Latest news with #RM17mil
The Star
02-07-2025
- Business
- The Star
Construction of second Rantau Panjang-Sg Golok bridge on schedule
NARATHIWAT: Construction of the second bridge connecting Rantau Panjang, Kelantan, and Sungai Golok here is progressing as planned, with the Thai authorities currently in the process of selecting a contractor to implement the project. Sungai Golok Highway Division assistant officer Teetuch Mad-adum said the contractor selection process is expected to be completed by September, in line with the timeline agreed upon by Malaysia and Thailand. "We are confident that a suitable contractor will be identified by September, with the initial shortlist involving 10 companies," he said on Tuesday (July 1). Teetuch added that the six-lane bridge, which will be built parallel to the existing Muhibbah Bridge, is expected to have a significant impact on local economic development and further strengthen bilateral relations between Malaysia and Thailand. "The purpose of this bridge is to widen the existing route. Once completed, it will improve the flow of economic activity and make cross-border movement much easier," he said, adding that the bridge will also impact nearby illegal jetties. He said there had been no objections from local residents regarding the project, with no negative impact indicated in related studies. "This bridge is being built specifically to stimulate economic growth, and the entire process has proceeded smoothly without any major obstacles," he said. On financing, Teetuch said the construction cost would be shared by both countries, with Malaysia allocating RM17mil and Thailand RM32mil, which includes related infrastructure upgrades. He added that construction is expected to begin as early as September, following the contractor selection, or by December at the latest, with completion targeted within 36 months. Previously, Works Minister Datuk Seri Alexander Nanta Linggi said the project involves building a new 117.3m bridge parallel to the existing structure, along with upgrading works on the Muhibbah Bridge. In April, the media reported that the Thai Cabinet had approved the construction of a second bridge across Sungai Golok, linking Sungai Golok with Rantau Panjang, Kelantan. The project is viewed as a key step toward strengthening regional connectivity, facilitating cross-border movement, and supporting Asean economic integration. Thailand is Malaysia's seventh-largest global trading partner and the third-largest within Asean. In 2024, bilateral trade between the two countries reached USD25.03bil (RM114.56bil). For the period January to February 2025, trade increased to USD3.96bil (RM17.65bil), up from USD3.67bil (RM16.8bil) in the same period last year. - Bernama
The Star
26-06-2025
- Business
- The Star
MCMC among targets in red-tape reduction drive, says Fahmi
PUTRAJAYA: The Malaysian Communications and Multimedia Commission (MCMC) is among several agencies targeted for reducing bureaucratic red tape, said Datuk Fahmi Fadzil. The Communications Minister announced this following praise for the Communications Ministry's success in cutting red tape through reforms. "I have requested that efforts to overcome bureaucratic red tape be intensified and continued not just within the ministry but also among other agencies and statutory bodies under it," he said at the weekly post-Cabinet meeting press conference on Thursday (June 26). He added that one key area under review is the licence approval process within the MCMC. "We will closely examine the application process for licence approvals submitted to the MCMC," he said. He did not provide further details on the proposed reforms or a timeline for implementation. In a Facebook post on Wednesday (June 25), Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar praised the Communications Ministry for initiating reforms. The ministry was among three that received special certificates of appreciation for achievements in reducing red tape. The Communications Ministry reduced approval time for foreign film scripts from 30 days to just seven, saving RM2.4mil per production. The Housing and Local Government Ministry was recognised for speeding up approval times for Electric Vehicle Charging Bay Plan Certifications from 28 days to three. The Fire and Rescue Department expedited approval for non-system-based technical plan certifications from 30 days to seven. Meanwhile, the Investment, Trade and Industry Ministry (Miti) made financing in the aerospace sector more accessible. This move generated RM17mil in regulatory savings for about 50 small and medium enterprises by increasing their production capacity by up to 30%. Fahmi also revealed that his ministry succeeded in reducing bureaucratic red tape involving the Central Agency for Application of Filming and Performance by Foreign Artistes (Puspal). He said the agency used to take a long time to process applications but improved and expedited the process this April. He said this made the application process for concerts and filming activities easier for both local and foreign artists or film companies.
The Star
19-06-2025
- Business
- The Star
Astro posts 1Q net profit of RM13.5mil
PETALING JAYA: Astro Malaysia Holdings Bhd (Astro) said its biggest threat is content piracy, which it has continued to fight hard against. In a filing to Bursa Malaysia, the content and entertainment company said it will continue to lobby for more regulatory reforms and enforcement activity not just to protect itself, but to safeguard the future of the Malaysian creative industry. 'Across Malaysia, courts have recently ruled in our favour with landmark decisions in the last twelve months, awarding Astro statutory damages and imposing tougher penalties on illegal streaming device (ISD) sellers and errant F&B outlets who illegally stream our content,' it said. The company added that given the challenging environment, it will continue to maintain a cautious outlook, carefully monitoring business conditions and ensuring effective cost discipline as consumers and businesses digest the impact of internal reforms and external uncertainties. For the first quarter ended April 30, 2025, Astro Malaysia recorded a lower revenue of RM703.1mil, compared to the RM772.5mil recorded for the same quarter a year ago. Subsequently, this also drove down its profit, registering at RM13.45mil compared to RM17mil in the same quarter last year. According to Astro, the decrease in both revenue and profit was due to a reduction in subscription and advertising revenue. The lower figures was also attributed to decreased earnings before interest, taxes, depreciation, and amortisation, which were offset by lower net financing costs, favourable unrealised foreign exchange arising from unhedged lease liabilities, as well as reduced amortisation of intangible assets and tax expense. For television, revenue for the quarter under review fell 7.9% to RM670mil while radio's revenue also dropped 27.3% due to soft consumer sentiments leading to lower advertising spend. It also said its total liabilities had decreased by RM110mil on the back of lower borrowings by RM118mil and payables by RM44mil, offset by higher tax liabilities by RM34.2mil and derivative financial instruments by RM12.2mil. Moving forward, the company said its investments will continue to be firmly focused on long-term and sustainable growth by elevating local content, while increasing the volume and diversity of content in lower tiers. These will be coupled with reducing entry pricing for Astro and sooka products, with the intent to grow its base. 'Astro will also increase the uptake of its adjacent businesses and transform legacy structures to support all the other strategies,' the group said. Its board did not declare any interim dividend in respect of the first quarter ended April 30, 2025. At market close, Astro Malaysia's share price was recorded at 17.5 sen with a market capitalisation of RM913.33mil.
The Star
12-06-2025
- Business
- The Star
KPJ Healthcare likely to face challenges
PETALING JAYA: KPJ Healthcare Bhd is likely to face a tougher business environment from July 2025, as the expanded sales and service tax (SST) is expected to raise its rental and medical tourism costs. In a note to clients, MIDF Research highlighted that KPJ had injected two hospital properties – a 15-storey building at KPJ Ampang Puteri and a 10-storey building at KPJ Penang – into Al-'Aqar Healthcare REIT for a total of RM241mil. Under the agreement, KPJ would lease KPJ Ampang Puteri for 11 years and KPJ Penang for 15 years, with an annual rental increment of 2% and the option to extend the lease for another 15 years. The brokerage pointed out: 'The rental for these two assets will be charged at approximately RM15mil in 2025 as a baseline. With the implemented SST, we opine the net charge would be about RM16mil. 'However, it should be noted that any contracts signed before the date of implementation will be exempted from SST for a year. Hence, 2026 rental is estimated to be nearly RM17mil. By 2040, we expect the rental for these two assets to reach about RM22mil,' it added. MIDF Research also noted that KPJ had previously injected 19 out of its 30 hospitals into Al-'Aqar, with the 2024 lease, excluding the two newly injected assets, amounting to over RM107mil. The RM100mil debt repayments would mitigate additional costs from the sale-and-leasebacks, while the additional working capital of RM139mil would support operational improvements. 'We believe the short-term support will streamline KPJ's financial performance amid the economic headwinds and policy changes,' it said. On medical tourism, MIDF Research estimated that SST would add RM24mil to RM32mil per annum in tax expenses, given that around 9% to 12% of KPJ's revenue stemmed from this segment. 'We noted that this could increase the cost of treatment, subsequently reduce KPJ's competitiveness with other domestic and regional players and increase price sensitivity,' it explained. The research house revised its earnings forecast for 2025-2027 downwards by 1%, adjusting its target price to RM3 from RM3.02, pegging on a price-earnings ratio of 28.8 times to the revised estimated earnings per share of 10.4 sen. 'Considering that the impact of the SST is minimal on the group's forecast results, we maintain our 'neutral' call on KPJ,' it said.
The Star
10-06-2025
- Business
- The Star
PT Resources invests RM17mil in China coconut processing plant
PETALING JAYA: PT Resources Holdings Bhd , a processor and trader of frozen seafood products, has established a coconut processing facility through an investment of RM17mil in the designated special economic zone known as China-Indonesia Food Industrial Park located in Fuqing, China as part of the move to broaden the company's food-processing capabilities. The new facility, which will start operations by the middle of this month, will produce a wide range of value-added products such as frozen coconut water, frozen coconut milk, desiccated coconut and other derivatives, capturing the complete potential of the coconut fruit. PT Resources managing director Heng Chang Hooi said in a statement: 'We are optimistic about the growing demand for coconut-based products in China, supported by its large population of 1.4 billion, rising interest for plant-based diets, and increasing demand for dairy alternatives. 'The popularity of coconut milk in coffee chains and specialty beverage outlets reflects this trend'. The facility would initially focus on supplying frozen and dried coconut products to business-to-business (B2B) customers such as food and beverage (F&B) manufacturers within Fujian province and nearby regions, as the province, a key importer and processor of mature coconuts, serves a wide network of F&B manufacturers within a 700-km radius. Heng said the company 'is actively exploring B2B collaborations with Chinese distributors and manufacturers, including opportunities for private-label production and OEM services as part of our localisation strategy. 'We also aim to leverage on Fujian's export infrastructure to access Asean markets and will participate in trade exhibitions such as the China Food and Drinks Fair.' He added that the company 'is also in the process of securing consistent supplies of mature coconuts from Indonesia – one of the world's leading coconut producers. 'These arrangements will ensure a steady supply of coconuts to meet the anticipated demand'.
