Tuesday, May 31, 2011

MMC Corp 1Q net profit up 29.5% to RM43.04m




KUALA LUMPUR: MMC CORPORATION BHD [] net profit for the first quarter ended March 31, 2011 rose 29.5% to RM43.04 million from RM33.23 million a year earlier, due mainly to higher contributions from most of its divisions.

Revenue for the quarter increased to RM2.23 billion from RM2.06 billion in 2010. Earnings per share was 1.41 sen while net assets per share was RM2.19.

Reviewing its performance on Tuesday, May 31, MMC Corp said its energy and utilities division’s profit rose by 39.1% or RM85.1 million due to higher volume of gas sold, lower other operating expenses, improved associates performance and lower finance cost following repayment of loan during the period.

The transport and logistics division’s higher earnings were higher driven by the increase in throughput volume, it said.

Meanwhile, the engineering and CONSTRUCTION [] division earnings were higher mainly due to the absence of profit revisions for the double track project despite the project losses of Zelan Berhad, an associate company of the group, it said.

However, its corporate division’s contribution was lower was due to no gain on disposal of investment recorded as in the corresponding financial period, it said.

On its prospects, MMC Corp said that in line with the improvement in its businesses, the company expects its current year results to be better than that for the year ended Dec 31, 2010.

Written by Surin Murugiah of theedgemalaysia.com

Saturday, May 28, 2011




Wednesday, May 25, 2011


Tuesday, May 17, 2011

MMC plans to list Gas Malaysia, Malakoff, Johor Port

KUALA LUMPUR: MMC CORPORATION BHD [] plans to list its subsidiaries -- Gas Malaysia Sdn Bhd and Malakoff Bhd -- and also its unit Johor Port.

MMC group managing director Datuk Hasni Harun said on Monday, May 16 the first company to be likely listed would be its 51% owned Gas Malaysia.

He said the three companies were ready for listing but it would hinge on factors such as timing and the growth of the respective company.

Hasni said its 51% owned independent power producer Malakoff was going through price discovery process at the moment. It was previously listed and then taken private.

According to Hasni, Malakoff is worth about RM7 billion currently while Gas Malaysia and Johor Port are worth RM5 billion and RM1.5 billion respectively.

However, he was non-committal when asked if the listing would take place this year.

He denied Gas Malaysia had obtained approval to list from the Securities Commission (SC) as reported by a newspaper on Monday.

“It is not true. In order for us to list Gas Malaysia, we have to get approval from our partners namely PETRONAS GAS BHD [] and Tokyo Mitsui Gas Holding. We have yet to get shareholders approval,” he said adding that MMC has yet to submit any application to the SC.

On whether there are discussions with Gas Malaysia’s other partners on the possibility of listing, Hasni said there are discussions at board level but is yet to be brought to the shareholders.

On MMC’s bid for the extension of the 1,000 MW coal-fired generation capacity in Tanjung Bin, Johor, Hasni said the company was informed that its bid is technically and commercially competitive.

He said MMC and Malakoff have its financing in place already should it win the bid.

Hasni also said that MMC would bid for the tunnelling work for the mass rapid transit (MRT) project, which is slated to begin in July, through a Swiss challenge.

He said at least 10 international companies were likely to bid for the tunnelling based on their experience in casting limestone and the diameter of the tunnel.

On its port business, Hasni said Johor Port and Port of Tanjung Pelepas (PTP) constituted 40% of the country’s throughput.

“Based on our growth that we have seen this year, we are quite confident that we will be hitting our maximum capacity of PTP of 8.5 million TEUs soon,” he said, adding that an expansion plan is in order.

He said there are currently 12 berths in PTP and the expansion will include the CONSTRUCTION [] of an additional two berths.

“The land has already been reclaimed. It will be the equipment cost and wharf which we need to construct and will cost us about RM1 billion,” said Hasni.

Malakoff and PTP expected RM150 million and RM170 million in capital expenditure this year.

Written by Sharon Tan of theedgemalaysia.com


Thursday, May 5, 2011

CIMB Research has Buy on Mudajaya at RM4.51



KUALA LUMPUR: CIMB Equities Research has a Buy on MUDAJAYA GROUP BHD [] at RM4.51 where it is trading at FY12 price-to-earnings of 5.8 times and a price-to-book value of 2.6 times.

It said on Thursday, May 5 the stock appears to be on its last leg of a huge triangle consolidation pattern. Prices are also now testing the 200-day SMA at RM4.56. As long as prices remain above the RM4.42 levels, the triangle pattern holds.

CIMB Research said the technical indicators are still in consolidaiton mode. MACD is still trickling lower while RSI is also on an easing trend.

“A breakout above RM4.78, its 30-day SMA would likely signal that the bulls are back in business. For now, aggressive traders may opt to buy on weakness with a stop placed below RM4.40. Upside resistance is seen around RM5.05, the triangle resistance and RM5.44,” it said.

Written by theedgemalaysia.com


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