News in brief @ 30 December 2011
Filed Under (Business News) by Webmaster on 30-12-2011
Tagged Under : Cypark Resources Bhd, Eden Inc Bhd, Jaks Resources Bhd, Silver Bird Group Bhd
1) Cypark Resources Bhd posted a higher pre-tax profit of RM30.235 million for the financial year ended Oct 31, 2011 compared with RM29.666 million in the same period last year.
In a circular to Bursa Malaysia, the solid waste management company said this was due to the significant decrease in administrative and finance costs.
However, its revenue declined to RM161.213 million from RM177.553 million previously, due to the delay in the handover of certain phase two landfill sites by the client.
Meanwhile, Cypark Resources said that its business would remain positive and strong in the forthcoming financial year 2012.
The company said the market growth of solid waste management services was expected to be driven by the increasing output of Malaysia’s population.
“By 2020, daily solid waste output is expected to bloat to 30,000 tonnes, compared to a current level of about 20,550 tonnes,” it added.
2) Jaks Resources Bhd reported a revenue of RM93.238 million in its fourth quarter ended Oct 31, 2011, an increase of nine per cent from the previous year’s corresponding quarter revenue of RM85.742 million.
In its filing to Bursa Malaysia, the company said the increase was mainly due to higher revenue recognition of works done for projects in the construction division. The group’s construction division has been the main contributor to the group and is expected to continue in the new financial year as construction projects are expected to gain momentum, the company said.
3) Eden Inc Bhd has entered into a sale and purchase agreement with Sanmukam Rajendran and Gunnallan Muthusamy for the
disposal of 3,000,000 ordinary shares of RM1.00 each in its wholly-owned subsidiary, Eden Coffee Garden Sdn Bhd.
In a filing to Bursa Malaysia, the company said this represents the entire issued and paid-up share capital of Eden Coffee, for a total consideration of RM36,000.
Eden Coffee was incorporated on Aug 9, 1983, with an authorised capital of RM3 million divided into 3,000,000 ordinary shares of RM1.00 each, which is fully paid-up.
“Contingent upon the disposal, Eden Coffee will cease to be the wholly-owned subsidiary of Eden. ”Having considered the rationale and effects of the disposal, the Board is of the opinion that the disposal is in the best interest of Eden,” the company added.
4) Silver Bird Group Bhd’s pre-tax profit for the financial year ended Oct 31, 2011 rose to RM5.756 million from RM3.655
million recorded in the same period last year.
Revenue increased to RM612.746 million from RM593.507 million previously, due mainly to the higher contribution from the consumer food division, it said in a filing to Bursa Malaysia today.
“The consumer food division increased its revenue by 66 per cent, from RM48 million in the corresponding period of the previous year to RM80 million in the current quarter, due to sales channel expansion, increase in selling prices as well as the successful launch of new products,” Silver Bird said.
The company will continue to enhance the revenue of the core business of the consumer food division in order to further improve the bottom line, it said.
In a separate filing, Silver Bird announced that it has yet to comply with the Main Market listing requirements of Bursa Malaysia Securities Bhd in relation to the public shareholding spread requirement. As at Dec 16, the company’s public shareholding spread stood at 20.01 per cent or 81,389,021 shares.
The company will continue to look at the various options to meet the shortfall in public shareholding spread, including pursuing private placement exercise/fun raising exercise and persuading its major shareholders to sell down their portion, it added
