State acts to forfeit land from landowners

SHAH ALAM: The Selangor State Executive Councillors (EXCO) has instructed the Gombak District Office (DO) to issue Form 8, or Notice of Reversion to forfeit the site of an illegal landfill in Kampung Sungai Kertas, Gombak from the site’s four owners.

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.

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.

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.

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.

More downside to global property prices (Sept 29, 2009)

KUALA LUMPUR: The global real estate fraternity has yet to see the worst, prompting expectations of further declines in property prices in advanced and emerging economies as financial institutions again tighten lending in a risk-averse landscape.