The Star Online: Business
The Star Online: Business |
- JCY to see surge in net profit
- Local bourse continues positive new year trading
- Belgian wins in Franco-German battle for ECB top job
| JCY to see surge in net profit Posted: 04 Jan 2012 06:42 PM PST KUALA LUMPUR: JCY International Bhd says it is likely to record a year-on-year net profit increase of approximately 1,900% for its first financial quarter ended Dec 31, 2011 from RM7.5mil netted in the same period a year ago. The company said in an announcement to Bursa Malaysia yesterday that its quarter-on-quarter net profits will also surge 460% compared with the immediate preceding financial fourth quarter ended Sept 30, 2011 of RM26.4mil. The hard disk drive (HDD) components maker and supplier said that this increase was due to the rise in average selling prices caused by component shortages arising from the October 2011 floods in Thailand. It also attributed this increase to the appreciating US dollar versus the ringgit and some cost management efforts. The company said it would utilise these additional profits for capital expansion. Its board of directors had approved an allocation of RM300mil over the next two years for expansion facilities in Malaysia, Thailand and China. JCY's shares has been in the limelight topping the daily actives list over the past two months chalking up extraordinary gains of almost 200% to close at RM1.18 yesterday from its all time low of 39.5 sen in Sept. The company's shares, for a period of time last year, fell out of favour from investors due to the evolving technology storage space industry with the wide availability of cheaper solid state drives (SSDs) that analysts say had now become an affordable alternative to HDDs. SSDs are used today in smartphones, tablets and ultrabooks. As recent as the quarter ended June 30, 2011, JCY reported a loss and had attributed it to lower selling prices, declining sales volume and a strong ringgit. Full content generated by Get Full RSS. |
| Local bourse continues positive new year trading Posted: 04 Jan 2012 06:13 PM PST KUALA LUMPUR: The FBM KLCI continues its positive start for the new year while other key Asian bourses traded mixed against cautious global economic atmosphere. The local benchmark traded higher at 1506.50 points, up 2.28 points or 0.15% at 9.38a.m. There were 187 gainers, 140 losers and 198 unchanged counters. 237.38mil shares were traded worth RM131.47mil. Gainers were led by blue chip Nestle (M) Bhd, climbing 40 sen to RM56.40; Timberwell Bhd up 28 sen to RM1.08 while United Plantations Bhd gained 20 sen to RM19.40. Counters in the red were Bright Packaging Industry Bhd sliding 11 sen to RM0.51; Far East Holdings Bhd dropping 10 sen to RM7.10 and Petronas Dagangan Bhd falling 46sen to RM56.02. Hwang DBS Vickers Research was quoted: "If the FBM KLCI falls beneath the psychological mark of 1,500 then the benchmark index could pull back further ahead." The research house added that the key market barometer dropped for the second day in a row, slipping 9.3 points to bring its cumulative loss to 26.5 points or 1.7% since the beginning of the year. "In contrast, its closest regional peers the Philippines (+1.5%), Indonesia (+1.3%) and Thailand (+1.1%) chalked up strong gains," it said. It expects stocks like JCY International, Proton and UEM Land to garner investors' attention today, albeit against a cautious market backdrop. Reasons being JCY International, in an unprecedented practice by Malaysia corporate, had announced via the stock exchange that the group is expected to show a steep jump of 1,900% year-on-year and 460% quarter-on-quarter in its net profit to approximately RM150m for the Oct-Dec 2011 quarter. Also, Proton having its chairman publicly said he has put in a bid to buy over Khazahan Nasional's 42.7% stake in the national car maker and UEM Land, given its exposure in Iskandar Development, more investments and initiatives may be announced when the Prime Minister of Malaysia and Singapore meet this morning. Around the region, bourses were mixed. Tokyo's Nikkei 225 lost 0.57% to 8510.90 and Shanghai A index was down 0.50% to 2168.33. Closer to home, Singapore's Straits Times Index fell 0.04% to 2709.85. Taiwan's Taiex inched up 0.14% to 7092.60; Hong Kong's Hang Seng Index recorded a 0.42% increase at 18806.16 while Korea's Kospi went up 0.35% to 1872.75. Nymex crude oil was quoted at US$103.19, spot gold at US$1615.70 and silver at US$29.31. The US dollar was quoted at 3.1402 while the euro at 4.0582. Full content generated by Get Full RSS. |
| Belgian wins in Franco-German battle for ECB top job Posted: 04 Jan 2012 04:13 PM PST FRANKFURT: The European Central Bank (ECB) put an end to a bitter battle between France and Germany over a key post within the bank by naming a Belgian to the highly-coveted position of chief economist. The ECB said executive board member Peter Praet of Belgium would be taking over as the head of its economics department, succeeding Juergen Stark of Germany, who stepped down at the end of 2011. Praet, who turns 63 later this month and has been a member of the ECB's executive board since June 2011, "will be responsible for economics, human resources, budget and organisation" under a redistribution of responsibilities following the change-over of two board seats, the ECB said in a statement. The decision came as a surprise since two incoming board members, Joerg Asmussen of Germany and Benoit Coeure of France, had been seen as the top rival candidates to take over the key economics portfolio. Asmussen, however, will be responsible for international and European relations, meaning he will be the ECB's representative at international meetings and attend meetings of the so-called Eurogroup and ECOFIN. He would also be responsible for legal services and overseeing the building of the ECB's new premises and the central bank's permanent representation in Washington. Coeure will take charge of information systems and market operations. The other three members of the six-member board which is responsible for the day-to-day running of the ECB are bank president Mario Draghi of Italy, vice president Vitor Constancio of Portugal and Jose Manuel Gonzalez-Paramo of Spain. Both Berlin and Paris had laid claim to the coveted economics portfolio in recent months amid deepening differences over the role the ECB should take in the eurozone debt crisis. Ever since the shock announcement in September that Stark was leaving early he was the ECB's economist since 2006 and his contract would normally have stayed to May 2014 Germany had assumed its number two at the finance ministry, Asmussen, would automatically take over. AFP Full content generated by Get Full RSS. |
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