Will RCE up on MONDAY, I AM WAITING VERY LONGGGGGGGGGGGGGGGGGG LIAO
RCE Capital Bhd has adopted the Financial Reporting Standards 139 Financial Intruments: Recognition and Measurement (FRS 139) starting this quarter. In a statement today, RCE said this was in response to the Malaysian Accounting Standards Board's international financial reporting standards convergence plan. It said with the change in revenue recognition method, it made a one-off net adjustment of RM70.4 million against retained earnings. "The effects from the initial adjustments will normalise over the years, giving rise to positive impact on the group's earnings in the future," it said. It said net loan receivables stood at RM1.1 billion in the first quarter mainly due to the group's continuous efforts in marketing and product development.
RCE said the main catalyst for sustaining a steady growth in loan financing business lay in the continuous improvement in customer service and product diversification. Meanwhile, in a filing to Bursa Malaysia, RCE said its pre-tax profit for the first quarter ended June 31, 2010 rose to RM33.740 million from RM24.959 million in the same quarter last year. Revenue, however, declined to RM58.884 million from RM66.983 million in the previous corresponding period, it said in a filing to Bursa Malaysia. Earnings per share increased to 3.02 sen, from 2.61 sen in the previous corresponding period. The group is involved in the provision of personal loans and consumer-financing services. -- Bernama