and mitigation efforts. That's cold comfort for Bachar. 'We pay taxes, we work seven days a week and we give everything to make our businesses work,' he said. 'Then they come in and destroy it all for a project—and don't even try to help. How can they look at people here suffering and just ignore it?' He says he's speaking out not just for himself but for other small business owners across Montreal facing similar situations. 'I'm sure there are hundreds of people in this position,' Bachar said. 'Hydro-Québec does whatever it wants, and it's not fair to the citizens.'
Malaysian Reserve
28-05-2025
- Business
- Malaysian Reserve
TM's 1Q net profit down 5.5% on 5G costs despite stable revenue
TELEKOM Malaysia Bhd (TM) saw a 5.5% year-on-year drop in net profit to RM401.26 million for the first quarter ended March 31, 2025 (1Q25), down from RM424.81 million a year earlier, mainly due to 5G access costs and higher device expenses. Revenue inched up 0.5% to RM2.85 billion, supported by stronger business-to-business (B2B) digital solutions, carrier-to-carrier (C2C) demand, and the education segment, helping offset weaker business-to-consumer (B2C) performance. '1Q25 revenue grew as expected, within the projected low single-digit range,' the group said. Operating costs rose 7.6% year-on-year to RM1.8 billion, though lower net finance costs helped partially offset the pressure. TM invested RM280 million, or 9.8% of revenue, in capital expenditure focused on digital infrastructure such as data centres, domestic fibre, and submarine cables. Looking ahead, group CEO Amar Huzaimi Md Deris said TM is focusing on core strengths to tap into opportunities like data centres, GPU-as-a-Service, cloud, and smart services, aiming for disciplined execution and long-term value creation. — TMR
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Tenaga 1Q net profit jumps 48% on forex gains and lower costs
TENAGA Nasional Bhd posted a strong start to its 2025 financial year with a 48% rise in net profit to RM1.1 billion for the first quarter ended March 31, 2025 (1Q25), driven by foreign exchange gains and a 3% decline in operating expenses. Revenue grew 17.6% to RM16 billion, boosted by higher electricity sales under the regulatory incentive-based framework. The group recorded a foreign exchange gain of RM38.9 million compared to a RM171.3 million loss a year earlier, and benefited from an over-recovery in fuel costs of RM175.2 million versus a large under-recovery previously. Tenaga expanded its domestic data centre operations and secured new supply contracts while progressing with renewable energy projects in the UK. The company anticipates further financial strengthening from the upcoming regulatory period (RP4 2025-2027). — TMR
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
MNRB's 4Q net profit falls 61% on lower revenue and fair value losses
MNRB Holdings Bhd reported a 60.7% year-on-year drop in net profit for the fourth quarter ended March 31, 2025 (4Q25), falling to RM93.4 million from a record RM237.82 million in the previous year, weighed down by lower insurance revenue, fair value losses of RM29.96 million, and a weaker contribution from associates. Quarterly revenue declined 11.2% to RM921.92 million. For the full financial year (FY25), net profit slipped 9.1% to RM394.2 million, although revenue rose 3.5% to RM3.63 billion. Despite anticipating continued challenges in the global reinsurance market and ongoing natural disaster losses in FY2026, the group remains upbeat on growth prospects, supported by its focus on profitable and diversified business segments. MNRB shares closed unchanged at RM2.08 today, giving it a market capitalisation of RM1.61 billion. — TMR
