time engineering bhd (TIM) Snapshot

Time Engineering Bhd announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of MYR 20,539,000 against MYR 15,258,000 a year ago. Profit before tax was MYR 2,192,000 against MYR 1,444,000 a year ago. Profit attributable to owners of the company was MYR 521,000 or 0.07 sen per basic share against loss attributable to owners of the company of MYR 453,000 or 0.06 sen per basic share a year ago. Net cash generated from operating activities was MYR 5,916,000 against MYR 2,737,000 a year ago. Purchase of plant and equipment was MYR 4,702,000 against MYR 4,120,000 a year ago. Improved revenue was primarily contributed by growth in value added services offered by the group's trade facilities business. The group recorded EBITDA of MYR 5.5 million in the current quarter compared to MYR 3.0 million in the preceding year corresponding quarter mainly due to the group's established presence in the trade facilitation business and network and prudent cost management. In 2013, the group continues to embark on strategic initiatives to make ready new facilities which will enhance the efficiency of the group service offering that are expected to deliver positive financial results for 2013.

Time Engineering Bhd proposed final gross dividend of 4.0 sen, less tax of 25% (net dividend of 3.0 sen) per ordinary share for the financial year ended December 31, 2012 as recommended by the Directors at the Forty Third Annual General Meeting to be held on June 19, 2013. The dividend is payable on July 12, 2013 to the shareholders with record date on June 20, 2013 and ex-date on June 18, 2013.

Time Engineering Bhd, Annual General Meeting, Jun 19, 2013., at 10:30 Singapore Standard Time. Location: Ballroom 1, Level 1, Sime Darby Convention Centre. Agenda: To receive the audited financial statements for the financial year ended December 31, 2012 together with the reports of the directors and auditors; to approve the payment of final gross dividend of 4.0 sen, less tax of 25% (net dividend of 3.0 sen) per ordinary share for the financial year ended 31 December 2012 as recommended by the directors; to re-elect directors; to approve the payment of directors' fees for the financial year ending December 31, 2013 on a quarterly basis after the end of each quarter; to re-appoint Messrs KPMG as auditors of the company for the financial year ending December 31, 2013 and to authorize the board of directors to determine their remuneration; and to transact any other business of which due notice shall have been given in accordance with the companies Act 1965 and the company's Articles of Association.