Trade Shares or Stocks in Bursa Malaysia|How to start Trading | Trade Stocks in Bursa Malaysia | How to Open Trading Account | How to Open CDS Account | What is Collateralised Trading | Discretionary Financing | Share Margin Financing | CDS Share Transfer | Securities Borrowing and Lending (SBL) | Regulated Short Selling (RSS) | Brokerage | Internet Trading Brokerage Discount | Cash Upfront Brokerage Discount | Clearing Fees | Contract Stamp Duties | Bursa Malaysia | Composite Index | Bursa News | Listed Companies News | Market News | Market Outlook

The world’s largest rubber glove maker, Top Glove Corp Bhd, more than doubled its fourth-quarter net profit, driven by strong demand for its products amid the ongoing flu scare and cost-saving measures.

The company also declared a final dividend of 15 sen a share, bringing the total payment for the full year to 22 sen, double what it paid in 2008.

Top Glove made a net profit of RM56.8 million for the quarter to August 31 2009. Revenue was up 17.2 per cent to RM427.

Its full-year net profit was RM169.2 million, a 54 per cent jump, while revenue was up 11 per cent to RM1.53 billion.

This is also its best yearly net profit since 2001 and its highest dividend payout in nine years.

“The continuing strong profit growth shows that Top Glove is efficient and had adapted well to the challenging business environment resulting from cost-saving measures implemented at all factories,” chairman Tan Sri Lim Wee-Chai said in a press release.

The group now had a net cash position of RM177 million and some RM197.2 million cash in the bank as at August 31 2009.

With strong profit growth, Lim said Top Glove is optimistic of its future despite ongoing global economic challenges.

“With a large customer base spread over more than 180 countries worldwide and with a diversified range of good quality products, coupled with a team of dedicated employees, we are confident in achieving continuous growth and good profitable performance in next financial year,” he said.

To meet rising demand, Top Glove is in the process of installing additional nine latex concentrate centrifuge machines in Thailand with targeted completion by December 2009.

The glove maker also said it will build its 21st factory in Klang with construction scheduled to be completed in July next year. It now produces 31.5 billion gloves a year and has more than 850 customers worldwide.

Related Posts:

• Top Glove expanding its business
• Top Glove higher earning despite economic slowdown

FINANCIAL services and property development group TA Enterprise Bhd will make its maiden foray into the venture capital business, focusing on the financial sector.

Its managing director and chief executive officer Alicia Tiah said the venture was still in the infancy stage, adding that further details such as investment allocation would be announced later.

“Part of the financing may come from the listing of our property arm TA Global Bhd. At the same time, we will beef up our corporate finance business,” she told reporters after the group’s extraordinary general meeting in Kuala Lumpur yesterday.

On the long-awaited listing of TA Global, which has been deferred more than three times since last year, Alicia said the Securities Commission had approved all of its proposals.

The listing plan was earlier postponed due to unfavourable market conditions.

TA Global’s listing is tentatively on November 30, which will also see its cash position reach RM135 million.

“TA Enterprise’s cash position after the listing of TA Global will total RM230 million provided all of its public and Bumiputera share portions are fully subscribed,” said Alicia.

After the listing, TA Enterprise will own 57.3 per cent of TA Global.

On the group’s outlook, Alicia said that much will depend on the stock market’s performance as among its income sources is brokerage retail income.

“When the market is rosy, so will our profits. Our brokerage business in Hong Kong is also giving us a good return due to its proximity to China,” she said.

On its hotel business, TA Enterprise executive chairman Datuk Tiah Thee Kian said the group is always on the lookout for good opportunities.

“We are looking for opportunities all the time, especially for hotels in London and Vancouver, by either buiding one ourselves or through a joint venture.

“It should be cheap and give us a stable income inflow. Those with a RM600 million price range are good for the company, and we will only buy during recession time and not during boom time,” Thee Kian said.

TA Enterprise owns the Coast Whistler Hotel in Vancouver, Canada, worth RM191 million, as well as The Westin Melbourne (RM390 million) and the Radisson Plaza Hotel (RM286 million) in Sydney, Australia.

Related Posts:

• No Related Posts

Bursa Malaysia has decided to remove two features – pre-closing and trading-at-last – from the morning session with effect from Oct 26.

Their removal would result in an additional 15 minutes of continuous trading, the exchange operator said in a statement. However, Bursa said these two features would be retained for the afternoon session.

The pre-closing phase was intended to mitigate price manipulation and was especially suited for the end of a trading day, it said.

The trading-at-last, which comprises the last 10 minutes of a trading day, will provide traders with the opportunity to trade at the closing price of a stock.

“This improvement is made in consultation with market participants who echoed their support in making trading experience seamless and opportunities continuous for investors.

“Our priority is to facilitate a trading platform that gives accessibility in trading while maintaining price transparency and efficiency,” Bursa chief executive officer Datuk Yusli Mohamed Yusoff said in a statement.

Related Posts:

• Theoretical Opening Price and Theoretical Closing Price
• Bursa New Trading System – Part 2
• Broker Trade Securities Update
• Bursa New Trading System and its Benefits to You – Part 1