FBMKLCI 1563.43 DJ+42.84 CRUDE OIL93.20 RM 3.0175

The Dow and S&P 500 rose on Friday, June 17 after France and Germany outlined the aid for Greece but analysts said a recent bearish trend may not be over. Reuters reported that a slew of data showing the United States is on the verge of a slowdown has already done its damage to the market. After the heavy selling of the past several weeks, it seems investors are taking a wait-and-see approach -- for now.

Ramunia’s net profit for the second quarter ended April 30, 2011 fell 58.7% to RM1.41from RM3.42 million a year ago, due mainly to a reduction in revenue due to the tail end of remaining projects billings and lower operating income. Revenue fell to RM1.74 million from RM11.88 million in 2010. Earnings per share were 0.21 sen, while net assets per share were 25.3 sen. For the six months ended April 30, Ramunia’s net profit plunged 87.3% to RM2.51 million from RM19.83 million, while revenue fell 89% to RM3.09 million from RM27.74 million.

Construction company Muhibbah Engineering (M) Bhd has been in the spotlight last week after its contract with Asia Petroleum Hub (APH), a private company that develops and operates a multi-billion-ringgit oil terminal in Johor could be jeopardised by the latter's receivership status. Muhibbah's shares tumbled 20% or 38 sen last Thursday, closing at RM1.52 with 74.35 million shares traded.

Talam posted net loss of RM25.97 million in the first quarter ended April 30, 2011 compared with net profit of RM1.56 million a year ago as it was impacted by the high administrative and finance costs totaling RM32.49 million. Talam said administrative and other expenses totalled RM14.94 million while finance costs were RM17.55 million. Its revenue was RM13.18 million compared with RM23.26 million a year ago due  to lower gross profit and other operating income, as well as higher administrative and finance costs. Its loss per share was 0.72 sen versus earnings per share of 0.06 sen. Its net asset per share was 17 sen.

Wah Seong Corporation with a book order of RM1.2 billion plans to expand into water-related businesses and renewable energy after the demerger with Wasco Energy Ltd. It plans to boost its biomass equipment and power generation business, as well as integrating into the fast growing agro-based sector and water industry. Another key growth area would be in deepwater pipe and gas pipe coating.

Top Glove’s net profit for the third quarter ended May 31, 2011 fell 60.3% to RM25.60 million from RM64.48 million a year earlier due mainly to higher latex price and weakening US dollar. Revenue eased 3.7% to RM535.36 million from RM555.85 million. Earnings per share were 4.14 sen. It declared a first single tier net interim dividend of 5 sen, payable on July 21, 2011. For the nine months ended May 31, Top Glove’s net profit fell 56.5% to RM87.06 million from RM200.22 million in the previous corresponding period, while revenue declined to RM1.51 billion from RM1.54 billion in 2010.