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Chemical Company of Malaysia Bhd (CCM) (2879) has registered a pre-tax profit of RM120.268 million for its financial year ended December 31, 2008, up from RM105.551 million the previous year.

The country’s largest generic pharmaceutical manufacturer set a new record of RM2.165 billion in revenue, an increase of 55 per cent from RM1.397 billion in 2007.

The fertilisers division was the group’s top revenue earner last year, CCM said in a statement yesterday.

The division’s revenue nearly doubled to record a 94.2 per cent increase in revenue to RM1.4 billion from RM723.8 million in the same period in 2007, it said.
Pre-tax profit rose significantly by 138.4 per cent to RM83.5 million from RM35.0 million previously for the division, it added.

The division’s higher performance over the previous year was achieved on the back of rising prices and improved margins in the first three quarters of 2008, which started to soften in the last quarter.

The group’s chemicals division reported an 18.7 per cent growth in revenue to RM606.5 million from RM511.1 million in 2007.

However, the division’s pre-tax profit at RM14.7 million was 3.1 per cent lower than the previous year due to year-end stock impairment charges incurred, reflecting market falls in product prices and underperformance of its water systems business.

The pharmaceuticals division’s revenue improved seven per cent to RM232.7 million from RM217.4 million in the corresponding period the previous year.

However, its pre-tax profit was 33 per cent lower at RM37.2 million from RM56.3 million previously.

CCM attributed the decrease to reduced margins arising from higher raw material prices coupled with lower selling prices of products to the government sector.

The CCM board has recommended a final dividend of 1.8 sen per ordinary shareless tax at 25 per cent and 4.9 sen tax exemption for the financial year ended December 31, 2008. – Bernama

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Star Publications (M) Bhd (6084) posted a lower net profit of RM13.3mil, or 1.8 sen per share, for the fourth quarter ended Dec 31, which was mainly due to goodwill impairment.

The group’s revenue during the quarter declined marginally to RM211.6mil from RM212.6mil in the corresponding period last year while pre-tax profit was lower at RM23.8mil from RM70.6mil before.

“The group’s profit before tax for the current quarter was lower at RM23.8mil compared with 2007 corresponding results of RM70.68mil due to higher operating expenses and goodwill impairment in the current quarter,” the company said in a statement to Bursa Malaysia yesterday.

For the financial year ended Dec 31 (FY08), Star posted revenue of RM831mil, up 3% from RM805.8mil in FY07.
Datuk Leong Tang Chong

However, its net profit was 17.8% lower at RM138.9mil, or 18.81 sen per share, against RM169.1mil in FY07.

Star announced a second interim dividend of 7.5 sen per share less tax and a special tax exempt dividend of 3 sen per share for FY08. The ex-date of the dividend is March 27 while the entitlement date is March 31.

The results of the financial year and quarter under review were partly affected by the goodwill impairment made in the current quarter, Star said in its results statement.

According to the Malaysian Institute of Economic Research, monthly indicators have been losing momentum and industrial output have contracted. It also reported that consumer and business confidence have dropped sharply.

“These are all evidence of a softer economic condition affecting the performance of the company and the group,” Star said.

Nielsen Media Research expects a slowing down in advertising expenditure in 2009 due to the weak economic climate and the absence of major events.

“Despite the challenging circumstances, the board of directors expects the performance for the year ending Dec 31, 2009 to be reasonably satisfactory,” Star said.

In a separate filing with Bursa Malaysia, Star said non-executive director Datuk Leong Tang Chong was redesignated chairman yesterday.

Leong has his own legal practice Messrs TC Leong & Co. His appointment follows the resignation of Tan Sri Lau Yin Pin as chairman on the same day. – The Star

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UMW Holdings Bhd (4588) posted a net profit of RM116.1mil for the fourth quarter ended Dec 31, lower than the RM143mil recorded a year earlier due to lower vehicle and equipment sales.

But overall revenue for the quarter was higher at RM2.92bil against RM2.69bil a year earlier, the company told Bursa Malaysia.

Earnings per share were 10.73 sen, down 2.87 sen. The group proposed a dividend of 12 sen per share, down 2 sen against the 14 sen dividend paid in the previous corresponding period.

For the full year, UMW’s net profit was RM562.3mil against RM469.1mil in 2007. Revenue was RM12.8bil against RM9.98bil.

The diversified group has forecast lower sales for its Perodua and Toyota vehicles, in line with the expecation of lower vehicle sales this year. “However we expect to retain our market share of 30% and 18% for Perodua and Toyota, respectively,” it said.

UMW also sees a slowdown in its industrial and heavy equipment segment. “We expect sales and margins of our industrial and heavy equipment to be affected by the economic slowdown and the unfavourable foreign exchange rates,” it said.

The group said its oil and gas business will help sustain earnings this year as it has begun to contribute to group profit.

“The challenging business environment resulting from the global crisis and the volatility of foreign exchange rates will impact the profitability of the companies in the group. Nevertheless, the board expects the group’s profit for 2009 to be at acceptable levels, albeit lower than the record 2008 performance,” it said. – The Star

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