KUALA LUMPUR: SP Setia Bhd’s net profit for the first quarter ended March 31, 2019 fell 14.1% to RM52.83 million from RM61.49 million a year ago mainly due to higher taxation. The group’s effective tax rate (excluding share of results of joint ventures and associated companies) for the financial period is higher than the statutory tax rate due to certain non-tax deductible expenses. Its revenue rose 31.9% to RM864.91 million compared with RM655.5 million in the previous year’s corresponding quarter on the back of progressive revenue recognition from strong take-up rates in the final quarter of FY2018 from its mature townships in Central and Southern region. Over the same period, the group secured sales of RM718 million. Local projects contributed RM678 million, which represented 94% of the total sales while international projects contributed RM40 million. SP Setia said the “wait-and-see” attitude continues to linger as purchasers await positive leads for … [Read more...] about SP Setia’s Q1 profit sinks 14% on higher taxation
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Ex-delinquent and top SP graduate: Maths teacher gave me hope
After a history of delinquency in secondary school, Mr Tan Wee Kiat buckled down and emerged as one of Singapore Polytechnic's (SP) top eight graduates of the year. The 22-year-old graduated with a diploma in visual communication and media design, and was presented the Tay Eng Soon Gold Medal and the IMDA Gold Medal by the Minister for Social and Family Development Desmond Lee at SP's 59th Graduation Ceremony yesterday. Mr Tan is one of 5,621 SP graduates getting their diplomas, advanced diplomas, specialist diplomas and certificates. Academic success was not on his horizon growing up. Bad behaviour in school led to poor results in PSLE, which saw him entering the Normal (Technical) stream in secondary school. There, he was frequently involved in fights and was on the brink of expulsion after he was given four strokes of the cane over a particular incident. The turning point came in Secondary 3 when his maths teacher became a mentor. Mr Tan began excelling in his worst subject, … [Read more...] about Ex-delinquent and top SP graduate: Maths teacher gave me hope
5 myths about the Open Electricity Market
It has been six months since the Open Electricity Market (OEM) was launched nationwide on a zonal basis. This month marked the opening of the final zone, and all consumers are now able to buy electricity from a retailer of their choice. While the OEM allows households to enjoy competitive pricing and potentially save on their electricity bills, some may still wonder how the initiative works and what the benefits are. Let’s clear up five common misconceptions about the OEM. Myth #1: I must sign up with an electricity retailer in the OEM. No, you need not make any changes to your current arrangement of buying electricity from SP Group at the regulated tariff. The OEM is about you, the consumer, having a choice on who you wish to buy electricity from. So whether you switch to a different retailer or stay with SP Group, it’s up to you. You can also choose to make the switch anytime in the future as there is no deadline for switching. Take the time … [Read more...] about 5 myths about the Open Electricity Market
S&P upgrades Philippines’ credit rating
S&P upgrades Philippines’ credit rating Ian Nicolas Cigaral (Philstar.com) - April 30, 2019 - 6:20pm MANILA, Philippines — International debt watcher S&P Global Ratings on Tuesday raised the Philippines’ credit rating, citing the country’s “strong growth trajectory” and sustainable public finances. S&P upgraded the Philippines’ long-term sovereign credit rating from “BBB” to “BBB+” — or two notches above investment grade rating — with a “stable” outlook. This is so far the highest credit rating that the Philippines has received. A higher rating can lower the cost of borrowing in foreign currencies for the Philippine government and private companies in the country. In a statement, S&P said it may raise the Philippines’ ratings over the next two years if the government makes further significant achievements … [Read more...] about S&P upgrades Philippines’ credit rating
News PBA: Fajardo on pace for another BPC award
MANILA, Philippines – June Mar Fajardo maintained his lofty position in the stats race through the 2019 PBA Philippine Cup semifinals, making him a strong bet to claim a record sixth straight Best Player of the Conference award in the All-Filipino tournament. Still giving chase to the big man are NorthPort's Sean Anthony, Stanley Pringle and Mo Tautuaa, and TNT KaTropa's Roger Pogoy. These players emerged as the top five in the stats race, with Fajardo leading the field with an average of 41.4 stats points per game, followed by Anthony (37.1), Pringle (34.8), Pogoy (33.6) and Tautuaa (33.1). Phoenix Pulse's Calvin Abueva was in the top five all throughout the elimination round, but dropped to No. 6 at the end of the semifinals. This, as he was docked 40 statistical points for his technical and flagrant fouls during their semis series against San Miguel. READ: 'We Believe' Hotshots back in play for SMB rematch "The Beast" is averaging 31.6 SPs. Another Beerman Alex Cabagnot came … [Read more...] about News PBA: Fajardo on pace for another BPC award