Benalec to buy two vessels
KUALA LUMPUR: Newly listed Benalec Holdings Bhd’s units Pacific Shipping Ltd and Pacific Link Ltd have proposed to buy two vessels for RM20.75 million.
Benalec, a marine engineering and construction outfit, told Bursa Malaysia yesterday its two units had signed two memorandums of agreement with Middlesbrough Shipping and Investment Ltd and Bolton Shipping and Investment Ltd for the purchase of the vessels.It said the acquisitions and the delivery of the vessels are expected to be completed within FY2011 ending June 30.
The company said the acquisitions will be financed by internally generated funds and/or bank borrowings, the breakdown of which had not been finalised yet.
Gadang slips into the red
KUALA LUMPUR: Gadang Holdings Bhd posted a net loss of RM3.61 million in its second quarter (2Q) ended Nov 30, 2010, from a net profit of RM3.42 million the previous corresponding quarter due to bad and doubtful debts of RM8.86 million.
Nonetheless, revenue almost doubled to RM120.56 million from RM62.37 million previously. For the first half ended Nov 30, 2010, Gadang recorded a net profit of RM2.79 million, down 60% from RM6.97 million a year ago. Revenue rose 68% to RM203.19 million from RM120.78 million.
On its prospects, Gadang said, after the completion of its rights issue, it expects its construction division to be ready to undertake larger projects to be implemented under the government’s Economic Transformation Plan.
Fajarbaru 2Q earnings up
KUALA LUMPUR: Fajarbaru Builder Group Bhd posted a net profit of RM5.28 million in the second quarter (2Q) ended Dec 31, 2010, up 3% from RM5.15 million in the previous corresponding quarter.
Revenue jumped 54% to RM58.16 million from RM37.81 million. Earnings per share were 3.14 sen versus 3.33 sen.
For its first half, the company’s earnings rose 10% to RM9.44 million from RM8.6 million a year ago. Revenue increased by 10% to RM86.19 million from RM77.83 million.
On its outlook, the company said it had submitted several tenders and was confident that it would secure some contracts.
This article appeared in The Edge Financial Daily, January 28, 2011.
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