Under current weaker conditions, the premium niche property developer is focused on managing the balance sheet rather than being only profit and loss-driven. The suddenness of the economic downturn in 20 had impacted E&O's business and strategies CHAN said. The money will be used to fund developments, opportunistic acquisitions such as strategic acquisitions of landbank, and general working capital and repayment of financial obligations, etc. The Group's RM200m proposed 1-for-2 Irredeemable Convertible Secured Loan Stocks (ICSLS) 2009/2019 in late May 2009 is part of a two-pronged strategy to raise a total of RM500m.ĮD ERIC CHAN told STARBIZWEEK reported on that the RM500m would strengthen the Company's balance sheet in the next two to three years by increasing cashflow and lowering gearing.
" it added.ĮASTERN & ORIENTAL (E&O) Group is positioning itself to capitalise on opportunities in the next economic upturn including holding back launches to time for the upturn as well as raising capital that could be used to make opportunistic acquisitions.
The Group was also impacted by an impairment loss of RM30.4m in respect to the Group's investment in STAR CRUISES ltd, no one-off gains and lower share of profit from jointly controlled entities and associates in 1QE Dec 2009. The Oil & Gas Division was affected by lower average prices, resulting in lower revenue and profit. The Property Division was impacted by the softer property market conditions. The plantation division was affected by lower palm products prices and a decrease in fresh fruit bunches production. This was offset by higher operating cost of its China-based Meizhou Wan plant, arising from higher coal prices. The power division saw its revenue rising mainly from the Kuala Langat power plant, which benefited from higher energy charges. This increase was offset by the lower revenue from the UK casino operations due to the weaker UK economy. Genting Highlands Resort posted higher revenue and profit due to increased volume of business. The Group's eisure and hospitality division recorded marginally lower revenue for 1QE Mar 2009, despite better performance from the Malaysian-based operations. Concerns about the spread of the Influenza A (H1N1) virus (Swine Flu) might also affect consumers' sentiments and visitations to Genting Highlands Resort, it added.įor 1QE Mar 2009, GENTING's Revenue declined 4% to RM2.07 bil compared with RM2.16 bil. In the Company's results announcements on May 28, 2009, the Company expressed concerns about the remaining period of this year as its prospects may be impacted by the uncertainty from the pace of global economic recovery. Earnings were impacted by Impairment Loss from STAR CRUISES ltd and weaker plantations performance. GENTING reported a 51.5% decline in Net Profit to RM213.1m for 1QE from RM439.4m a year ago. GENTING NET PROFIT DECLINES 51% FOR 1QE MAR 2009
0 kommentar(er)
