Friday, January 1, 2016

Ringgit likely to trade lower next week

The ringgit will likely trade lower versus the greenback next week on expectations of lower commodity prices, dealers said.
A dealer said the decline in the global oil prices has hit the currencies of commodity-dependent countries including Malaysia.
Last Wednesday, the benchmark oil, Brent crude, fell by over three per cent towards 11-year lows, after data showed an increase in the US crude supplies.

He said this has caused the greenback to trade lower and influence other emerging currencies including the ringgit.

"The local note will likely trade downwards if the commodity prices continue to weaken," he said.
It was reported that the Brent crude went down by US$1.33, or 3.5 per cent, to US$36.46 a barrel.

Thursday, December 31, 2015

Second Chance's 1Q earnings rise 48.4% to $2.5 million

Second Chance Properties posted a 48.4% rise in earnings to $2.5 million for the 1Q16 ended Nov despite revenue recording a fall of 7.1% to $8.2 million.
Sales from apparel business decreased to $1.74 million from $2.25 million a year ago. Of the $1.74 million, Malaysian apparel business contributed $1.40 million. The closure of four shops in Malaysia, the introduction of GST, the weakening Malaysian Ringgit and intense competition there, all resulted in the decreased revenue.