Thesun 2008-12-24 Page18 Bcorp Proposes Interim Divident in Specie
Thesun 2008-12-24 Page18 Bcorp Proposes Interim Divident in Specie
Thesun 2008-12-24 Page18 Bcorp Proposes Interim Divident in Specie
business news
Hang Seng
14,220.79
S&P/ASX200 TSEC
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KLCI
871.16
KL market summary
3,531.40 DECEMBER 23, 2008
401.60 26.0 129.68 2.27 INDICES CHANGE
FBMEMAS 5,688.95 -29.62
COMPOSITE 871.16 -2.27
STI KOSPI INDUSTRIAL 2,074.44 -7.74
Nikkei
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INDUSTRIAL PROD 66.87 -0.43
21.09 35.30 CONSTRUCTION 163.01 +0.17
TRADING SERVICES 117.00 -0.44
FINANCE 6,720.69 -33.06
PROPERTIES 513.76 -2.37
TURNOVER VALUE
dividend in specie
309.783mil RM327.215mil
Share prices
KUALA LUMPUR: Berjaya Corporation RM46 million.
close lower
Berhad (BCorp) announced yesterday an Profit from operations for the current SHARE prices on Bursa Malaysia closed lower
interim dividend-in-specie of 25 Berjaya quarter under review was lower than yesterday with the key index dragged down by
Media Berhad shares for every 1,000 BCorp previous year mainly due to lower the losses in selected plantation and finance-
shares held, or equivalent to a dividend rate brokerage income from the stock-broking related stocks, dealers said.
of 2.35% single-tier exempt dividend per business arising from the stock market At close, the benchmark KLCI declined 2.27
share for the financial year ending April 30, downturn and high claims ratio which points to 871.16, due to losses mostly in Sime
2009. led to underwriting loss in the general Darby and IOI Corp. The index had opened 0.77
The proposal is subject to approvals insurance business. of a point higher at 874.20.
of the relevant authorities and BCorp’s For the six-month period ended last The key index, which had started the day on
shareholders. Oct 31, the group registered a revenue and a positive note, was weighed down on profit-
In a statement to Bursa Malaysia pre-tax profit of RM3.1 billion and RM215.7 taking activities by short-term investors.
yesterday evening, BCorp also announced million respectively compared with a “Most investors have already started to
a substantially higher revenue of RM1.61 revenue and pre-tax profit of RM1.2 billion take a break for Christmas,” a dealer said.
billion for Q2 ended last Oct 31, compared and RM477.1 million respectively in the For the heavyweights, Sime Darby declined
with RM639.9 million in the previous year’s previous year. 15 sen to RM5.35, Tenaga rose five sen to
corresponding quarter. The increase in the current period’s RM5.95, Maybank slipped five sen to RM5.05,
The higher revenue was mainly due revenue and lower pre-tax profit were MISC fell 25 sen to RM8.40 and IOI Corp lost 14
to the consolidation of Berjaya Sports mainly due to the reasons mentioned sen to RM3.50.
Toto Berhad (BToto) as a subsidiary above. However, operationally for the Among the actives, KNM declined 1.5 sen
company with effect from last February six-month period the group performed to 39.5 sen, MK Land rose 2.5 sen to 18 sen, PI
and higher revenue contributions from the better than the previous year, mainly due to Corp fell half sen to 47 sen and Ramunia-WA
consumer marketing and general insurance the consolidation of BToto as a subsidiary lost half sen to 13.5 sen. – Bernama
businesses. company of the group and higher profit
However, pre-tax profit for the quarter contribution from the consumer marketing
of RM78.9 million was lower than the business.
previous year’s corresponding quarter BCorp’s board took cognisance of the MMC may court PNB and
of RM279.7 million. In the previous prevailing global economic conditions Tabung Haji to buy PTP stake
year’s corresponding quarter there were arising from the financial meltdown in the KUALA LUMPUR: MMC Corporation Bhd may court
significant non-recurring items such as the West and the unavoidable impact on the Permodalan Nasional Bhd (PNB) and Lembaga
gain of RM339 million from the placement regional economies, including Malaysia’s Tabung Haji to buy a 20% stake in the Port of Tan-
of 170 million 5% Berjaya Land Berhad economy which may affect the operating jung Pelepas (PTP), according to OSK Research.
ICULS and the gain of RM36 million from performance of the group in the remaining In its research report released yesterday, OSK
the disposal of certain subsidiaries which quarters of the financial year ending April said MMC may also reduce the asking price to a
were partly offset by the loss arising on 30, 2009, but expects the gaming business more reasonable level.
dilution of interest in a subsidiary company under BToto and consumer marketing Commenting on reports the EPF has rejected
of RM221 million (all totalling about RM154 business under Cosway (M) Sdn Bhd to be MMC’s proposal to sell the minority stakes to EPF,
million). resilient. OSK said as expected the sale of PTP will not be easy
In the current quarter, the group As such, the board is optimistic that the given the presence of Maersk, which may limit the
incurred losses on foreign exchange of group will continue to register revenue potential buyers. “As we mentioned in our Dec 12 re-
RM31 million due to the weakened ringgit and operating profit growth for the search note, we value PTP at RM4.4 billion compared
and made additional impairment in value remaining quarters of this financial year with a possible valuation by the company itself of
of investments in associated companies and from the gaming and consumer business RM8 billion. Our valuation is therefore almost at a 50%
certain quoted investments totalling about contributions. discount to MMC’s valuation,” it said. – Bernama