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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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French Retailer Casino Reports Drop in First-Half Core Earnings Amid Ongoing Restructuring

French supermarket group Casino posted a decline in first-half core earnings due to ongoing restructuring activities, including the sale of hypermarkets and supermarkets, store closures, and conversions to franchises.

Key Highlights:

  • Earnings Decline: Adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) fell 24% to €255 million (RM1.27 billion) in the six months ending June.
  • Sales Drop: Net sales decreased by 3.5% to €4.2 billion.
  • Debt Reduction: Net debt reduced to €1 billion at the end of June from €1.6 billion at the end of March 2024 and €6.2 billion at the end of 2023.
  • Free Cash Outflow: The company reported a free cash outflow before financial expenses of €413 million, compared to an outflow of €735 million a year ago.

Restructuring Efforts:

Casino, France's seventh-largest supermarket group by market share, has been attempting a turnaround after years of debt-fueled acquisitions and a declining market share. The company has been implementing significant changes to improve its economic performance:

  • Store Network Streamlining: Closing unprofitable stores and converting integrated sites to franchises.
  • Careful Selection of Franchise Partners: Ensuring that new franchise partners are carefully selected and opening new stores with high potential.

Leadership Changes:

In late March, Casino completed its financial restructuring, leading to the appointment of a new leadership team by a consortium led by Czech billionaire Daniel Kretinsky. This marked the end of Jean-Charles Naouri's 30-year ownership of the company.

Philippe Palazzi, the recently appointed CEO, expressed optimism about the company's future. "To improve our economic performance, we have begun streamlining our store network: closing unprofitable stores, converting integrated sites to franchises, carefully selecting our new franchise partners and opening new stores with high potential," Palazzi said in a statement.

Despite the challenging restructuring process, Casino's efforts to reduce debt and improve its store network are aimed at stabilizing the company's financial health and positioning it for future growth.

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