ICAP (5108) - iCapitalBiz posts earnings of RM38,000 in Q3
KUALA LUMPUR: Closed-end fund iCapitalBiz Bhd posted earnings of RM38,000 in the third quarter ended Feb 28,2017 compared with RM31.46mil a year ago due to the absence of gain on disposal of quoted investment.
It said on Friday its revenue fell to RM4.25mil from RM34.19mil a year ago.
iCapitalBiz said profit after tax was RM40,000 compared with a loss after tax of RM1.10mil in second quarter was mainly due to lower interest and dividend income received.
For the nine months, its earnings fell to RM563,000 from RM21.85mil in the previous corresponding period. Its revenue were sharply lower at RM9.87mil from RM40.46mil.
iCapitalBiz said its profit before tax of RM1.57mil declined from RM23.63mil a year ago mainly due to the absence of gain on disposal of quoted investments and impairment loss on a quoted investment in the current year to date period.
“As the company is a closed-end fund, a better indication of its performance would be the movement of its net assets value (NAV). The NAV per share as at Feb 28, 2017 was RM3.17, compared with NAV per share of RM3.03 as at 31 May 2016, an increase of 4.6%,” it said.
On the outlook, the company said the global economy has seen a synchronised recovery. This has benefitted the open Malaysian economy. Exports have recovered. Malaysia’s Leading Index has reversed its decline.
“For Malaysia, 2017 does not seem be as bleak as a couple of months ago. In addition, with the Affordable Care Act also knowmn as Obamacare having triumphed over Trump, the defeat was good for the rest of the world as it brought a nationalistic American administration back to realities.
“With the US economic recovery remaining intact, one can expect the normalisation of her monetary policy to proceed at a pace faster than in 2015 and 2016. We hope investors are prepared for this in a calm manner,” it said.
ICAP (5108) - iCapitalBiz posts earnings of RM38,000 in Q3
http://www.thestar.com.my/business/business-news/2017/04/14/icapitalbiz-posts-earnings-of-rm38000-in-q3/
