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Malaysian Genomics Resource Centre Berhad Records Significant Increase in Revenue of RM7.63 Million

indie
3 minutes

PETALING JAYA, MALAYSIA, Feb 16, 2022 - (ACN Newswire via SEAPRWire.com) - Malaysian Genomics Resource Centre Berhad ("MGRC" or "the Group"), a leading genomics and biopharmaceutical specialist, today announced that it recorded revenue of RM7.63 million for the second quarter ended 31 December 2021 ("2Q FY2022"), a significant increase of RM7.49 million compared with revenue of RM0.14 million for the corresponding quarter of the previous year.The increase in revenue stems from the contribution of the Group's biopharmaceuticals division, which contributed 78% of total revenue and was largely due to the distribution of immunotherapy and cell therapies as well as COVID-19 vaccine distribution and administration.MGRC registered profit after tax ("PAT") of RM1.01 million for 2Q FY2022 compared with a loss of RM1.55 million in the previous corresponding quarter, with the swing back to profitability due to the higher margins from the distribution of immunotherapy and cell therapies.For the first six months ended 31 December 2021 ("1H FY2022"), the Group registered revenue of RM16.94 million, which is an increase of RM16.72 million compared with revenue of RM0.22 million in the correspondi...

SeaPRwire
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Alibaba outlook disappoints after China slowdown hurt sales

elean
4 minutes

HONG KONG (BLOOMBERG) - Alibaba Group Holding slashed its outlook for fiscal 2022 revenue after intensifying competition and dwindling consumer spending depressed growth at China's top e-commerce firm. The disappointing forecast followed sales that missed analyst estimates for a second straight quarter. Alibaba posted a less-than-expected 29 per cent rise in revenue for the September quarter to 200.7 billion yuan (S$42.6 billion). It forecast 20 per cent to 23 per cent growth in fiscal 2022 revenue, short of the 27 per cent that analysts were projecting. Net income plummeted 81 per cent to 5.4 billion yuan, lagging estimates after the Internet giant marked down the value of equity investments. On Thursday (Nov 18), executives fielded a barrage of questions from analysts concerned about the longer-term picture for growth and Alibaba's efforts to fend off rivals. The lacklustre numbers underscored the former stock market darling's struggle to revive businesses walloped by macroeconomic and regulatory turmoil. Alibaba's American Depositary Receipts fell 11 per cent in New York, the most in almost 11 months. The results missed already lowered consensus by 3.2 per cent, Citigroup analys...

SeaPRwire

Chipmaker GlobalFoundries prices IPO at upper end to raise $3.5 billion: Sources

elean
2 minutes

BENGALURU (REUTERS) - GlobalFoundries, which has big semiconductor manufacturing operations in Singapore, has raised about US$2.6 billion (S$3.5 billion) in its initial public offering (IPO). The company on Wednesday (Oct 27) sold shares in its IPO at US$47 a piece, the higher end of its targeted price range. The IPO gives GlobalFoundries a valuation of about US$26 billion, making it one of the biggest stock market flotations of the year in the United States. Abu Dhabi's sovereign wealth fund Mubadala Investment, which holds a majority stake in GlobalFoundries, sold 22 million shares in the IPO. Funds associated with BlackRock, Fidelity Management & Research Company, some affiliates of Koch Strategic Platforms, Columbia Management Investment Advisers and Qualcomm invested over US$1 billion in the IPO. A spokesman for GlobalFoundries said the company is waiting to finalise the details and declined to comment on the IPO price. The IPO comes at a time when demand for chips has sky-rocketed due to a global shortage that has forced automakers and other electronics firms to cut production. Strong demand for chips has boosted revenue at GlobalFoundries over the past 12 months and helped i...

SeaPRwire

Alphabet earns record $25.5 billion profit on Google ad surge

elean
4 minutes

BENGALURU (REUTERS) - Google owner Alphabet on Tuesday (Oct 26) reported higher than expected third-quarter advertisement sales, a sign that the business is overcoming new limits on tracking mobile users and that online shopping is as popular as ever heading into the holiday season. Through its search engine, YouTube video service and partnerships across the Web, Google sells more Internet ads than any other company. Demand for its services surged in the past year as the coronavirus pandemic forced people to spend more time online, and their new habits have persisted. Google advertising revenue rose 41 per cent to US$53.1 billion (S$71.55 billion) during the third quarter. Alphabet's overall sales jumped to US$65.1 billion, above the average estimate of US$63.3 billion among analysts tracked by Refinitiv. "The consumer shift to digital is real and will continue even as we start seeing people return to stores," said Google's chief business officer Philipp Schindler. "The underlying takeaway is that people want more choice, they want more information, more flexibility, and we don't see this reversing." Shares fell 0.93 per cent to US$2,760.19 following the after-hours release of the ...

SeaPRwire

Is Okta the ultimate growth company?

elean
1 minute

Pick up Okta, Inc's latest annual report and on page 18 comes the warning that the company has a history of losses and these will continue in the foreseeable future. Another 26 pages down, it tells shareholders that it does not intend to pay dividends for some time to come. Yet, the San Francisco-based identity and access management company, whose business has got a dramatic boost with the shift to remote work, has a market capitalisation of US$39 billion (S$52 billion). As identity security emerges as a key battlefield in cyber security, Okta, which reported total revenue of US$567 million for the first half of fiscal year 2022 and expects to finish the year with more than US$1.2 billion revenue, projects this to rise to US$4 billion by 2026. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

Hong Kong tycoon Richard Li’s insurer FWD files for long-awaited US IPO

elean
3 minutes

HONG KONG (BLOOMBERG) - FWD, the acquisitive Asian insurer backed by billionaire Richard Li, filed on Thursday (Sept 23) to go public in the United States, confirming an earlier Bloomberg News report. The Hong Kong-based company listed the size of the offering as US$100 million (S$134.8 million), a placeholder that will likely change when the proposed terms of the share sale are set. FWD could seek to raise about US$2 billion to US$3 billion based on initial investor feedback, said people with knowledge of the matter who asked not to be identified because it was private. The insurer aims to sell shares in the fourth quarter, the people said. Details such as the timing and the final size of the offering could change based on market conditions, the people said. A representative for FWD declined to comment. FWD manages US$62.5 billion in total assets, according to the filing with the US Securities and Exchange Commission. FWD disclosed that Athene Life Re, part of private equity firm Apollo Global Management, has agreed to buy US$400 million worth of its Class A share in a concurrent private placement. Athene and Apollo will also manage part of FWD's investment portfolio as part of a ...

SeaPRwire

Zoom’s tepid growth forecast takes shine off billion-dollar quarter

elean
2 minutes

BENGALURU (REUTERS) - Zoom Video Communications Inc posted its first billion-dollar revenue quarter but signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom, sending its shares tumbling 11 per cent. The company on Monday forecast third-quarter revenue between US$1.015 billion and US$1.020 billion, compared with the analysts' average estimate of US$1.013 billion, according to Refinitiv data. That indicates a rise of just about 31.2 per cent from a year earlier, compared with multiple-fold growth rates in 2020 when the Covid-19 crisis had turned Zoom into a household name due to the rise of remote working and schooling. "We had expected that (the slowdown) towards the end of the year, but it's just happened a little bit more quickly than we expected," chief financial officer Kelly Steckelberg said on an earnings call. Zoom has faced pressure this year as vaccinations encourage schools to reopen and more companies to bring employees back to offices. Competition from legacy platforms such as Cisco's Webex and Microsoft Teams has also dented its efforts to win bigger contracts from businesses. Zoom said it expects a decline in ...

ACN Newswire
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Alltronics Announces 2021 Interim Results

indie
4 minutes

HONG KONG, Aug 30, 2021 - (ACN Newswire via SEAPRWire.com) - Alltronics Holdings Limited ("Alltronics" or the "Group") (SEHK: 833), a leading electronic products manufacturer and a provider of energy-saving business solutions, has today announced its unaudited interim results for the six months ended 30 June 2021 ("1H2021", "first half of 2021" or "the Period").During the Period, the Group's revenue increased by 19.0% to HK$860 million (1H2020: HK$722.8 million), mainly attributable to the increase in sales of electronic products. Gross profit amounted to HK$141.6 million (1H2020: HK$147.3 million) and gross profit margin was 16.5% (1H2020: 20.4%). Profit for the Period attributable to owners of the Company was HK$48.1 million, compared to a profit of HK$42.3 million for the same period in 2020. The improvement in net profit was mainly due to the reduction in impairment losses on financial assets and there was no write-off of long term receivables during the Period.Basic earnings per share were HK5.08 cents. In its appreciation for the shareholders' continuous support, the Board has declared the payment of an interim dividend of HK1.0 cent per share.Business Review and ProspectsFor...

ACN Newswire
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Turnaround seen at PIL Results, showing improvement in First Half 2021 with Record Quarterly Revenue

indie
7 minutes

HONG KONG, Aug 16, 2021 - (ACN Newswire via SEAPRWire.com) - Pentamaster International Limited (1665.HK) ("PIL" or "the Group") which is listed on the Main Board of The Stock Exchange of Hong Kong Limited announced its interim financial results for the six months period ended 30 June 2021 ("1H2021") today. The Group recorded a revenue of MYR245.6 million, while its net profit stood at MYR55.7 million, showing an improvement of approximately 21.0% and 5.6% respectively from the corresponding period last year.In 1H2021, the Group's revenue was contributed by both the ATE and FAS segments, with each constituting approximately 72.0% and 28.0% respectively of the Group's total revenue in the current period. The ATE segment continued to contribute the larger portion of revenue and profit to the Group's results for the first half of 2021 at a revenue contribution rate of 72.0%. This segment recorded an increase in revenue of MYR39.2 million, representing a growth of 28.3%, to MYR177.6 million in 1H2021 as compared to the corresponding period in 2020. Given the continued recovery in the smartphone market with 5G capability and other incremental features, the electro-optical segment of the ...

SeaPRwire

Singtel posts $445 million Q1 profit, reversing year-ago loss

elean
2 minutes

SINGAPORE (THE BUSINESS TIMES) - Singtel swung into the black with a net profit of $445 million for the first quarter ended June 30, compared with a net loss of $20 million a year ago on the back of an improved operating and business environment with the easing of Covid-19 restrictions. The telco on Thursday (Aug 12) also posted a 7.5 per cent increase in operating revenue to $3.8 billion, from $3.5 billion a year ago. Revenue growth was driven mainly by Singtel's Australian consumer business, where its operating revenue grew by 7.7 per cent to $1.7 billion, from $1.6 billion a year ago due to an 11 per cent appreciation of the Australian dollar. Assuming a constant exchange rate, operating revenue for the Australian consumer business fell 2.6 per cent. Still, earnings before interest, tax, depreciation and amortization (Ebitda) for the business segment grew by 12 per cent on improved mobile postpaid average revenue per user, cessation of Covid-19-related customer fee waivers and rebates, as well as lower bad debts provision. Singtel's operating revenue in Singapore also rose 1.3 per cent year on year to $414 million, from $409 million the year before on higher mobile service, fixe...

SeaPRwire

Google parent Alphabet hits record quarterly revenue, profit in ad boom

elean
3 minutes

BENGALURU (REUTERS) - Google parent Alphabet's quarterly revenue and profit surged to record highs, the company reported on Tuesday (July 27), powered by a rise in advertising spending as more consumers shopped online. Shares of Alphabet, the world's largest provider of search and video ads, rose 5 per cent in extended trading after the results, which handily beat analyst estimates. Shares of Facebook, which competes with Google in web ad sales and reports its own results on Wednesday, rose 1.3 per cent. Overall, it was a stellar day for the big US tech companies - Apple and Microsoft also reported record earnings. With consumers spending more time online during the coronavirus pandemic, retailers have been pushing to reach them there, whether they are shopping for products using Google search or watching videos on YouTube. The nascent US economic rebound that has accompanied the vaccine roll-out and the easing of restrictions is also helping as consumers are enjoying increased mobility and options for purchases of all kinds. "Alphabet has benefited from the general return of ad spend to the market and especially the balance of that return, which is more focused on digital channels...

SeaPRwire

Zoom forecasts upbeat revenue, expects boost from hybrid work

elean
2 minutes

BENGALURU (REUTERS) - Zoom Video Communications on Tuesday forecast current-quarter revenue above estimates, as increased adoption of hybrid work models by companies is expected to drive steady demand for its video conferencing tools. Zoom became a household name and investor favourite in the past year, as businesses and schools switched to its services for virtual classes, office meetings and socialising. But with rapid vaccination efforts and life slowly returning to normal, analysts are sceptical of the sustainability of Zoom's growth, especially with rivals Microsoft, Cisco and Google snapping at its heels. "The extent to which Zoom can compete sustainably with the likes of Cisco and Microsoft remains to be seen over the next few quarters as we begin to enter true Covid-19 comparable quarters," said Third Bridge senior analyst Joe McCormack. However, the San Jose, California-based company assuaged some of those concerns by forecasting current-quarter revenue in the range of US$985 million (S$1.3 billion) to US$990 million, above Wall Street's estimate of US$931.8 million, according to IBES Refinitiv data. Shares of the company were up 2 per cent, after falling as much as 5 per ...

SeaPRwire

Sea to scale up digital financial services as Q1 revenue doubles to US$1.8 billion

elean
2 minutes

SINGAPORE (REUTERS) - Singapore technology group Sea chairman Forrest Li said the firm would scale up its fintech offerings in South-east Asia, as the firm more than doubled revenue in 2021 thanks to growth in e-commerce and entertainment. "Digital financial services in our region are at early stages and we expect use cases to grow," the executive told an investor call. Sea, which claimed US$3.4 billion (S$4.5 billion) in payments for its mobile wallet for the first quarter of 2021, won a digital banking licence in Singapore in December and purchased last year Indonesian lender Bank BKE ( Bank Kesejahteraan Ekonomi) to turn into a digital bank. The New York-listed firm announced on Tuesday (May 18) it had booked a revenue of US$1.8 billion for the first quarter of 2021, up 147 per cent year on year. Its net loss widened to US$422 million from US$281 million, as the company more than doubled sales and marketing expenses. Sea's e-commerce arm Shopee brought in US$922 million in revenue, up 250 per cent year on year, while its gaming arm Garena raked in US$781 million in revenue, up 111 per cent on the year. Mr Li told reporters that Shopee was seeing growth in Brazil due to a nascent...

ACN Newswire
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Man Wah FY2021 Revenue from Main Business Up 35% to HK$16.4 Billion Despite Harsh Market Conditions, Net Profit Rises to HK$1.92 Billion

indie
6 minutes

HONG KONG, May 14, 2021 - (ACN Newswire via SEAPRWire.com) - Man Wah Holdings Limited ("Man Wah" or the "Group", stock code: 1999) today announced its audited annual results for the year ended 31 March 2021 ("FY2021" or the "Review Year"). During the Review Year, Man Wah actively promoted the development of its domestic business, enabling the Group to overcome effectively the adverse external impact on its business. The Group's market share in China's recliner sofa market has expanded to 59%, an achievement which has made it the world's top seller of recliner sofas for three consecutive years.In FY2021, the Group's sales revenue (excluding those from real estate, malls and other businesses) increased by 35.3% to HK$16.43 billion as it received a strong boost from sales revenue in the China market where revenue significantly increased by approximately 61.9%. Profit Attributable to Owners of the Company expanded by 17.5% to HK$1.92 billion. Net profit margin was approximately 11.7%. As of 31 March 2021, the Group was in a sound financial position, with a bank balance and cash of approximately HK$2.4 billion, and a current ratio at 1.4. To reward shareholders for their long-term suppo...

SeaPRwire
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Global Internet of People Inc. Posts Robust 2020 Business Growth

pandora
3 minutes

SHANGHAI, May 7, 2021 - (ACN Newswire) - Global Internet of People, Inc. (NASDAQ:SDH), an operator of a knowledge sharing and enterprise service platform via mobile application and through local centers in China, is one of the few knowledge-sharing platform companies that has reported robust business performance in the past year. The company has posted strong growth and generated $23.18 million revenue in 2020, representing a 29.28% increase from the same period of 2019. Its net income was $11.96 million in 2020, also growing by 27.51% from the same period of 2019. These were all driven by strong corporate client demand for gaining an insight into how to deal with such a "black swan" event as the COVID-19 pandemic.SDH worked hard in developing digitalization-related services in 2020 to support enterprise clients seeking a recovery via industrial innovations during the pandemic period. The company invited experienced entrepreneurs, investors and scientists to share their counter COVID-19 strategies in marketing, service and digital innovations and jointly held global capital market summit to help establish a platform for dialogue so that enterprise clients were able to inter-communi...

SeaPRwire

Microsoft sales jump on cloud, shares slip on lofty forecasts

elean
5 minutes

NEW YORK (BLOOMBERG) - Microsoft reported quarterly sales and profit that topped analysts' estimates for a ninth straight quarter, lifted by booming cloud-computing demand. This time, investors weren't satisfied. Sales in the period ended March 31 rose to US$41.7 billion (S$55.3 billion), the software maker said on Tuesday (April 27). That compared with the US$41.1 billion average estimate of analysts polled by Bloomberg. Still, projections ranged as high as US$41.9 billion, with some analysts and investors saying recent gains in the stock had swollen expectations beyond the consensus numbers. The software giant's market capitalisation flirted with US$2 trillion the past few days as shares soared, buoyed by enthusiasm for the company's growing cloud-services business and the strongest quarter for personal-computer shipments in more than two decades. That meant even though sales climbed a robust 19 per cent and Azure cloud revenue rose at the same clip as last quarter, some Microsoft investors were looking for a bigger blockbuster. "Expectation creep has set in," wrote Piper Sandler analyst Brent Bracelin in a note to clients ahead of the results. "Investor sentiment remains univers...

ACN Newswire
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Alltronics Records Strong Growth of FY2020 Revenue and Profit

indie
4 minutes

HONG KONG, Mar 31, 2021 - (ACN Newswire via SEAPRWire.com) - Alltronics Holdings Limited ("Alltronics" or the "Group") (SEHK: 833), a leading electronic products manufacturer and provider of energy-saving business solutions, has announced its annual results for the year ended 31 December 2020 ("review year"). During the review year, the operating environment of the Group remained challenging with the global economy adversely affected by the outbreak of COVID-19 pandemic. Although production and sales revenue of the Group were significantly affected in the first quarter of the year, the manufacturing operation managed to quickly resumed to normal came the second quarter and demand from customers continuously increased in the second half year. Revenue of the Group grew significantly by 74.8% to HK$2,203.8 million (2019: HK$1,260.8 million). Gross profit margin widened from 14.6% in 2019 to 18.8% in 2020, owed mainly to the significant increase in total sales revenue during the year and better control on production costs and overheads. Profit for the year attributable to owners of the Company turned around from a net loss to a net profit of HK$122.4 million (2019: loss of HK$262.0 mil...

ACN Newswire

Viva Biotech Announced 2020 Annual Results

indie
6 minutes

HONG KONG, Mar 31, 2021 - (ACN Newswire via SEAPRWire.com) - Viva Biotech Holdings (1873.HK) announced that during the year ended December 31, 2020 (the "Reporting Period"), revenue of the Group increased significantly to RMB 697.0 million from RMB 323.1 million for the corresponding period last year, representing a YoY increase of 115.7%; gross profit increased substantially to RMB 304.9 million from RMB 155.9 million for the corresponding period last year, representing a YoY increase of 95.6%.Financial Highlights of the year ended December 31, 2020:-- Revenue reached RMB 697.0 million, representing a year-on-year (YoY) increase of 115.7%-- Gross profit reached RMB 304.9 million, representing a YoY increase of 95.6%-- Adjusted non-IFRS net profit amounted to RMB 252.3 million-- Adjusted earnings per share amounted to RMB 0.18-- The Board recommended the payment of a final dividend of HK$0.01Driven by the increase in outsourcing proportion of large-scale pharmaceutical enterprises and demand from small and medium-sized biotechnology companies, the global drug research and development ("R&D") and production service industry continued demonstrating an upbeat trend. Viva Biotech p...

ACN Newswire

Huisen Household Announces 2020 Annual Results

indie
6 minutes

HONG KONG, Mar 25, 2021 - (ACN Newswire via SEAPRWire.com) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today. During the review period, the Group's revenue increased by approximately 4.7% to RMB 3,896 million, gross profit was approximately RMB 944 million. After deducting listing and other expenses, the group's profit for the year was approximately RMB 541 million, representing a decrease of approximately 4.9% as compared to the same period in 2019, mainly due to a loss of approximately RMB 85.3 million in exchange losses compared to approximately RMB 2.8 million in exchange gains 2019. Earnings per share was RMB 0.24. The board of directors recommends the payment of a final dividend of HK7.9 cents (equivalent to approximately RMB7 cents) per share for the review period.Mr. Zengming, chairman and executive director said: "In 2020, the world went through a year like no other. The coronavirus ("COVID-19"), a once-in-a-century pandemic, ravaged the world, making considerable impacts on the glob...