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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Pensonic Posts Biggest Quarterly, Full-Year Losses After Inventory Write-Downs

 

Electrical home appliances manufacturer Pensonic Holdings Bhd (KL) reported its largest quarterly net loss since its listing on Bursa Malaysia in December 1995, due to inventory write-downs.

For the fourth quarter ended May 31, 2024 (4QFY2024), Pensonic reported a net loss of RM14.28 million, compared to RM712,000 for the same quarter a year earlier. Revenue increased by 8.33% to RM85.14 million from RM78.59 million.

The inventory write-downs in 4QFY2024, totaling RM6 million, were made after considering historical consumption and sales trends, inventory ageing, and product life cycles. No dividend was declared for the quarter.

For the full financial year, Pensonic also posted its largest net loss of RM14.28 million, compared to a net loss of RM3.04 million in FY2023. This was despite a 13.31% rise in full-year revenue to RM309.57 million from RM273.20 million in FY2023.

Looking ahead, Pensonic's group CEO Dixon Chew plans to introduce new initiatives aimed at driving product and service innovations through a transformation-led approach to meet customer demand.

“The group CEO took the bull by the horns and reviewed the business operations of the group as a whole by streamlining processes, reducing costs, and enhancing productivity,” the company stated.

Shares in Pensonic settled one sen or 1.77% higher at 57.5 sen on Tuesday, valuing the company at RM87.6 million.

Key Takeaways:

  • Pensonic reported its largest quarterly net loss of RM14.28 million in 4QFY2024, primarily due to inventory write-downs.
  • Full-year net loss also reached RM14.28 million, despite a 13.31% increase in revenue.
  • Inventory write-downs totaled RM6 million, considering various factors such as historical consumption and sales trends.
  • No dividend was declared for the quarter.
  • The group CEO plans to drive product and service innovations to meet customer demand.
  • Pensonic shares rose by 1.77% to 57.5 sen, valuing the company at RM87.6 million.
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