In a strategy note Feb 27, the research house said the consumer sector will benefit from an optional reduction in minimum employee Employees Provident Fund contribution by 4%-pts to 7% from April 1–Dec 31, 2020.
Malaysia's stimulus package is anchored on three strategies namely mitigating impact of COVID-19, spurring rakyat centric economic growth and promoting quality investments.
The PH presidential council, in a statement issued after an emergency meeting tonight, said the powers to appoint a prime minister lies with the Yang Di-Pertuan Agong as stipulated by the Federal Constitution.
There was a significant drop in provision for liquidated ascertained damages (LAD) of RM9.9 million compared with RM58.8 million LAD charges in 4QFY18, its exchange filing today showed.
This improves PPB’s earnings per share to 24.6 sen for 4QFY19 compared with 15.56 sen for 4QFY18.
This was mitigated by a net gain on disposal of UK assets by a subsidiary in the quarter. Earnings per share fell to 13.73 sen, from 17.01 sen in 4QFY18.
The group’s operating profit was down 14.48% to RM378.87 million from RM443.02 million, on higher expenses and higher cost of sales, offset by a net gain of disposal of investment properties.
It added that it will quickly set up the new co-investment fund of RM500 million for investments alongside private investors in early-stage and growth-stage Malaysian companies.
Revenue grew 16% to RM3.12 billion from RM2.68 billion, on higher sales in the automotive and manufacturing and engineering businesses, its stock exchange filing today showed.
In a statement, it said the relief measures include the deferment of corporate income tax payment, electricity subsidy, exemption of service tax and a RM1,000 tax relief for Malaysians to choose domestic travel destinations.
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