Latest news with #RM37
Focus Malaysia
30-06-2025
- Business
- Focus Malaysia
Top Glove optimistic despite tariff concerns, sees orders picking up
TOPGLOVE registered a nine months financial year 2025 (9MFY25) reported net profit of RM71 mil versus a loss in 9MFY24. Its 9MFY25 core profit after tax and minority interest (PATAMI) of RM37 mil missed expectations. It registered a core net profit of RM37 mil or 37% and 45% of our and consensus full-year net profit forecasts, respectively. 'We highlight that quarter-on-quarter (QoQ), quarter three financial year 2025 (3QFY25) registered a volume sales increase of 4% against market expectation of a lower sales volume despite the challenging operating environment,' said Kenanga. The negative variance from their forecast was due to lower-than-expected margins. QoQ, 3QFY25 revenue fell 6% due to a lower average selling price (ASP) (-5%) but this was negated by a higher sales volume (+4%). Correspondingly, earnings before interest, tax, depreciation and amortisation (EBITDA) fell 30%, due to lower revenue leading to lower-than-expected economies of scale. The lower ASP was due to heightened competitive pressure in the European markets while customers in the US paused at the sidelines pending clarity from tariffs uncertainties and a lower input raw material latex (-9%) and nitrile (-4%) leading to cost savings pass through to customers. As a result, core profit fell to RM5 mil in 2QFY25 compared to RM27 mil. Year-on-year (YoY), 9MFY25 revenue rose 55% largely due to a higher sales volume (+60%) and ASP (+1%). At the net level, it returned to the black in 9MFY25 with a core net profit of RM37 mil compared to a loss of RM58 mil in 9MFY24 due to the absence of high-cost inventory. No dividend was declared this quarter as expected. The key takeaways from the analysts briefing are as follows: It guided utilisation to be higher in 4QFY25. In fact, June CY25 utilisation rate is presently 65% compared to 61% in 3QFY25. The group is optimistic on demand trends, downplaying the impact of recent tariff-related disruptions, as there is only so long customers can hold off buying. In fact the group has started seeing orders flowing back in May and June and expect momentum to continue in July. It expects 4QFY25 volume sales to grow at 15-20% QoQ on the back of order replenishment and US orders picking up following the frontloading effects of US customers purchasing from Chinese glove makers in 4QCY24. The group highlighted that its exports to the US continued to show improvement which rose 24% QoQ in 3QFY25. U.S. sales accounted for 26% of total group volume sales above the 15% mix for FY24, and heading towards the pre-pandemic average of 20%−30%. In order to mitigate competitive pressure in non-U.S. markets such as Europe, where China manufacturers' aggressive nitrile glove pricing strategies may pose challenges, it can switch between natural rubber and nitrile glove production lines. —June 30, 2025 Main image: The Sun
Daily Express
28-06-2025
- Business
- Daily Express
‘Misled on Haj package' claim
Published on: Saturday, June 28, 2025 Published on: Sat, Jun 28, 2025 By: Lagatah Toyos Text Size: According to Sapariah, the losses included return MAS flight tickets between Tawau and Kuala Lumpur, excess baggage charges for domestic flights in Saudi Arabia, and expenses for frozen food and other necessities—with some items supported by receipts and some without. TAWAU: The Consumer Claims Tribunal has fixed July 24 for the hearing of a case in which a female teacher is claiming RM10,000 in compensation from a company that offered a Hajj package. Tribunal President Larina Wong Shiao Yee said the claimant, Sapariah Muhammad, filed the claim against Tripz HR Sdn Bhd on May 14, 2025. In her claim, the teacher alleged that the company had misled her with the Hajj package it offered. She had paid for a Hajj worker visa and a Haji Tasreh visa package but was only issued a tourist visa. Despite paying for the worker visa package, Sapariah claimed she received only a tourist visa before departing from Tawau. She also alleged that the company misused the tourist visa for the purpose of performing Hajj. Furthermore, the claimant said she felt manipulated and deceived after being instructed to lie about her true purpose of travel to Saudi Arabia, both at the Kuala Lumpur International Airport (KLIA) and upon arrival in Riyadh. She incurred losses amounting to RM10,000, as not all payments were refunded after she cancelled her trip while at KLIA. According to Sapariah, the losses included return MAS flight tickets between Tawau and Kuala Lumpur, excess baggage charges for domestic flights in Saudi Arabia, and expenses for frozen food and other necessities—with some items supported by receipts and some without. The teacher had initially paid a total of RM37,305 for the Hajj package, which included payments to the company's account, the agent's account, and other related expenses. However, she only received a partial refund of RM27,305. She was originally scheduled to perform the Hajj and Ziarah pilgrimage from May 17 to June 28, 2024. Meanwhile, the company's legal adviser, Hanif Osman, requested a new mention date to allow time to review the documents and claim details submitted. Larina then fixed July 24 as the next hearing date and instructed both the claimant and respondent to attend with any relevant witnesses or supporting documents. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Barnama
23-06-2025
- Business
- Barnama
Penang Port Invests RM37 Mln In Four Hybrid RTG Cranes To Enhance Efficiency, Sustainability
REGION - NORTHERN > NEWS GEORGE TOWN, June 23 (Bernama) -- Penang Port Sdn Bhd has invested US$7.88 million (RM37 million) in acquiring four new hybrid rubber-tyred gantry (RTG) cranes from Mitsui E & S Co Ltd, Japan, to enhance operational efficiency and promote environmental sustainability. In a statement today, Penang Port said the addition of these four new hybrid RTGs brings the total to 11 hybrid units as part of the 31-unit RTG fleet and this significant upgrade underscores its commitment to innovation. Penang Port began its hybrid RTG journey with three units in 2019 before adding four more in 2020. bootstrap slideshow 'Hybrid RTG cranes play a crucial role in modern port operations by efficiently loading and stacking intermodal containers with impressive accuracy. What sets these machines apart is their innovative use of both diesel and electric battery power. 'We anticipate a 50 per cent reduction in fuel consumption and emissions with the addition of these hybrid cranes, leading to significant cost savings compared to traditional diesel-powered RTGs,' the statement said. Meanwhile, chief executive officer Datuk Sasedharan Vasudevan said the investment underscores Penang Port's commitment to enhancing operational efficiency while fostering a greener and more sustainable port environment. 'With these new RTGs, we will significantly improve our container handling capacity, optimise our operations, and most importantly, reduce our carbon footprint, paving the way for a healthier future. 'The arrival of four hybrid RTG cranes represents a significant advancement for Penang Port and the communities it serves,' he added. In addition to the operational benefits, this initiative aligns closely with Penang Port's strong environmental, social, and governance (ESG) sustainability goals. It encompasses aspects of the port's operations, from minimising carbon footprint and improving waste management practices to optimising resource utilisation.
Barnama
22-06-2025
- Business
- Barnama
Cooperatives Urged To Implement Digitalisation Immediately To Remain Competitive
PUTRAJAYA, June 22 (Bernama) -- Coooperatives have been urged to implement digitalisation initiatives immediately and make full use of modern technology to ensure they remain competitive. Cooperatives Commission of Malaysia chairman Datuk Ahmad Norihan Jalal said the current business environment in Malaysia was challenging and required cooperatives to use technologies such as artificial intelligence (AI) and Internet of Things (IoT). 'We cannot be complacent, the business world will continue to change and cooperatives need to ride this wave of change. If cooperatives don't adapt, they will be left behind,' he said at a media conference after attending Koperasi Sahabat Amanah Ikhtiar Malaysia Berhad's (Koop Sahabat) annual general meeting here today. Ahmad Norihan said digitalisation would speed up various process in cooperatives, from internal administration to e-commerce, and will not only boost efficiency but open up more job opportunities. 'Digital transformation in cooperatives must be seen as a long term investment. AI, IoT and digital systems aren't new things,' he added. Ahmad Norihan praised Koop Sahabat for launching an AI-based virtual support system, YATI, that was capable of giving immediate feedback and speed up access for its members, stating that the cooperative was brave in being innovative. Meanwhile Koop Sahabat chairman Mohd Najib Mohd Noor announced a dividend of 10 per cent for the 2024 financial year involving a total of RM10.5 million for 449,848 members. 'Our revenue was rather high with a profit of RM37 million, about a 140 per cent rise from the previous year,' he said, adding that the Ar-Rahnu business was the highest contributor to the cooperative's revenue, followed by investments in real estate and housing projects. -- BERNAMA
The Sun
22-06-2025
- Business
- The Sun
Cooperatives urged to embrace digital tech for growth
PUTRAJAYA: Coooperatives have been urged to implement digitalisation initiatives immediately and make full use of modern technology to ensure they remain competitive. Cooperatives Commission of Malaysia chairman Datuk Ahmad Norihan Jalal said the current business environment in Malaysia was challenging and required cooperatives to use technologies such as artificial intelligence (AI) and Internet of Things (IoT). 'We cannot be complacent, the business world will continue to change and cooperatives need to ride this wave of change. If cooperatives don't adapt, they will be left behind,' he said at a media conference after attending Koperasi Sahabat Amanah Ikhtiar Malaysia Berhad's (Koop Sahabat) annual general meeting here today. Ahmad Norihan said digitalisation would speed up various process in cooperatives, from internal administration to e-commerce, and will not only boost efficiency but open up more job opportunities. 'Digital transformation in cooperatives must be seen as a long term investment. AI, IoT and digital systems aren't new things,' he added. Ahmad Norihan praised Koop Sahabat for launching an AI-based virtual support system, YATI, that was capable of giving immediate feedback and speed up access for its members, stating that the cooperative was brave in being innovative. Meanwhile Koop Sahabat chairman Mohd Najib Mohd Noor announced a dividend of 10 per cent for the 2024 financial year involving a total of RM10.5 million for 449,848 members. 'Our revenue was rather high with a profit of RM37 million, about a 140 per cent rise from the previous year,' he said, adding that the Ar-Rahnu business was the highest contributor to the cooperative's revenue, followed by investments in real estate and housing projects.
