Friday, July 31, 2009
Portfolio review and...
Thursday, July 30, 2009
MNRB
Type : Announcement Subject : MNRB HOLDINGS BERHAD Contents : RM3.6 million is as per Table A below:- TABLE A Audited Financial Statements Unaudited Interim Financial Report Variance on Audited results from Unaudited RM’000 RM’000 RM’000 (%) Note Profit before zakat and tax 40,457 35,396 5,061 14.3% (i) Zakat (120) (119) (1) 0.8% (ii) Tax expense (14,049) (12,590) (1,459) 11.6% (ii) Net profit 26,288 22,687 3,601 15.9% Note:
Variance between Unaudited Interim Financial Report and Audited Financial Statements for the Financial Year Ended 31 March 2009.
Pursuant to paragraph 9.19(34) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of MNRB Holdings Berhad (“MNRB”) wishes to announce that the Company had recorded a positive variance of 15.9% in its consolidated net profit between the unaudited results announced to Bursa Securities on 27 May 2009 and its Audited Financial Statements for the financial year ended 31 March 2009 released to Bursa Securities on 30 July 2009.
The net profit reported in the unaudited Interim Financial Report as at 31 March 2009 was RM22.7 million whereas the Audited Financial Statements reported a net profit of RM26.3 million.
Announcement Details :
The reconciliation for the positive variance of 15.9% or
RECONCILIATION OF VARIANCE OF NET PROFIT BETWEEN UNAUDITED RESULTS AND THE AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009
(i) The increase in profit before zakat and tax was mainly due to adjustment for
overprovision in management expenses by the Company and its subsidiaries
(ii) The increase in zakat and tax expense was primarily as a result of the above
adjustment
(The above explanatory note was accidentally omitted in our earlier announcement.)
This announcement is dated 30 July 2009.
Tuesday, July 28, 2009
Corporate profits to improve, says RAM
At the beginning of the year, RAM's initial gross domestic product (GDP) growth forecast for Malaysia of 0.8 per cent to 2.1 per cent, with a base-case of 0.9 per cent, had been premised on a flat to marginally negative global growth.
With the synchronised and sharper-than expected downturn in most developed economies, a contraction in global output is now inevitable in 2009, RAM said.
With the sharper-than-anticipated decline in both external and domestic demand, RAM has revised its 2009 GDP forecast for Malaysia to -3.3 per cent from its mean forecast of 0.9 per cent.
On the other hand, RAM said it has raised the nation's 2010 GDP growth projection from 3.8 per cent to 4.9 per cent as the global recession eases and benefits from aggressive monetary and fiscal stimulus measures filter.
A key consideration in RAM's revised forecast is the identification of the turning point and magnitude of the recovery in external demand.
RAM said the collapse in domestic demand in first quarter 2009 had shown closer-than-expected linkage with the export-oriented sector, through the labour market and private investment.
"A unique feature of the current global recession is its highly synchronised nature, and the fact that such downturns tend to be more pronounced while recoveries usually take longer due to the magnitude of the financial crisis and associated housing and stock-market bubbles," it said.
According to RAM, countries hit by a financial crisis are often led out of recession by exports.
Examples include Malaysia during the Asian financial crisis in 1998, and Japan after its financial crisis in the 1990s, it said.
In the present circumstances, the lack of export demand in crisis-hit countries, mainly comprising advanced economies, to push growth implies that Malaysia's recovery in 2009 and 2010 will likely be modest, the rating agency said.
Similarly, economic growth in export-driven countries is also envisaged to remain weak over the same period, it said.
With only tepid recovery now the most likely outcome for advanced economies, Malaysia's export performance in 2009 has been revised downwards to -17.4 per cent (from -5.0 per cent), before a moderate 6.4 per cent recovery in 2010. - BERNAMA
Tuesday, July 21, 2009
MNRB Holdings Berhad
grahamsmun |
Not very familiar with this reinsurance industry ! MNRB use to be a blue chip of the insurance company in Msia (only 2 reinsurance co in msia). Still registering losses but the compamy balance sheet quite solvent.NTA Rm 3.9 still a discount to share price Rm 3.10.Insurance industry affected by poor investment return.Going fwd the underwritting margin had improve due to risk adverse !Investment in securities & bond will also improve.The drawback is the safe money like deposits giving low return. Medium term I am positive with MNRB. |
Yet Again!!! Whr R!
Friday, July 17, 2009
Good News Mali but....
Tuesday, July 14, 2009
US retail sales up again in June
US retail sales rose in June for the second consecutive month, increasing 0.6%, the Commerce Department said. The increase followed May's 0.5% gain, and was better than analyst expectations of a 0.4% rise. The increase in retail sales was led by petrol, cars and auto parts. When these were excluded, sales dropped 0.2%, their fourth straight decline. Separate figures from the Labor Department showed that US wholesale prices increased in June. Its Producer Price Index (PPI) rose by 1.8%. Excluding food and energy bills, core wholesale prices were 0.5% higher. Petrol sales rose 5% last month, while car and auto parts sales added 2.3%. 'Mixed picture' "Retail sales looked mixed, the auto sector had a huge month, but it is bouncing off the floor," said analyst Bret Barker of Metropolitan West Asset Management. Reports and surveys are continuing to paint a contrasting picture as to whether the US recession is easing. While a recent study said consumer confidence rose last month to a 16-month high, official figures also released this month showed that US unemployment increased more than analysts had expected in June. US Treasury Secretary Timothy Geithner said on Tuesday that there were now growing signs that the US and global economies were starting to recover. |
Singapore's economy grows for first time in a year
SINGAPORE: Singapore's economy grew for the first time in a year, soaring 20 percent in the second quarter, the government said Tuesday, as the country emerges from its worst-ever recession.
Gross domestic product jumped an annualized, seasonally adjusted 20.4 percent in the three months through June, compared with the previous quarter, the Trade and Industry Ministry said in a statement.
It said GDP fell 3.7 percent compared to the same period a year earlier.
The ministry said it now expects the economy to shrink between 4 percent and 6 percent this year, up from a previous forecast of a contraction between 6 percent and 9 percent.
"The revised 2009 forecast reflects the less severe contraction in the first half of the year, while the underlying economic conditions remain weak," the ministry said.
Singapore's economy, which relies on exports, finance and tourism, had contracted the previous four quarters, with an annualized, seasonally adjusted 16.4 percent drop in the October-December period marking its deepest recession since splitting from Malaysia in 1965.
The ministry said the economy fell an annualized, seasonally adjusted 12.7 percent in the first quarter, which is revised up from an initial estimate in April of a 19.7 percent contraction.
A surge in pharmaceutical production helped boost growth in the second quarter.
Manufacturing fell 1.5 percent from a year ago compared to a 24 percent contraction in the first quarter, the ministry said.
Construction rose 18 percent in the second quarter while services dropped 5.1 percent.
"A sizable part of Singapore's manufacturing uptick came from a spike in biomedical manufacturing output and electronics inventory restocking, both of which may not be sustained," the ministry said. - AP