News by Gho Chee Yuan

Brem non-independent non-executive director Low U Hwa told The Edge Financial Daily yesterday the civil engineering and construction segment had an outstanding order book of RM300 million — mostly governmental jobs — which could support its earnings for the next two years.

In a filing with Bursa Malaysia today, Eco World said its wholly-owned subsidiary Paragon Pinnacle Sdn Bhd has signed five separate conditional sale and purchase agreements (SPAs) with four vendors for the proposed acquisition.

Chief operating officer Stewart Tee said Symphony Life was holding back RM2 billion worth of real estate launches in the Klang Valley to focus on existing projects, in view of the current market. Tee said many existing projects were at the foundation stage.

Matrix Concepts announced in April that it was acquiring the 5.8-acre land from IRDK Ventures Sdn Bhd for RM95 million. The deal was initially scheduled to be completed within three months of the announcement.

Lee, who has 32 years of experience in property development, founded Matrix Concepts in 1997. Since then, he has steered and led the group for 18 years.

Sunway said the special cash dividend arose from the proceeds raised from the offer for sale of 398.71 million Sunway Construction Group Bhd (SunCon) shares offered by Sun Holdings, in conjunction with the listing on July 28 this year, after setting aside for listing expenses and working capital.

YTL Corp attributed the decline in quarterly net profit to lower contributions from information technology and e-commerce-related business, cement manufacturing and trading, property investment and development, hotels and utilities.

The recognition of an employee benefit expense of about RM11 million arising from the granting of option shares to eligible employees under an Executives Share Option Scheme also eroded its earnings, the group said in a filing with Bursa Malaysia today.

The property developer posted a net profit of RM74.53 million or 1.64 sen per share for 2QFY14.

Revenue for the quarter improved 3.6% to RM312.3 million from RM301.5 million last year, underpinned by higher revenue recognition across key projects and proceeds from land sales