Latest news with #RM175
The Sun
15-06-2025
- The Sun
Fake supply deal: Trader scammed of over RM175,000
KUALA TERENGGANU: A trader lost over RM175,000 after falling victim to a scam involving a fictitious goods order. Kuala Terengganu police chief Supt Azli Mohd Noor said that on June 3, the 50-year-old victim was contacted by his foster brother, informing him he had been offered a project to supply sports equipment to Kolej Universiti Bestari (KUB) in Setiu by a ministry's office in Putrajaya. Due to financial constraints, the foster brother declined the offer and instead passed it on to the victim. 'The victim agreed to take up the project to deliver the goods to KUB on June 8. 'Subsequently, he received a call from a woman claiming to be from the same office, who requested additional items such as dates, traditional daggers and decorative plates. She also provided contact details of several so-called suppliers,' he said in a statement today. Azli said the victim contacted the alleged suppliers and subsequently made payments in stages totalling RM175,452.80 to several bank accounts provided. However, the victim later discovered that the woman was not affiliated with the ministry and that the said order did not exist. 'The victim lodged a police report at 12.32 pm yesterday. The payments were made using his savings and funds from a business partner,' he said. The case is being investigated under Section 420 of the Penal Code for cheating.
The Star
15-06-2025
- The Star
Fake supply deal leaves T'ganu trader RM175,000 poorer
KUALA TERENGGANU: A trader here lost over RM175,000 after falling victim to a scam involving a nonexistent order for goods. Kuala Terengganu OCPD Supt Azli Mohd Noor said that on June 3, the 50-year-old victim was contacted by his foster brother, who said he had been offered a project to supply sports equipment to Kolej Universiti Bestari (KUB) in Setiu. The foster brother said he had to decline the offer, purportedly from a ministry office in Putrajaya, owing to financial constraints and instead passed it on to the victim. "The victim agreed to take up the project to deliver the goods to KUB on June 8. "Subsequently, he received a call from a woman claiming to be from the same office, who requested additional items such as dates, traditional daggers and decorative plates. "She also provided contact details of several so-called suppliers,' he said in a statement on Sunday (June 15). Supt Azli said the victim contacted the alleged suppliers and subsequently made payments in stages totalling RM175,452.80 to several bank accounts they provided. However, the victim later discovered that the woman was not affiliated with the ministry and that the said order did not exist. "The victim lodged a police report on Saturday (June 14). "The payments were made using his savings and funds from a business partner,' Supt Azli said. The case is being investigated under Section 420 of the Penal Code for cheating. – Bernama
New Straits Times
15-06-2025
- New Straits Times
Kuala Terengganu trader duped by fake purchase order, loses RM175,000
KUALA TERENGGANU: A 50-year-old trader from this district lost more than RM175,000 after being duped into fulfilling a fake order for sports equipment and commemorative items that never existed. The incident began when his adopted brother claimed to have received an order for sports equipment from a government office in Putrajaya, intended for a college in Setiu. The trader agreed to help fulfil the order, scheduled for delivery on June 8, since his adopted brother lacked the funds to proceed. District police chief Assistant Commissioner Azli Mohd Noor said a woman later contacted the trader claiming to represent the college, and placed additional orders for items such as dates, keris, and commemorative plaques. "As his usual supplier couldn't provide these items, the suspect gave him a contact number for another supplier," Azli said. The trader made payments in stages to several bank accounts provided by the new 'supplier'. He only realised it was a scam after learning that neither the order nor the people he had dealt with were genuine. The victim, who used both his personal savings and capital from a business partner, suffered losses amounting to RM175,452.80. He lodged a police report yesterday.
The Sun
01-06-2025
- Business
- The Sun
Meta Bright's nine-month revenue leaps 222% year-on-year, propelled by building materials segment
PETALING JAYA: Meta Bright Group Bhd, a Main Market-listed diversified conglomerate, reported a strong financial performance for the nine months ended March 31, 2025 (9M25), driven by significant contributions from its building materials, leasing, hospitality and energy-related segments. Revenue leaped 222% year-on-year (y-o-y) to RM175 million from RM54.36 million in the corresponding period of the previous financial year. The remarkable growth was largely driven by the building materials segment, which recorded revenue of RM141.62 million, supported by the continued strong performance of Expogaya Sdn Bhd, which Metra Bright acquired in January 2024. Profit attributable to owners of the company (Patami) surged 145% to RM6.95 million from RM2.83 million a year earlier, demonstrating the group's effective diversification strategy and operational efficiencies. The group achieved a 57% increase in revenue to RM53.42 million in Q3'25 compared to RM33.95 million in Q3'24. Meta Bright's robust financial performance was complemented by strong operational cash flows, generating RM14.47 million from operating activities for the nine-month period, compared to a net operating cash flow of RM10.66 million during the same period last year. This positive cash flow demonstrates the group's enhanced cash-generating capabilities and operational strength. Corporate and strategic planning executive director Derek Phang Kiew Lim said, 'Our solid performance in the first nine months reflects the effectiveness of our diversification and growth strategies implemented over the past year. Continued contributions from the existing business segments, combined with disciplined financial management and operational efficiencies, position us well to achieve sustained growth and deliver long-term value to our shareholders.' He added they are particularly encouraged by the sustained improvement in their operating cash flows, which provides them with greater flexibility to pursue strategic opportunities and investments. Despite the challenging market environment, Phang said, their diversified business model continues to deliver stable growth and enhance shareholder value. Looking ahead, Meta Bright remains committed to its growth trajectory by actively identifying new opportunities in property development, energy-related businesses, and infrastructure projects, particularly leveraging the continued infrastructure boom in Sabah. The group intends to enhance its hospitality segment through ongoing improvements at Renai Hotel and other facilities. However, Phang said they will be cautious in light of the cross-border risks and uncertainties surrounding geopolitical factors, ensuring that they maintain a robust risk management approach and strategic flexibility to navigate any potential headwinds effectively. 'We remain optimistic about our business prospects for the remainder of FY2025. With a healthy order book, solid financial fundamentals, and strategic initiatives in place, we believe Meta Bright is well-positioned to sustain its growth momentum,' he added.
New Straits Times
24-04-2025
- Business
- New Straits Times
Lower trading activity to weigh on Bursa Malaysia's 1Q earnings
KUALA LUMPUR: Bursa Malaysia Bhd is expected to report lower earnings for the first quarter of 2025 (1Q25) due to a decline in securities trading activity, according to CIMB Securities. The stock exchange regulator is scheduled to release its 1Q25 results on April 28. Net profit for the quarter is projected to come in between RM55 million and RM62 million, down 17.2 per cent to 26.9 per cent from a year ago, and 9.8 per cent to 20.4 per cent lower compared to the previous quarter. The earnings weakness is largely attributed to a 14.2 per cent drop in securities average daily value to RM2.7 billion, reflecting cautious investor sentiment amid global trade tensions. CIMB Securities said the decline in revenue, estimated at RM166 million to RM175 million, would push the cost-to-income ratio higher to 53 per cent to 56 per cent from 46.5 per cent in 1Q24. No dividend is expected for the quarter, as payouts are typically made semi-annually. Despite a 20.8 per cent year-on-year rise in average daily contracts in the derivatives segment, the growth was not enough to offset lower trading volumes in the securities market. The research house maintained its "Hold" rating on Bursa Malaysia with an unchanged target price of RM8.15, citing limited near-term catalysts. CIMB also warned of potential downside risks to its full-year earnings forecast of RM291.2 million should the current trading volumes persist.
