NYLEX (4944) : Nylex to benefit from Rapid project
KUALA LUMPUR (Nov 20): Nylex (Malaysia) Bhd sees itself benefiting from the ongoing RM60 billion Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, which is expected to give a boost to demand for chemical products.
"The manufacturing sector is poised for a boom from the Rapid project," its group managing director Datuk Siew Ka Wei told reporters after the group's annual general meeting here today.
"We foresee manufacturing factories will mushroom [around the Rapid project] and demand for chemical products to grow as the project moves along," he said.
This is credit positive for Nylex, which distributes petrochemical and industrial chemical products, Siew added.
Nylex is also involved in manufacturing and distribution of vinyl-coated fabrics, calendared film and sheeting.
However, Siew declined to say how much the group will benefit from the project.
"The market is changing everyday, and this is something I cannot tell you," he said.
Nylex posted a net profit of RM2.93 million for the first financial quarter ended Aug 31, 2014 (1QFY15), up 25.75% from RM2.33 million a year ago.
It attributed the improved earnings to higher profit contribution from the industrial chemical division.
Revenue for 1QFY15, however, declined 13.93% to RM358.83 million from RM416.95 million a year ago on lower contribution from both the industrial chemical and polymer divisions. Earnings per share rose marginally to 1.52 sen from 1.21 sen in 1QFY14.
As of midday, Nylex shares down half a sen to 62.5 sen, with 24,100 shares done. Its market capitalisation stood at RM121.46 million.
http://www.theedgemarkets.com/en/node/170771
KUALA LUMPUR (Nov 20): Nylex (Malaysia) Bhd sees itself benefiting from the ongoing RM60 billion Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor, which is expected to give a boost to demand for chemical products.
"The manufacturing sector is poised for a boom from the Rapid project," its group managing director Datuk Siew Ka Wei told reporters after the group's annual general meeting here today.
"We foresee manufacturing factories will mushroom [around the Rapid project] and demand for chemical products to grow as the project moves along," he said.
This is credit positive for Nylex, which distributes petrochemical and industrial chemical products, Siew added.
Nylex is also involved in manufacturing and distribution of vinyl-coated fabrics, calendared film and sheeting.
However, Siew declined to say how much the group will benefit from the project.
"The market is changing everyday, and this is something I cannot tell you," he said.
Nylex posted a net profit of RM2.93 million for the first financial quarter ended Aug 31, 2014 (1QFY15), up 25.75% from RM2.33 million a year ago.
It attributed the improved earnings to higher profit contribution from the industrial chemical division.
Revenue for 1QFY15, however, declined 13.93% to RM358.83 million from RM416.95 million a year ago on lower contribution from both the industrial chemical and polymer divisions. Earnings per share rose marginally to 1.52 sen from 1.21 sen in 1QFY14.
As of midday, Nylex shares down half a sen to 62.5 sen, with 24,100 shares done. Its market capitalisation stood at RM121.46 million.
http://www.theedgemarkets.com/en/node/170771
