Corporate results: RAM, Yinson, Maybank Indonesia and Sunway REIT

RAM named Amirsham as new chairman
RAM Holdings Bhd has appointed Tan Sri Amirsham A Aziz as its new chairman, succeeding Tan Sri Dr Wan Abdul Aziz bin Wan Abdullah whose tenure ended on Jan 31, 2019. Amirsham has served as the firm’s independent director since 2013. 
 
Yinson unit bags RM2.4b O&M contract from JX Nippon
Yinson Holdings Bhd’s unit, Yinson Energy Sdn Bhd, had received and accepted a letter of award from JX Nippon to undertake a contract to provide operation and maintenance (O&M) services for Nippon floating, production, storage and offloading (FPSO) facilities worth US$578 million or RM2.36 billion. The O&M contract is effective Feb 12, 2019, and remain in full force until termination of the engineering, procurement, construction, installation and commissioning and Leasing contract for Layang FPSO facilities, Yinson’s exchange filing yesterday noted. The tenure of the charter contract is for a firm period of eight years with options for 10 extension periods of one year each.The Nippon FPSO Facilities is expected to commence operations at the Layang field by fourth quarter of 2019.
 
Maybank Indonesia’s profit up 21.6% in FY18
PT Bank Maybank Indonesia Tbk’s net profit jumped 21.6% year-on-year (YoY) to 2.2 trillion rupiah in the financial year ended Dec 31, 2018 (FY18), on the back of higher net interest income and continued improvement in asset quality. In a statement yesterday, the Indonesian unit of Malayan Banking Bhd (Maybank) noted net interest income rose 5.2% YoY to 8.1 trillion rupiah, while net interest margin improved to 5.2%. Loans increased 6.3% to 133.3 trillion rupiah from 125.4 trillion rupiah a year ago. Customer deposits fell 3.7% to 116.8 trillion rupiah from 121.3 trillion rupiah the year before.
 
Sunway REIT 2Q profit hit by finance costs
Sunway Real Estate Investment Trust (REIT)’s profit dropped 6.4% year-on-year (YoY) to RM66.44 million in its second-quarter ended Dec 31, 2018, due to higher finance costs. In a filling to Bursa Malaysia yesterday, Sunway REIT noted its revenue decreased by 1.4% YoY to RM139.5 million, due to lower contribution from the hotel segment mitigated by better performance of other segments. The hotel segment’s gross revenue dropped 22.8% YoY to RM17.6 million due to refurbishment works on the   ballroom and meeting rooms at Sunway Resort Hotel & Spa. Its office segment recorded a gross revenue of RM9.4 million, a 19% YoY increase, in the period  due to improved occupancy at Sunway Putra Tower and Wisma Sunway. Sunway REIT’s retail segment posted a marginal growth of 1.5% YoY in revenue to RM105.3 million driven by higher turnover rent from Sunway Pyramid Shopping Mall. The company proposed a dividend of 2.25 sen per share.