Business

Tuesday October 27, 2009

News in brief


PETALING JAYA: PJ Development Holdings Bhd (PJD) has proposed to list wholly-owned unit OCC Cables Bhd on Bursa Malaysia main market, the company told the exchange yesterday.

Under the plan, PJD has proposed to sell 21.95 million new shares in OCC at a price to be determined at a later date.

The exercise, PJD said, would allow to company “to unlock its investment” in the cable and wiremaker unit, as well as to enable OCC to raise its own funding for expansion.

OCC posted a revenue of RM107.19mil and a net profit of RM7.69mil for the year ended June 30, 2009 (FY09). For FY08, OCC’s net profit was RM13.9mil while in FY07, it was RM15.2mil.

PETALING JAYA: Quill Capita Trust achieved a net profit of RM8.09mil in the third quarter ended Sept 30, 18.3% higher compared with RM6.84mil recorded in the same quarter last year.

Revenue of the commercial real estate investment trust (REIT) jumped 22% to RM16.81mil compared with RM13.77mil a year earlier.

“The growth in gross revenue and profit after tax was a result of full recognition of rental income from all 10 assets currently under its portfolio as compared with nine assets in the third quarter 2008,’’ the REIT’s manager Quill Capita Management Sdn Bhd said in a statement yesterday.

Earnings per unit was 2.07 sen per share against 1.75 sen previously.


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