Written by Financial Daily
Tuesday, 01 December 2009 11:29
KUALA LUMPUR: CBS TECHNOLOGY [] BHD []’s net profit for the third quarter (3Q) ended Sept 30, 2009 doubled to RM3.26 million from RM1.63 million a year earlier, due to contributions from its newly acquired subsidiaries, Infodata Media Sdn Bhd (IMSB) and IMSB’s wholly owned subsidiary, Super Pages Media Sdn Bhd (SPMSB).
The group completed the acquisition of the 100% interest in IMSB on Sept 1 this year. Revenue rose to RM11.98 million from RM5.97 million, while earnings per share improved to 2.12 sen from 1.07 sen. No interim dividend was declared.
For the nine months to Sept 30, CBS Tech’s net profit rose 36% to RM6.67 million from RM4.92 million a year earlier, while revenue jumped 62.5% to RM27.87 million from RM17.15 million.
In a separate announcement, CBS Tech proposed a one-for-two bonus issue of up to 79.85 million new ordinary shares of 10 sen each. As at Sept 30, 2009, its issued and paid-up share capital stood at RM15.57 million comprising 155.71 million shares.
The proposed bonus issue would be wholly capitalised from its share premium and unappropriated profit accounts.
As at Dec 31, 2008, the consolidated share premium and retained profits of CBS stood at RM1.16 million and RM14.42 million, respectively. It said the share premium and retained earnings of CBS Tech at the company level based on its audited financial statements as at Dec 31, 2008 amounted to RM1.16 million and RM2.99 million.
“Based on the above, CBS does not have the sufficient reserves to be capitalised for the proposed bonus issue. To enable CBS to implement the proposed bonus issue, subsidiary(ies) of CBS are required to declare dividends of up to RM3.7 million to CBS.
This article appeared in The Edge Financial Daily, December 1, 2009.
