News by theedgemarkets.com

The revised Budget 2023 was tabled earlier on Friday (Feb 24) by Prime Minister Datuk Seri Anwar Ibrahim. The budget themed “Menbangun Malaysia Madani” is aimed at helping the rakyat and boosting the economic prospects of the country.

Prime Minister Datuk Seri Anwar Ibrahim said his administration is reviewing the Mass Rapid Transit 3 (MRT3) project, and is confident of achieving further savings and bringing down the price tag to under RM45 billion, from RM50 billion announced by the previous government.

The country faces five core challenges in its domestic economy — a debt level that is too high, a decline in quality of administration, global economic uncertainties, a slow recovery in investments to pre-pandemic levels, and the impact of economic challenges on the rakyat — said Prime Minister Datuk Seri Anwar Ibrahim.

The government has pledged to continue its financial commitment to national strategic projects in transport such as the light rail transit and the mass rapid transit, according to the revised 2023 Economic and Fiscal Outlook report.

Top Builders Capital Bhd said it is unable submit its unaudited financial report for the first quarter ended Dec 31, 2022 (1QFY2023) by Feb 28, as required under the Main Market Listing Requirements.

Berjaya Land Bhd (BLand) returned to the black in the second quarter ended Dec 31, 2022 (2QFY2023) with a net profit of RM84.39 million, versus a net loss of RM23.93 million a yaer earlier, extending its profitability streak for the second consecutive quarter.

YTL Corp Bhd’s net profit jumped to RM96.91 million in the second quarter ended Dec 31, 2022 (2QFY23) from RM2.04 million a year ago, after its hotels segment returned to the black with RM49 million profit from a RM32 million loss while profit in the utilities segment grew stronger to RM214 million from RM139 million.

Sunway Bhd posted a net profit of RM202.98 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), with all business segments recording higher profits except construction, trading and manufacturing, and others segments.

Hektar Real Estate Investment Trust (Hektar REIT)’s net property income (NPI) for the fourth quarter ended Dec 31, 2022 (4QFY2022) declined 18.87% to RM10.04 million from RM12.38 million a year earlier, dragged by higher property operating expenses.

Capitaland Malaysia Trust (CLMT)’s RM990.5 million acquisition of Queensbay Mall in Penang has turned unconditional after the REIT’s unitholders voted in favour of the transaction.