In today’s edition of Evening 5 — Muar MP Syed Saddiq Syed Abdul Rahman gets seven years in jail, caning and a RM10 million fine after being convicted of graft. Meanwhile, Westports Holdings books a 30% increase in 3Q net profit to RM195 million as its top line improves.
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00:00 More MP side Sadiq's side Abdul Rahman has been sentenced to seven years in jail, two
00:09 strokes of the rotan and a fine of RM10 million after he was found guilty of embezzling over
00:15 RM1 million belonging to Armada, the youth wing of his former party, Bersatu.
00:21 The former youth and sports minister was convicted of misappropriation, abetting in a criminal
00:26 breach of trust and money laundering.
00:28 The 31-year-old, who was the youngest minister in Asia when he was elected to the cabinet
00:33 in 2018, previously headed Armada before leaving to form the youth-centric Muda Party.
00:40 He has been allowed a stay of execution of the sentencing pending his appeal.
00:44 Following the High Court's verdict, side Sadiq told the waiting press that he respects the
00:49 court's decision and asserted his faith in the judiciary.
00:53 He also said that a politician has to be whiter than white and the court of law is the best
00:58 avenue for him to clear his name.
01:00 According to Dewan Rakyat Speaker Tan Sri Johari Abdul, side Sadiq can continue to carry
01:06 out his duties as the lawmaker for more until the appeal process is completed.
01:11 Westport Holdings saw its net profit grow by 30% in the third quarter of FY2023 to RM195
01:24 million on higher revenue during the quarter, coupled with lower administrative and tax
01:30 expenses as well as finance costs.
01:32 Top line gained 4% to RM542.31 million as container revenue rose.
01:39 On its prospects, Westport said its container throughput volume in the current year would
01:44 likely still be in the single-digit growth range compared to the previous year, even
01:48 though the volume recovery in recent quarters has been marginally better than initially expected.
01:54 Executive Chairman Cum Group MD Datuk Ruben Emir Nyanalingam Abdullah said in a separate
01:59 statement that the proposed expansion of Westport's container terminals from 10 to 17 will basically
02:06 double its total container handling capacity from 14 million TEUs currently to 27 million
02:13 TEUs in the next 10 years.
02:15 Westport's shares rose 1% to RM3.38, valuing it at RM11.53 billion.
02:22 Southern Steel said it booked a narrower net loss in its first financial quarter ended
02:31 September 30, 2023, thanks to higher sales volume and improved margin.
02:37 Net loss shrank by 38.5% to RM39.59 million from RM64.44 million a year ago, while revenue
02:46 rose 4.8% to RM601.81 million.
02:50 In its boar's filing, the Steel Mill Group said the industry outlook remains challenging
02:55 as current global market conditions weigh on demand.
02:58 Domestically, it said demand is not expected to improve until major infrastructure developments
03:03 are rolled out.
03:05 The group will continue to be cautious and responsive to market needs and continue to
03:09 focus its effort on operational efficiencies.
03:12 Southern Steel's shares fell 4% to 70 cent at today's close, giving the group a market
03:18 capitalisation of RM417.42 million.
03:27 Central Reid said net property income rose 6% to RM30.12 million in the third quarter
03:33 of FY2023, underpinned by higher gross revenue, though that was offset by higher property expenses.
03:40 Gross revenue for the quarter increased by 11% to RM39.78 million, mainly due to higher
03:47 revenue generated from Monaro Shell, Platinum Central and Central Building 3.
03:52 Its CEO Derek Teh Wan Wei said its capital management approach continues to be prudent
03:57 and disciplined.
03:58 With a weighted average cost of debt of 4.4% per annum as at September 30, 2023, he said
04:05 the risk of interest rate fluctuations is abated as Bangnagara is holding the overnight
04:10 policy rate at 3% for the rest of the year.
04:13 Still, regular reviews will be carried out to rebalance Central Reid's fixed and floating
04:18 rate borrowings composition.
04:20 Its units closed 0.6% higher at RM83, valuing it at RM889.58 million.
04:28 Builder Vestland has secured a RM240 million job to undertake the main building works,
04:39 mechanical and electrical and external works for two blocks of council homes in Taman Desa Kuala Lumpur.
04:45 In a local board's filing today, the construction company said its wholly-owned subsidiary,
04:50 Vestland Resources, had secured the award from Taman Danau Desa-based Ambang Besar.
04:56 According to the group, the completion of the construction work will be 30 months from
05:01 the site's possession.
05:02 The contract is expected to contribute positively towards the earnings and net assets of the
05:07 Vestland Group for the duration of the contract.
05:10 Shares in Vestland closed 1.45% higher at 35 cent a day.
05:14 Giving it a market capitalisation of RM325.79 million.
05:19 [Music]