The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Chin Teck Plantations Bhd's net profit nearly doubled to RM22.69 million for its third quarter ended May 31, 2024 (3QFY2024), from RM11.44 million a year earlier, driven by higher revenue from increased sales volumes.
Key Takeaways:
Net Profit Surge: Chin Teck's net profit for 3QFY2024 surged to RM22.69 million, up from RM11.44 million a year earlier.
- Earnings per Share: EPS rose to 24.83 sen from 12.52 sen.
Revenue Growth: Revenue for the quarter increased by 41.7% year-on-year to RM66.6 million from RM47 million, attributed to higher sales volumes of fresh fruit bunches (FFB), crude palm oil, and palm kernels.
Nine-Month Performance: For the first nine months of FY2024, net profit rose over 63% year-on-year to RM64.8 million from RM39.7 million, while revenue increased 15.98% to RM181 million from RM156.1 million.
Dividend Declaration: Chin Teck has declared a second interim dividend of eight sen per share and a special dividend of 20 sen per share, payable on August 30, with an ex-date of August 13.
Future Prospects: The company expects FFB production to increase, which would positively impact plantation profits for the remainder of FY2024.
Market Reaction: Shares in Chin Teck gained five sen, or 0.66%, to RM7.60 at Monday's market close, giving the group a market capitalisation of RM694.36 million.
Chin Teck’s strong financial performance in the third quarter highlights the company’s growth trajectory, driven by higher sales volumes and effective revenue strategies, while the declared dividends reflect its commitment to rewarding shareholders.
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