News by Tan Xue Ying

Save for its property and utilities business segments, YTL Corp recorded positive growth in profit before tax (PBT) in all its business divisions during the quarter.

"The board of directors of Utusan wishes to announce that the company has not made an appeal against the delisting of Utusan's securities and pursuant thereto the securities will be delisted on Aug 30, 2019," said the media group in a filing to the stock exchange today.

In an exchange filing, the property developer attributed the sharp decline in its net profit to the absence of contribution from land sales compared to the corresponding period last year which carried a significantly higher margin, cushioned by the partial settlement income of Aurora Melbourne Central and Conservatory projects.

The group said it is in the midst of developing a piece of land held along Jalan Klang-Banting here, and is anticipating a gross development value of RM10 billion with 10 main development phases.

Seacera Ceramics Sdn Bhd was yesterday served with a notice of default by Ambank Islamic Bhd for RM12.91 million, arising from facilities granted to the company.

It also saw low Encore Melaka ticket sales, while its non-operating expenses such as depreciation, amortisation and interest charges are no longer capitalised after Encore Melaka started operations.

However, it managed to post a net profit of RM148.03 million for the cumulative 14-month period.

According to Utusan’s web portal, the group’s chief executive officer Datuk Abd Aziz Sheikh Fadzir clarified that the operations will continue despite financial challenges faced.

GenM told Bursa Malaysia today that on Sunday (Aug 18), GenUSA and Kien Huat Realty III Ltd (KH) received 49% and 51% stakes in Hercules Topco respectively to undertake US-based casino operator Empire's planned delisting under a planned merger.

In its quarterly financial results announcement on Bursa Malaysia, Utusan said it is “impossible for the group to convince potential investors to revive the business” as “a few potential identified parties have declined to participate due to the group’s huge liabilities”.