Plantation firms in Sarawak to pay more to recruit new Indonesian workers (15% more in wages to recruit new Indonesian workers)
KUCHING: Plantation companies in Sarawak will have to pay about 15% more in wages to recruit new Indonesian workers soon. Indonesian consul/counsellor Rafail Walangitan (pic) said the minimium daily wages of Indonesian plantation workers in Sarawak would be raised to RM22 from RM19 in three months' time. The last revision by RM3 a day (from RM16) was in 2010.
He said the Indonesian Kuching consulate would only issue job orders to plantation firms to recruit Indonesian workers if they commit to pay the minimium wages.
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Friday, February 25, 2011
Sunday, February 20, 2011
Leader Make a Lead!!!
IOI Corp Bhd's (1961)second quarter profit surged 13 per cent compared to a year ago, thanks to stronger contribution from its plantation business.
IOI's net profit for the quarter to December 31 2010 was RM520.24 million. Group revenue rose to RM3.97 billion compared with RM3.06 billion before. In its filing to the stock exchange yesterday, IOI said it expects satisfactory performance for the rest of the fiscal year ending June 2011 on prospects of strong palm oil and palm kernel prices and a resilient property market.
Yesterday, its share price rose 13 sen to RM5.71. IOI shareholders' optimism is buoyed by the uptrend in palm oil prices as the current global shortage of vegetable oils is set to keep prices at higher levels. So far this year, crude palm oil (CPO) futures on the Malaysian derivatives exchange are averaging at around RM3,700 a tonne. Yesterday, the third-month benchmark palm oil contract closed at RM3,745 per tonne.
In its second quarter results, IOI's plantation operating profits rose 14 per cent to RM363.7 million from RM319.9 million a year ago. The rise in profits was mainly due to higher CPO and palm kernel prices. The group's average CPO price in the quarter was RM2,800 per tonne while palm kernel price was RM1,979 per tonne. During the quarter, IOI gained RM61 million when it sold off a portion of its investment properties.
Despite the higher profits achieved in refining activities, the resource-based manufacturing segment recorded lower profits mainly due to fair value losses on the adoption of FRS 139. During the quarter, the total fair value losses on derivative contracts recognised was RM73 million. Prior to adoption of FRS 139, derivative financial instruments were not recognised in financial statements. With the adoption of FRS 139, derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The resulting gain or loss from the remeasurement is recognised in profit or loss.
Read more HERE:
IOI's net profit for the quarter to December 31 2010 was RM520.24 million. Group revenue rose to RM3.97 billion compared with RM3.06 billion before. In its filing to the stock exchange yesterday, IOI said it expects satisfactory performance for the rest of the fiscal year ending June 2011 on prospects of strong palm oil and palm kernel prices and a resilient property market.
Yesterday, its share price rose 13 sen to RM5.71. IOI shareholders' optimism is buoyed by the uptrend in palm oil prices as the current global shortage of vegetable oils is set to keep prices at higher levels. So far this year, crude palm oil (CPO) futures on the Malaysian derivatives exchange are averaging at around RM3,700 a tonne. Yesterday, the third-month benchmark palm oil contract closed at RM3,745 per tonne.
In its second quarter results, IOI's plantation operating profits rose 14 per cent to RM363.7 million from RM319.9 million a year ago. The rise in profits was mainly due to higher CPO and palm kernel prices. The group's average CPO price in the quarter was RM2,800 per tonne while palm kernel price was RM1,979 per tonne. During the quarter, IOI gained RM61 million when it sold off a portion of its investment properties.
Despite the higher profits achieved in refining activities, the resource-based manufacturing segment recorded lower profits mainly due to fair value losses on the adoption of FRS 139. During the quarter, the total fair value losses on derivative contracts recognised was RM73 million. Prior to adoption of FRS 139, derivative financial instruments were not recognised in financial statements. With the adoption of FRS 139, derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered into and are subsequently remeasured at fair value through profit or loss. The resulting gain or loss from the remeasurement is recognised in profit or loss.
Read more HERE:
Saturday, February 5, 2011
Why call for removal of oil palm seed export ban?
Malaysia can be the the world's largest supplier of germinated oil palm seeds, provided that the government drops its existing gazette that bans the export of the commodity.
The government, since the 1970s, prohibits the export of oil palm seeds to ensure enough supply for local farmers as well as protect the seeds' intellectual property rights from being copied by other oil palm producers. Malaysia, however, does supply oil palm seeds to Malaysian companies overseas as well as to Honduras, Colombia, Sierra Leone, Thailand and Indonesia on a government-to-government basis.
"Malaysia, in total, produce 80 million oil palm seeds, of which 50 million are supplied to local planters while the remaining 30 million can be sold to other customers. "We have received a lot of enquiries from overseas customers and hope that the government will lift this gazette,"
Read More >> here
Malaysia can be the the world's largest supplier of germinated oil palm seeds, provided that the government drops its existing gazette that bans the export of the commodity.
The government, since the 1970s, prohibits the export of oil palm seeds to ensure enough supply for local farmers as well as protect the seeds' intellectual property rights from being copied by other oil palm producers. Malaysia, however, does supply oil palm seeds to Malaysian companies overseas as well as to Honduras, Colombia, Sierra Leone, Thailand and Indonesia on a government-to-government basis.
"Malaysia, in total, produce 80 million oil palm seeds, of which 50 million are supplied to local planters while the remaining 30 million can be sold to other customers. "We have received a lot of enquiries from overseas customers and hope that the government will lift this gazette,"
Read More >> here
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