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MyEG 2Q profit up 26% to RM14m on higher transaction revenue
KUALA LUMPUR (Feb 27): Malaysia's e-Government services provider, MyEG Services Bhd, has posted a 25.7% increase in its second quarter net profit to RM14.09 million or 2.4 sen a share, for the three months ended Dec 31, 2014.
Revenue meanwhile has grown 26.9% to RM29.77 million, on the back of higher transaction volumes from its e-solution services with the Road Transport Department (JPJ) and Immigration Department.
MyEG plans to pay a dividend of five sen a share for 2QFY14.
For the six months to Dec 31, 2014, MyEG recorded a 32.3% higher net profit at RM26.13 million; while revenue inched up to RM57.49 million, from RM43.87 million previously.
On prospects, MyEG said the continued growth in the transaction volume of its existing services, primarily the online renewal of foreign workers’ permit and online transfer of vehicle ownership, is expected to drive its performance in the financial year ending June 30, 2015 (FY15).
"With our concession period extended for a further five years from May 23, 2015 to May 22, 2020, we will continue to focus on rolling out services from new and existing government agencies, which are relevant to Malaysians.
"At the same time, we will also expand our commercial and ancillary services, which will leverage on the co-branded card with RHB Bank Bhd," it added.
MyEG (fundamental: 2.6; valuation: 1.5) closed unchanged at RM2.50, with a market capitalisation of RM2.99 billion.
The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives is expected to be well-bid next week with the key index well supported at the 1,820-points level.
A senior trader said the crucial 1,820 points resistance will turn into a strong support level and those who stay short and adopt a “sell on rally” strategy should switch to “buy on dip”.
"We have seen the bidder momentum developing since Monday and several contract months have breached the 1,820-points level.
"Sellers might get squeezed next week as more resistance levels are tested on bullish cash market sentiment," he told Bernama, adding that more players would return next week after extended holidays during the Chinese New Year. On a Friday-to-Friday basis, contract month February 2015 advanced 13.5 points to 1,823.50, March 2015 shot up 16 points to 1,826.00, June 2015 added 11.5 points to 1,8202 and September 2015 gained 9.5 points to 1,810.
Turnover for the week surged to 86,848 lots from 12,192 lots last week while open interest expanded to 44,689 contracts from 38,659 contracts previously.
For the week just-ended, the benchmark FBM KLCI rose 13.34 points to 1,821.21 from 1,807.87 last Friday. – Bernama, February 28, 2015.
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Posted by simon84 > 2015-01-03 09:40 | Report Abuse
The purpose of creating this Topic about Dow Jones,Oil and KLCI markets discussion.Anyone can share your view .Please do respect and do not attack each other in this group. Treat everyone here as Family. Our main objective is to make money and not make enemy. For chart reference you may visit my page at https://www.facebook.com/pages/Gila-Saham/536182926525672