igher revenue expected for Malaysian banksKUALA LUMPUR Kuala Lumpur (kwä`lə lm`pr), city (1990 est. pop. , May 18 Kyodo
Malaysian banks are expected to post higher revenues in the
first six months of 1998, a survey by the Statistics Department
showed Monday Monday: see week. .
The department's business expectations survey of limited
companies for the first half of 1998 said banks and financial
institutions are projected to post a 5.7% increase in gross revenue
to 15.64 billion ringgit ring·git
See Table at currency.
Noun 1. ringgit - the basic unit of money in Malaysia; equal to 100 sen (4.28 billion dollars) compared with 14.81
billion ringgit in the second half of 1997.
Overall, gross revenues for 270 companies representing 13
sectors covered in the survey will decline by 3.7%, 4.99 billion
ringgit, to 129.96 billion ringgit. In the second half of last year,
the 270 companies posted 134.95 billion ringgit in revenues, the
national news agency Bernama BERNAMA Berita Nasional Malaysia (Malaysian National News Agency) said.
Other sectors expected to do well include the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications.
sector with a projected 5.5% increase in gross revenue to 5.55
billion ringgit, transport go up 5.4% to 6.05 billion ringgit, and
palm oil up 4.2% to 1.74 billion ringgit.
Hotel, real estate and business services are also project to
post a slight increase in revenues.
The "less hopeful" sector, the department said, is retail,
which is expected to see a 35.8% plunge in revenues to 2.18
billion ringgit. Construction is expected to fall by 27.4% to
2.66 billion ringgit.
Others sectors in the negative zone are wholesale, logging,
rubber, manufacturing and petroleum, mining and electricity.
The survey said planned capital investments are projected at
13.36 billion ringgit for the first half of this year, down 25.4 %
from the second half of last year.
The workforce is also expected to be reduced 0.4% after
taking into consideration retirements, resignations and layoffs.