lng resources bhd (LNGR) Snapshot

LNG Resources Berhad announced the appointment of Yong Chan Cheah as Executive Director, effective from June 7, 2013. He subsequently joined AE Technology Sdn Bhd as Sales Executive in 1999 and was promoted to Sales Manager in 2002. In 2006, he co-founded Oriental Fastech Manufacturing Sdn Bhd (OFM) with Mr. Yong Swee Chuan and is directly involved in the growth and development of OFM.

LNG Resources Berhad announced the appointment of Yong Swee Chuan as Executive Director, with effect from June 7, 2013. He started his career at Tuck Hwa Fabrication Pte Ltd. in Singapore in 1990. His subsequent employment included Senic Sanyo (Singapore) Pte Ltd. in 1995 and TKR Manufacturing (Singapore) Pte Ltd. in 1996, before co-founding Oriental Fastech Manufacturing Sdn Bhd in 2006.

LNG Resources Berhad reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's revenue was MYR 9,099,000, compared to MYR 5,457,000 for the last year. Profit before taxation was MYR 559,000, compared to MYR 243,000 for the last year. Profit attributable to equity holders was MYR 371,000 or 0.17 sen per basic share, compared to MYR 112,000 or 0.06 sen per basic share for the last year. Operating profit was MYR 635,000, compared to MYR 160,000 for the last year. Net cash from operating activities was MYR 3,819,000, compared to MYR 883,000 for the last year. Purchase of property, plant and equipment was MYR 898,000, compared to MYR 620,000 for the last year. The significant growth in revenue was mainly attributable to the additional revenue contribution from the newly acquired precision machining and stamping segment and the increase in demand for the precision engineering segment. The increase in the Group's profit before tax was in line with the increase in revenue despite that the amount was partly offset by the expenses incurred in the current period/quarter for the acquisition of a subsidiary, which amounted to approximately MYR 0.361 million. The Board is of the opinion that the group's financial performance for year 2013 will improve as compared to the financial year 2012. Following the completion of the acquisition of OFM, the group is expected to benefit from the extra revenue and earnings contribution from OFM as well as the profit guarantee of MYR 5.500 million for the financial year ending 2013 from the vendors of OFM.