Latest news with #RM869
The Star
17-07-2025
- Entertainment
- The Star
Rare Gandhi portrait smashes estimate to sell for nearly RM869,000
Caspar Leighton, great-nephew of Clare Leighton, poses at Bonhams in London with his great-aunt's oil painting of Mahatma Gandhi. Photo: AFP A rare painting of Mahatma Gandhi, believed to be the only oil portrait that the Indian independence leader ever sat for, has sold at auction in Britain for £152,800 (approximately RM869,000). The 1931 painting by British-American artist Clare Leighton fetched more than twice the estimated price when the auction closed on Tuesday in London, Bonhams auction house has revealed. "Thought to be the only oil painting of Mahatma Gandhi which he sat for, this was a very special work, which had never before been offered at auction," said Rhyanon Demery, Bonhams' head of sale. She added the painting "was a testament to Gandhi's power to connect with people far and wide, and presented a lasting document of an important moment in history". Gandhi, one of the most influential figures in India's history, led a non-violent movement against British rule and inspired similar resistance campaigns across the world. He is the subject of tens of thousands of artworks, books and films. The portrait was created in London - at a crucial time for India's independence struggle - and remained in Leighton's collection until her death in 1989. It was then passed down through her family, according to Bonhams. No details were provided about the buyer. - AFP
Barnama
17-07-2025
- Business
- Barnama
Nekmat Posts Over RM11 Million Profit
KUALA LUMPUR, July 17 (Bernama) -- The National Fishermen's Association (NEKMAT) recorded a profit of over RM11 million in 2024, driven by the successful implementation of various economic projects, including logistics and property development. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said among the contributing ventures was the opening of a NEKMAT petrol station in Mentakab, Pahang, which boosted the association's overall earnings. He added that NEKMAT has also played a vital role in managing subsidised diesel since 1987, with a monthly quota of 51 million litres distributed efficiently and effectively to fishermen. 'The government deeply appreciates NEKMAT's role in championing the welfare of fishermen. We will continue to work closely with the association and the entire fishing community to ensure their wellbeing is protected, in line with efforts to make the fisheries sector more sustainable,' he said when officiating NEKMAT's 40th Annual General Meeting here today. Meanwhile, NEKMAT chairman Abdul Hamid Bahari said the association's total transactions rose to RM869 million, with a net profit of RM11.38 million, boosting its share capital to RM30.26 million. 'This achievement reflects efficient management and the dedication of NEKMAT's workforce in implementing various economic projects for the benefit of its members and the wider fishing community,' he said. He added that major projects include the supply of subsidised diesel, marketing of fish and fisheries products, ice production, fisheries input supply, fishing operations, as well as logistics and property development. NEKMAT, he said, also plans to expand its business activities by building new petrol stations and ice plants, large-scale aquaculture ventures — particularly shrimp farming — and investing in the property sector. 'These efforts aim to transform NEKMAT into a modern, efficient and sustainable institution,' he said.
BusinessToday
03-06-2025
- Business
- BusinessToday
Analysts Downgrade Genting Malaysia, After Sharp Drop In Q1 Profits
CIMB Investment Bank Bhd (CIMB Securities) has downgraded Genting Malaysia Bhd (GENM) to HOLD from Buy, with a sharply lower target price of RM1.95 from RM2.45, while Hong Leong Investment Bank (HLIB) has reiterated its HOLD call with a revised target price of RM1.82, as both research houses flagged significant earnings pressure from weaker-than-expected performance across domestic and international operations. GENM's core net profit for the first quarter of FY25 fell 78% year-on-year to RM52 million, which CIMB said was impacted by a broad-based earnings decline across Resorts World Genting (RWG), the US, and UK segments, compounded by higher net interest cost and an elevated effective tax rate. The results were well below expectations, coming in at only 9% and 8% of CIMB Securities' and consensus full-year forecasts, respectively. HLIB similarly noted that GENM's RM31.1 million core profit for the quarter missed its projection by a wide margin, at just 6% of its FY25 estimate. RWG's gross gaming revenue (GGR) was a key concern, declining 7% year-on-year and 9% quarter-on-quarter, driven mainly by a significant drop in VIP play, which fell 18% year-on-year. Although mass market GGR grew by 7%, it was not enough to offset the overall weakness. CIMB Securities highlighted that hilltop visitations dipped 2% year-on-year, likely impacted by the earlier timing of Hari Raya compared to 2024, which affected non-gaming activities. Meanwhile, EBITDA for the group fell 11% year-on-year to RM869 million, with EBITDA margins shrinking to 31.9%. In the US and Bahamas, EBITDA contracted 22% year-on-year, pressured by higher labour costs and a weaker US dollar against the ringgit. In the UK and Egypt, earnings fell 25% year-on-year under similar conditions, though they were flat quarter-on-quarter. Share of associate losses from Empire Resorts also widened sequentially. HLIB noted that while revenue in the US & Bahamas rose 8.6% quarter-on-quarter, group-wide earnings recovery was insufficient to match past performance due to structural headwinds in international markets. CIMB Securities revised its core earnings estimates down by 37–39% for FY25–27, expecting a 29% drop in FY25 earnings before a modest 12% recovery in FY26, aided by anticipated tourist inflows during Visit Malaysia Year. HLIB likewise slashed its forecasts by 36–40%, citing persistently high finance costs, tax burdens and operating volatility in the US. Despite the earnings headwinds, both brokers pointed out GENM's dividend yields remain relatively attractive at 5.5–6.6% over FY25–27. However, CIMB Securities stressed that valuation at an FY25 EV/EBITDA of 8.3x is only modestly attractive, trading at a 12% discount to its 10-year pre-COVID average. Upside risk remains in the form of a possible full casino licence in Downstate New York, which CIMB Securites estimates could add 40–50 sen to its target price. GENM shares closed at RM1.82 on 30 May, giving the group a market capitalisation of RM10.26 billion. Related
