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JAKS Resources’ 3Q net profit falls 86.17% to RM214,000

KUALA LUMPUR: JAKS Resources Bhd saw its net profit for the third quarter ended July 31, 2009 (3QFY09) plunge 86.17% to RM214,000, from RM1.55 million the previous year, despite higher revenue. The dip was due to the weakened selling price for steel related products.

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Crescendo Corp posts 21.44% lower 2Q net profit of RM5.73 million

KUALA LUMPUR: Crescendo Corp Bhd’s net profit for the second quarter ended July 31, 2009 dropped by 21.44% to RM5.73 million, from RM7.3 million a year earlier on lower sales of properties and concrete products.

The company said in a filing to Bursa Malaysia on Sept 30 that the concrete products margin is squeezed mainly due to materials cost fluctuations.

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Selected property stocks up

KUALA LUMPUR: Several property stocks rose in late afternoon on Wednesday, Sept 30, with Berjaya Land, Magna Prima and IJM Land bucking the weaker market.At 3.34pm, Berjaya Land was up 13 sen to RM3.92 with 100,600 shares done.

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E&O to launch second phase of St Mary Residences

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is set to launch the second phase of St Mary Residences, located in the heart of Kuala Lumpur’s central business district (CDB) along Jalan Sultan Ismail, Jalan P Ramlee and Jalan Tengah on Oct 1.

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More upside for Gamuda in FY10

KUALA LUMPUR: HwangDBS Vickers Research is maintaining its Buy call on Gamuda Bhd with a target price of RM4.25 as it sees more upside for the infrastructure-based company in the financial year 2010.The research house said on Sept 30 it continues to like Gamuda as a large cap construction stock with a niche in government contracts, and a diversifying earnings base including Vietnam.

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