WCT
Broadly in Line

WCT posted earnings of RM69m (-15.4% y-o-y) for 1HFY10 which were within our expectations but below consensus. In the Middle East, WCT came close to securing 2 jobs but has reverted to its clients to renegotiate as material prices have gone up.

NEW YORK: A New York judge has put on hold a foreclosure auction for equity in Manhattan's giant Stuyvesant Town and Peter Cooper Village apartment complexes, a victory for senior lenders owed nearly US$3.7 billion (RM11.62 billion) after the property's owner defaulted.

HONG KONG: As property prices keep rising, debate is heating up on whether restrictions should be imposed on outside investors buying flats in Hong Kong.

Research shows more than a third of new luxury apartments sold in the first half of the year were bought by the Chinese — up from about a fifth last year.

KUALA LUMPUR: YTL Corporation Bhd's net profit for the fourth quarter ended June 30, 2010 surged to RM118.25 million from RM47.32 million a year ago on the back of a 30.4% jump in revenue to RM4.62 billion.

Earnings per share was 6.59 sen.

KUALA LUMPUR: More than half of the Asia Pacific region office rental markets stabilised or grew during the second quarter of 2010, according to CB Richard Ellis’s (CBRE) quarterly Global Office Rental Cycle report released on Thursday, August 19.

KUALA LUMPUR: Hua Yang Bhd, a developer with over RM1.2 billion in completed projects and over RM1 billion worth of project launches lined up this year, has appointed Ho Wen Yan (pictured) as CEO with effect from Aug 20.

Wen Yan, 36, was previously the chief operating officer of Hua Yang.

He replaces Ho Mook Leong, who will continue to serve as director in the board.

KUALA LUMPUR: Loh & Loh Corp Bhd recorded a profit of RM4.38 million for the second quarter (2Q0 ended June 30, 2010, compared with RM6.51 million a year ago.

KUALA LUMPUR: Paramount Corp Bhd recorded net profit of RM25.73 million for its second quarter (2Q) ended June 30, 2010, a 44% increase from RM17.91 million recorded a year ago, mainly due to contributions from the Kemuning Utama project and higher margins recorded by construction.

Its revenue for the quarter rose to RM128.7 million compared with RM105.4 million recorded a year ago.

KUALA LUMPUR: Magna Prima Bhd saw its profits for the second quarter (2Q) ended June 30, 2010 drop to RM988,000 compared with RM6.53 million recorded in the same period a year ago. Its 2Q revenue fell to RM30.7 million compared with RM72.9 million a year ago.

KUALA LUMPUR: Bina Puri Holdings Bhd has entered into an agreement with the Brunei Economic Development Board on Aug 17 to undertake extensive interior and exterior work on three apartment blocks and its common areas, and turn them into fully furnished serviced apartments in Bandar Seri Begawan, Brunei.