Pharmaniaga Q2 profit slips on higher corporate tax - Business News

KUALA LUMPUR: Pharmaniaga Bhd ’s net profit for the second quarter slipped 43.3% to Rm5.4mil on the back of higher corporate tax as a result of increased profitability of certain subsidiaries.The group’s revenue for the period, however, rose 12.5% to RM582.7mil in line with increased demand from Government hospitals.The group said profit before tax (PBT) for the three months ended June 30, 2018, had increased to RM12mil from RM10mil in the same quarter last year as a result of improved contributions despite higher operating expenses including finance costs, provision for stock obsolescence, depreciation and amortisation.For the first half of the year, the group’s revenue surpassed the RM1.2bil mark, an increase of 5.7% from RM1.1bil a year ago.Consequently, the Group’s PBT grew to RM41mil compared with RM38 million in last year’s corresponding period on the back of better contributions, albeit higher operating expenses.The manufacturing division posted a PBT of RM34mil, on par with last year’s corresponding period primarily due to reduced orders under the concession business.Meanwhile, the Indonesia division's PBT of RM1mil was also on par with the same period last year, mainly due to the depreciation of the Ringgit against the Indonesian Rupiah and increased finance costs.“Moving forward, the Group is committed to expanding its market presence in the private sector, particularly in the consumer healthcare segment via strategic marketing initiatives.“Pharmaniaga’s Indonesia operations remain a key contributor and the Group is focused on strengthening business synergies between its subsidiaries, PT Millennium Pharmacon International and PT Errita Pharma, to tap into opportunities in this growing market,” it said.

Source:The Star

August 17, 2018 06:56 UTC

China seen strengthening the yuan as trade talks with US loom - Business News

HONG KONG: China appears to be propping up the yuan just as the government prepares to restart trade negotiations with the U.S.After falling to a one-year low, the offshore yuan -- one of the world’s weakest currencies in recent months -- on Thursday surged the most since January 2017 as cash supply dwindled and the central bank set its daily fixings at stronger than expected levels. “We will see intense defense if the yuan moves closer to seven per dollar.”U.S. President Donald Trump has accused China of keeping its currency artificially weak to garner a trade advantage, saying on television channel CNBC last month that the yuan is “dropping like a rock,” to America’s detriment.The yuan has fallen more than 8 percent versus the dollar since March as the People’s Bank of China eased monetary policy to support a slowing economy while trade friction with the U.S. worsened. But Chinese policy makers worry a disorderly drop could trigger capital outflows and threaten financial stability.“China wouldn’t want the yuan to slide too quickly before important meetings, and that could be one of the reasons why the policy makers moved to support the currency,” said Nathan Chow, senior economist at DBS Bank Hong Kong Ltd. “The yuan will still face pressures as there are many uncertainties with the low-level trade talks. I don’t think China will bend to the U.S. that easily.” - Bloomberg

Source:The Star

August 17, 2018 06:11 UTC

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