Eastern & Oriental Bhd posted net loss of RM44.61 million in the fourth quarter ended March 31, a contrast from the net profit of RM9.27 million a year ago. The company told Bursa Malaysia on May 26 the losses were mainly due to loss on disposal of an associate and provision for impairment loss of investments.
IJM Corp Bhd’s net profit for the fourth quarter ended March 31, 2009 fell to RM53.34 million from RM116.47 million a year ago (which included a RM65 million one-off gain) while crude palm oil (CPO) prices fell and construction costs rose.
IJM said on May 26 that revenue of RM1.178 billion was a decline of 10.2% from RM1.312 billion a year ago. Earnings per share were 5.69 sen compared with 13.57 sen.
On the lower revenue, it said the decrease was mainly due to the recent decline in the prices of CPO and palm kernel oil (PKO) during the quarter as well as a slowdown in property sales. Its plantations and properties divisions registering declines of 33% and 38% in revenue from a year ago.
The lower earnings were due to the exclusion of a RM65 million one-off gain from the disposal of an associate, Pacific Alliance-Stradec Group Infrastructure Co a year ago, lower CPO prices fell while the construction division suffered from higher input and financing costs.
MALAYSIA'S central bank kept its key rate unchanged at 2 per cent today in line with expectations, saying that earlier rate cuts and credit measures were sufficient to support domestic demand. “The current assessment is that the accumulated monetary policy initiatives and measures to enhance access to financing are sufficient to provide support to domestic demand,” Bank Negara Malaysia said in a statement.
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