ECOFIRST FIRST HALF REVENUE UP 20 PERCENT
ECOFIRST FIRST HALF REVENUE UP 20 PERCENT, AND 14 PERCENT RISE IN CORE OPERATING INCOME
Aims to Expand its Property Development Projects
KUALA LUMPUR, 25 January 2019: PROPERTY group EcoFirst Consolidated Bhd (EcoFirst) posted a 20 percent jump in revenue to RM102 million for the first half ended 30 Nov 2018, reflecting progress at its RM606.8 million Liberty project at Ampang Ukay which also boosted its core operating income.
It recorded a lower first half profit after tax of RM8.7 million, against RM35.3 million for the first half of 2017 which included RM28.4 million of gains from the compulsory acquisition of land for the Sg Besi Ulu Kelang Elevated (SUKE) Expressway.
Excluding gain from the compulsory acquisition, EcoFirst posted a 14 percent rise in core operating income to RM14.5 million, against RM12.7 million in the first half of 2017.
“The increase in our core operating income reflects our improving ability to generate organic growth,” said Dato’ Tiong Kwing Hee, EcoFirst Group Chief Executive Officer. “Liberty is progressing well according to schedule and we’re on track to meet its full completion in November 2019.”
Meanwhile, EcoFirst is broadening its development activities beyond Ampang Ukay, with a joint venture with the Penang-based Lone Pine group which developed the award-winning One Tanjong luxury seafront condominium in Tanjung Bungah.
EcoFirst in December 2018 proposed to acquire a 70 percent stake in the Lone Pine group’s Geo Valley Sdn Bhd, which is developing a RM1.25 billion GDV mixed residential and commercial project in Paya Terubong.
“While Ampang Ukay will remain the prime mover in EcoFirst’s growth over the long term, our strategy is to partner reputable and well-known brands such as the Lone Pine group for more impact over the short and medium term,” said Tiong. “We are assessing a number of other projects in the Klang Valley that will boost EcoFirst’s bottom-line in the next two to three years. We will make the necessary announcement once the deals are concluded in accordance to the Bursa listing guidelines.”
For the second quarter, EcoFirst posted a 42 percent rise in revenue to RM57.2 million, from RM40.4 million before. Its profit after tax fell to RM4.1 million the three months ended 30 Nov 2018, from RM29.6 million before which included the gains from the SUKE compulsory acquisition.
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About EcoFirst Consolidated Bhd
Established in 1973, EcoFirst Consolidated Bhd is a public listed company with core businesses in property development, property investment holding and property management. Steadfast in delivering its projects, EcoFirst revived and completed its 1Segamat Mall, the first and only commercial complex in Segamat. Its South City Plaza in Sri Kembangan is now home to Malaysia largest digital devices accessories outlet and china products centre whilst transforming into an edu-mall completed with student-housing apartment, The Academia. It has also developed Kondominium Kelab Golf previously known as Upper East @ Tiger Lane, a luxury condominium project in Ipoh, Perak and has acquired a substantial land bank in the Klang Valley. For more information, please visit http://www.ecofirst.com.my/
About Ampang Ukay Development
A metropolitan under construction, Ampang Ukay is envisioned to be the little Hong Kong of Kuala Lumpur, offering retail convenience, quality amenities, pedestrian and bicycle-friendly environments, vibrant nightlife, and a strong neighbourhood character. The township borders Ampang, a prime district within Kuala Lumpur and its bustling neighbourhood, Ulu Klang. Conveniently located only 7 minutes away from Kuala Lumpur City Centre and 12 minutes to major areas such as Hartamas, Damansara and major highways, Ampang Ukay offers multiple access points and endless connectivity to its residents. This massive undertaking is intended to make available a series of successive developments bringing superior quality residential and commercial offerings that will transform Ampang Ukay towards a new-age dimension; at the best value in this prestigious part of town. For more information, please visit http://ampangukay.com.my/ampang-ukay-ukay/
About LIBERTY@Ampang Ukay
The first residential development within Ampang Ukay, Liberty will offer designer suites at unbelievable price-to-value ratio to those who thrive on the art of suite living. Liberty encompasses 3 residential towers of 1,632 fully furnished SoHo units, each measuring approximately 450sqf in size, and 32 retail units. With its compact-sized unit concept, it offers great privacy while presenting a perfect home for bachelors or single white collared workers who are busy making their fortune in the city. For more information, please visit http://ampangukay.com.my/liberty-arc-ukay/
ALLIANCE TO END PLASTIC WASTE COMMITS OVER USD1.0 BILLION TO HELP END PLASTIC WASTE IN THE ENVIRONMENT (Mandarin Version)
新全球聯盟投入逾10億美元幫助結束環境中的塑料廢物 目標投入15億美元
新加坡2019年1月16日電 /美通社/ — 塑料和消費品價值鏈的全球性公司組成的聯盟今天推出了一個新機構，推進結束環境中，特別是海洋裡的塑料廢物的解決方案。
跨價值鏈的Alliance to End Plastic Waste (AEPW)目前由近30家會員公司組成，已投入逾10億美元（目標在未來五年內投入15億美元）來幫助結束環境中的塑料廢物。該聯盟將開發和規模化解決方案，最大程度地減少和管理塑料廢物，並推廣廢舊塑料的解決方案，幫助實現循環經濟。該聯盟的會員是南北美、歐洲、亞洲、東南亞、非洲和中東各地的全球性公司。
寶潔(Procter & Gamble)主席、總裁兼行政總裁、AEPW主席David Taylor表示：「每個人都同意我們的海洋或環境中的任何地方都不應該有塑料廢物。這是一個複雜且嚴峻的全球性挑戰，需要迅速採取行動和強有力的領導。這個新聯盟是迄今為止結束環境中塑料廢物的最全面努力。」他補充說：「我呼籲所有地區各行各業的所有公司（無論規模如何）都加入我們。」
萊昂德爾巴塞爾(LyondellBasell)行政總裁、AEPW副主席Bob Patel說：「歷史告訴我們，行業、政府和非政府機構(NGO)之間的共同行動與合作可以帶來解決類似這種全球性挑戰的創新解決方案。世界各地都看到和感受到了塑料廢物問題。這個問題必須解決，我們認為現在是時候採取行動了。」
該聯盟是一家非營利性機構，由生產、使用、銷售、加工、收集和回收利用塑料的公司組成，其中包括化學品和塑料製造商、消費品公司、零售商、轉換商以及廢物管理公司（亦稱作塑料價值鏈）。該聯盟一直與創始策略合作夥伴世界企業永續發展委員會(World Business Council for Sustainable Development)合作。該聯盟今天還公佈了首批項目與合作，反映了眾多幫助結束塑料廢物的解決方案：
- 與城市合作，在缺乏基礎設施的大城市地區設計綜合廢物管理系統，特別是將大量未經管理的塑料廢物從陸地運送到海洋的河流沿岸地區。這項努力的參與方將包括當地政府和利益相關方，並建立可應用於多個城市和地區的經濟上可持續和可複製的模式。該聯盟將尋求與高塑滲漏區的城市合作，並尋求與其他項目（與城市合作的）合作，如印尼的STOP項目。
- Circulate Capital為孵化器網絡(Incubator Network)提供資金支持，開發並推廣技術、商業模式和企業家，防止海洋塑料廢物，並改善廢物管理和循環利用，打算建立一個項目投資渠道，最初重點關注東南亞地區。
- 開發基於科學的開源全球性信息項目，透過可靠的數據收集、度量、標準和方法支持世界各地的廢物管理項目，幫助政府、公司和投資者專注于並加快停止塑料廢物進行環境的行動。該聯盟將尋求與已涉獵類似類型數據收集的領先學術機構和其他機構合作。
- 與聯合國(United Nations)等政府間機構開展能力建設合作，為政府官員和社區領導人舉辦聯合講習班和培訓，幫助他們在最優先的地區尋求和找到與當地有關的最有效解決方案。
- 支持Renew Oceans，援助本土化投資和參與。該項目旨在在塑料廢物從十條主要河流到達海洋之前捕獲，經證明，這些河流將絕大部分的陸地廢物運入海洋。該項目最初將支持Renew Ganga項目（也得到了國家地理學會(National Geographic Society)的支持）。
未來數月，該聯盟將做出更多投資，並推動四大關鍵領域的進展：
- 基礎設施建設，收集和管理廢物，並增加回收利用；
- 創新，推進和規模化新技術，使回收利用塑料更容易，並從所有使用後塑料中創造價值；
- 政府、企業和社區的教育與參與，以動員行動；以及
- 清理環境中已存在的塑料廢物集中區，特別是河流等主要廢物渠道（將陸地廢物運送到海洋）。
威立雅(Veolia)行政總裁、AEPW副主席Antoine Frerot說：「要想取得成功，就需要許多行業之間進行協作以及做出協調一致的努力，一些創造短期進展，另一些則需要更長時間的重大投資。解決環境中的塑料廢物問題以及發展塑料循環經濟需要整個價值鏈上各方的參與以及企業、政府和社區的長期投入。沒有任何一個國家、一家公司或一個社區能夠單憑自己的力量解決這個問題。」
海洋保護協會(Ocean Conservancy)的研究顯示，海洋中近80%的塑料廢物是陸地上的垃圾，其中絕大部分是透過河流到達海洋的。事實上，據一項研究估計，海洋中90%以上的河運塑料來自全球10條主要河流 — 八條在亞洲，兩條在非洲。海洋中60%的塑料廢物來自東南亞的五個國家。
世界企業永續發展委員會總裁兼行政總裁Peter Bakker說道：「雖然我們的努力將是全球性的，但聯盟可以透過把重點放在世界上挑戰最大的地區，從而對這個問題產生最大的影響。透過共用解決方案與最佳實踐，這些努力可在全球範圍內擴展。」
該聯盟的創始會員包括以下公司：巴斯夫(BASF)、Berry Global、Braskem、Chevron Phillips Chemical Company LLC（雪佛龍菲利普斯化工有限公司）、科萊恩(Clariant)、Covestro、陶氏(Dow)、帝斯曼(DSM)、埃克森美孚(ExxonMobil)、Formosa Plastics Corporation USA、漢高(Henkel)、萊昂德爾巴塞爾、三菱化學控股(Mitsubishi Chemical Holdings)、三井化學(Mitsui Chemicals)、NOVA Chemicals、OxyChem、普立萬(PolyOne) 、 寶潔、Reliance Industries、沙特基礎工業公司(SABIC)、Sasol、蘇伊士(SUEZ)、殼牌(Shell)、SCG Chemicals、住友化學(Sumitomo Chemical)、道達爾(Total)、威立雅和Versalis（維薩雷斯公司）（埃尼(Eni)旗下分公司）。
敬請瀏覽 www.endplasticwaste.org/live 觀看全球互聯網直播。直播將於1月16日14:00（格林威治時間(GMT)）開始，持續約30分鐘。
查詢詳情，請瀏覽：www.endplasticwaste.org。
NEW GLOBAL ALLIANCE COMMITS OVER $1.0 BILLION USD TO HELP END PLASTIC WASTE IN THE ENVIRONMENT; SETS GOAL OF INVESTING $1.5 BILLION USD
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FOR IMMEDIATE RELEASE
New global alliance commits over $1.0 billion USD to help end plastic waste in the environment;
sets goal of investing $1.5 billion USD
JANUARY 16, 2019 – An alliance of global companies from the plastics and consumer goods value chain today launched a new organization to advance solutions to eliminate plastic waste in the environment, especially in the ocean.
The cross value chain Alliance to End Plastic Waste (AEPW), currently made up of nearly thirty member companies, has committed over $1.0 billion with the goal of investing $1.5 billion over the next five years to help end plastic waste in the environment. The Alliance will develop and bring to scale solutions that will minimize and manage plastic waste and promote solutions for used plastics by helping to enable a circular economy. The Alliance membership represents global companies and located throughout North and South America, Europe, Asia, Southeast Asia, Africa, and the Middle East.
“Everyone agrees that plastic waste does not belong in our oceans or anywhere in the environment. This is a complex and serious global challenge that calls for swift action and strong leadership. This new alliance is the most comprehensive effort to date to end plastic waste in the environment,” said David Taylor, Chairman of the Board, President and CEO of Procter & Gamble, and chairman of the AEPW. “I urge all companies, big and small and from all regions and sectors, to join us,” he added.
“History has shown us that collective action and partnerships between industry, governments and NGOs can deliver innovative solutions to a global challenge like this,” said Bob Patel, CEO of LyondellBasell, and a vice chairman of the AEPW. “The issue of plastic waste is seen and felt all over the world. It must be addressed and we believe the time for action is now.”
The Alliance is a not-for-profit organization that includes companies that make, use, sell, process, collect, and recycle plastics. This includes chemical and plastic manufacturers, consumer goods companies, retailers, converters, and waste management companies, also known as the plastics value chain. The Alliance has been working with the World Business Council for Sustainable Development as a
founding strategic partner. The Alliance today also announced an initial set of projects and collaborations that reflect a range of solutions to help end plastic waste:
- Partnering with cities to design integrated waste management systems in large urban areas where infrastructure is lacking, especially those along rivers which transport vast amounts of unmanaged plastic waste from land to the ocean. This work will include engaging local governments and stakeholders, and generate economically sustainable and replicable models that can be applied across multiple cities and regions. The Alliance will pursue partnerships with cities located in high plastic leakage areas. The Alliance will also be looking to collaborate with other programs working with cities, such as Project STOP, which is working in Indonesia.
- Funding The Incubator Network by Circulate Capital to develop and promote technologies, business models and entrepreneurs that prevent ocean plastic waste and improve waste management and recycling, with the intention of creating a pipeline of projects for investment, with an initial focus on Southeast Asia.
- Developing an open source, science-based global information project to support waste management projects globally with reliable data collection, metrics, standards, and methodologies to help governments, companies, and investors focus on and accelerate actions to stop plastic waste from entering the environment. The Alliance will explore opportunities to partner with leading academic institutions and other organizations already involved in similar types of data collection.
- Creating a capacity building collaboration with intergovernmental organizations such as the United Nations to conduct joint workshops and trainings for government officials and community-based leaders to help them identify and pursue the most effective and locally-relevant solutions in the highest priority areas.
- Supporting Renew Oceans to aid localized investment and engagement. The program is designed to capture plastic waste before it reaches the ocean from the ten major rivers shown to carry the vast majority of land-based waste to the ocean. The initial work will support the Renew Ganga project, which has also received support from the National Geographic Society.
In the months ahead, the Alliance will make additional investments and drive progress in four key areas:
- Infrastructure development to collect and manage waste and increase recycling;
- Innovation to advance and scale new technologies that make recycling and recovering plastics easier and create value from all post-use plastics;
- Education and engagement of governments, businesses, and communities to mobilize action; and,
- Clean up of concentrated areas of plastic waste already in the environment, particularly the major conduits of waste, like rivers, that carry land-based plastic waste to the sea.
“Success will require collaboration and coordinated efforts across many sectors – some that create near-term progress and others that require major investments with longer timelines. Addressing plastic waste in the environment and developing a circular economy of plastics requires the participation of everyone across the entire value chain and the long term commitment of businesses, governments, and communities. No one country, company or community can solve this on their own,” said Veolia CEO Antoine Frérot, a vice chairman of the AEPW.
Research from the Ocean Conservancy shows that nearly 80 percent of plastic waste in the ocean begins as litter on land, the vast majority of which travels to the sea by rivers. In fact one study estimates that over 90 percent of river borne plastic in the ocean comes from 10 major rivers around the world – eight in Asia, and two in Africa. Sixty percent of plastic waste in the ocean can be sourced to five countries in Southeast Asia.
“While our effort will be global, the Alliance can have the greatest impact on the problem by focusing on the parts of the world where the challenge is greatest; and by sharing solutions and best practices so that these efforts can be amplified and scaled-up around the world”, said Peter Bakker, President and CEO of World Business Council for Sustainable Development.
The following companies are the founding members of the Alliance: BASF, Berry Global, Braskem, Chevron Phillips Chemical Company LLC, Clariant, Covestro, Dow, DSM, ExxonMobil, Formosa Plastics Corporation, U.S.A., Henkel, LyondellBasell, Mitsubishi Chemical Holdings, Mitsui Chemicals, NOVA Chemicals, OxyChem, PolyOne, Procter & Gamble, Reliance Industries, SABIC, Sasol, SUEZ, Shell, SCG Chemicals, Sumitomo Chemical, Total, Veolia, and Versalis (Eni).
The live global internet broadcast can be viewed at www.endplasticwaste.org/live. The broadcast will begin at 14.00 GMT and will last approximately 30 minutes.
For more information, please visit www.endplasticwaste.org
TAMPONS, GST AND WHY SST WILL GIVE US MORE SPENDING MONEY
TAMPONS, GST AND WHY SST WILL GIVE US MORE SPENDING MONEY
Published article here:
https://www.malaymail.com/news/malaysia/2018/07/22/tampons-gst-and-why-sst-will-give-us-more-spending-money/1654700
KUALA LUMPUR, July 22 — I have been reeling from painful flashbacks since the debate began raging over the different pros and cons of the much-hated Goods and Service Tax (GST) and the impending Sales and Services Tax (SST).
In these recollections, my business partners and I are staring at an Excel spreadsheet, tearing the hair from our heads and moaning piteously. We were woefully unprepared and, like pretty much every Malaysian enterprise big and small in late 2015, we ran right into a brick wall.
Our little public relations consultancy had a cash flow problem. We were profitable, but the government of Malaysia was sitting on our cash.
As the collection agents for former prime minister Datuk Seri Najib Razak’s administration — thanks, man! — We invoiced our clients the requisite 6 per cent GST. Then we had to pay, in real money, the amount of GST invoiced because the tax had been incurred, even though we had not yet been paid.
We resentfully passed to the Customs Department our cold, hard cash, in advance. Then we waited for our clients to pay us. But of course they were in the same boat. We all were. Up and down the supply chain, from the Bursa Malaysia-listed companies to the neighbourhood mini-market, we were all transferring cash from our bank accounts to the government.
I’m sure the Customs Department didn’t mean to be slow in making refunds. And, maybe we shouldn’t have extended reasonable payment terms. Why give 30-, 60-, or 90-day payment terms to clients and customers when we should have said, “pay us yesterday please”. Right?
Anyway, now we know why our little ringgit was so desperately needed. But while the government’s debts — thanks, 1MDB! — were being serviced, my partners and I went without our salaries — thanks, Jho!
I’m sure other business people out there did too. We drew down on savings and racked up some personal debt but we survived. We didn’t have to fire anyone, but there must have been some who did. Others didn’t replace staff who retired or give jobs to fresh graduates. Or maybe they didn’t buy the machinery they needed or didn’t restock their inventory.
Even now, I feel anxious recalling those times. I remember reading about a neighbourhood sundry shop, a family-owned business run by an elderly couple who were probably getting by okay until GST ate up all their money.
I remember quiet shopping centres and empty cinemas. I remember I thought I got too little change from a 7-Eleven cashier, and then realised “oh, it’s the GST”. I remember the first time I paid GST for tampons.
I remember when nothing I bought in a supermarket or a pharmacy was taxed, nor my panties and bras, nor my spectacles. There must be parents who remember when disposable diapers were not taxed. Or colouring pencils. Or ball point pens. Or school shoes. Or slippers. My Muslims friends will remember the days when they didn’t pay GST on prayer rugs, or tudung kepala or prayer beads.
Ya, ya, ya, GST is a more efficient, more transparent tax. Being able to claim back a portion of GST was supposed help businesses reduce the cost of making goods and providing services. These cost savings were supposed to have been passed on to consumers.
So what if the SST will be hidden in the final price we pay at the till, and we won’t know exactly how many ringgit and sen that is.
But we do know the Mahathir administration’s SST is expected to cost a whopping RM20 billion less — LESS — than Najib’s GST. That’s RM20 billion that will stay in the economy, circulating, generating jobs, paying salaries, feeding families.
From the first day of September, I’m going to have to put the SST on our invoices to our clients. But then I’m going to the supermarket, and I won’t have to pay GST on mosquito coils, and brooms, and mops, and feather dusters, and senduk and matches. And tampons. Thanks, Doc!
* Lee Siew Lian is a former financial journalist and is currently a public relations consultant. She is also a Malay Mail reader.