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Tag: Malaysia

  • Groupon Malaysia sold to local startup

    Groupon Malaysia sold to local startup

    Ever-shrinking deal site Groupon has exited another market – this time selling its Malaysia business to KFit Group.

    KFit, in which Groupon is an investor, had already acquired the Groupon Indonesia business.

    “With our Indonesian business achieving nearly double growth since our acquisition, we are confident that the same growth principles will bring an exciting new local commerce offering to Malaysia,” said Joel Neoh, founder of KFit Group, announcing the deal.

    The almost terminally flawed Groupon business model was founded in the US and was floated in late 2011 in one of the dot com industry’s most over-valued business IPOs in history. Since its float, Groupon has reported a loss almost every quarter. Last year, it attempted to streamline its business model across its various international markets, another strategy which failed to recuse the brand tainted by dodgy deals, dissatisfied customers and retail partners who lost small fortunes supplying unsustainable promotions sold online. Last month it was even caught selling counterfeit products in the UK.

    As reported in September last year, the business closed its doors in Thailand, the Philippines and Taiwan. Outside Asia it had already exited Greece, Turkey, Panama, Morocco, Puerto Rico and Uruguay. Indonesia followed.

    Last year, Groupon lost US$27.6 million on revenues which continued to fall.

    In Indonesia, KFit retained the Groupon branding, but in Malaysia it will be rolled into its similar local concept Fave early next year, expanding that service into new categories such as restaurants, beauty, wellness, gyms, studios, hotels, holidays, leisure, entertainment and professional services.

    One of the underlying failures of the Groupon model is to convert consumers buying deals into long-term loyal customers for the retailers which use the platform. Ellia Pikri says Fave seems to have learned from Groupon’s failure.

    “Coded into Fave’s system are loyalty solutions and flexible offer structures utilising the tried-and-true model of offering deals to loyal customers that Groupon seemingly lacked before.

    “Fave is also a mobile-first platform. It aims to provide a seamless experience for customers to find, share and enjoy a wide variety of special offers from local businesses, all while customers are able to easily experience what the app has to offer straight from their handheld devices.”

    Pikri argues the mobile-first approach helps offer a clean and streamlined layout for users to browse on their handhelds. “Plus, reservations are made directly on the app, which cuts out the additional step of having to call a vendor (like via Groupon).”

    Face has more than 3200 businesses on its customer database across three countries.

    “While they do have some stiff competition, the combined expertise of Joel’s experience and Malaysia’s growth of online purchasing might just be the push Fave needs to see success where Groupon didn’t,” says Pikri.

    Michel Piestun, president of APAC for Groupon, said it expected KFit Group would steer Groupon Malaysia “to even greater heights”.

    “With Joel’s experience in leading Groupon Asia Pacific in the past, we are confident that KFit Group will be able to grow the business. As a strategic partner in KFit Group, we look forward to seeing the company take big strides in the coming months,” said Piestun.

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  • 7-Eleven Malaysia Continues to Expand Store Network

    7-Eleven Malaysia Continues to Expand Store Network

    The Group’s revenue for the current quarter of RM547.8 million grew by RM28.5 million or 5.5% against the corresponding quarter’s revenue in the previous year of RM519.2 million. The growth in revenue continued to be driven by the growth in new stores, improved merchandise mix and consumer promotion activity. This growth was achieved despite prolonged on-going retail market softness caused by weak consumer confidence/spending.

    Gross profit of RM169.0 million improved by RM9.2 million or 5.8% compared to the corresponding quarter in the previous year and this was mainly attributed to the revenue growth of 5.5%.

    Selling and distribution expenses for the quarter increased by RM14.8 million or 10.4%, mainly caused by new store expansion resulting in higher staff cost, rental cost, store depreciation expense and utility cost. In addition, the increase in the minimum wage effective 1st July 2016 has caused the store staff costs to rise by approximately 10% in the current quarter.

    Administrative and other operating expenses for the quarter increased by RM0.7 million or 3.3% due to higher staff cost, head office IT depreciation expense and amortization of intangible assets.

    The profit before tax of RM15.5 million decreased by RM7.0 million or 31.2% compared to the corresponding quarter in 2015 despite positive sales growth due to higher selling and distribution expenses caused by new store expansion and the impact of minimum wage increase effective 1st July 2016.

    For the 9 months ended 30 September 2016

    For the 9 months ended 30 September 2016, the Group’s revenue of RM1.58 billion grew RM73.2 million or 4.9% against the corresponding 9 months’ revenue in the previous year of RM1.51 billion. The growth in revenue was driven by the growth in new stores (total stores as at 30 September 2016: 2,057 stores), improved merchandise mix and consumer promotion activity.

    Gross profit improved by RM28.1 mil or 6.1% compared to the corresponding 9 months in the previous year and this was mainly attributed to the revenue growth of 4.9% and gross profit margin expansion of 0.4% points.

    Selling and distribution expenses for the 9 months period in 2016 increased by RM23.7 million or 5.7%, mainly caused by higher staff cost, rental cost, store depreciation expense and utility cost which is in tandem with new store expansion coupled with impact of minimum wage increase on the staff cost.

    Administrative and other operating expenses decreased by RM5.5 million or 8.5% vis-à-vis the corresponding 9 months in the previous year due to higher staff cost, head office IT depreciation expense and amortization of intangible assets.

    The profit before tax of RM58.8 million increased by 1.3% or RM0.8 million despite revenue growth of 4.9% and gross margin expansion by 0.4% points due to higher selling and distribution expenses from new store expansion and also the impact of minimum wage increase effective 1 July 2016 on the salary cost.

    Future Prospects

    The Board of Directors is of the view that the trading conditions for the remaining period of the current financial year is expected to remain challenging due to continued weak consumer confidence/spending and current macro-economic conditions. Despite this latest development, we remain positive of holding onto our market leading position.

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  • Malaysia’s AirAsia and AirAsia X fly back into profit in third quarter

    Malaysia’s AirAsia and AirAsia X fly back into profit in third quarter

    Malaysia’s AirAsia swung to a profit in the third quarter from a net loss a year earlier, mainly driven by an increase in aircraft operating lease income that boosted revenue during the quarter.

    A 22 per cent tumble in the average fuel price to Us$62 per barrel from $79 per barrel a year earlier also contributed, the airline said.

    Net profit for the three months ended September 30 was 353.9 million ringgit (Dh292.4m), versus a net loss of 405.7m ringgit a year earlier. Revenue rose 11.2 per cent to 1.69m ringgit, the company said.

    The results were underpinned by a seat load factor of 89 per cent, a measure of how full planes are, up 7 percentage points from the same period last year.

    The number of passengers carried rose 5 per cent, although capacity fell 3 per cent year-on-year, AirAsia said.

    AirAsia X Berhad, AirAsia’s long-haul budget sister carrier, also recorded a net profit in the third quarter versus a year-ago loss as more capacity on flight routes led to a higher number of passengers for the airline.

    AirAsia X, which is expected to report a profit for this year after two straight annual losses, embarked on a business and organisational restructuring in 2015. It has been adding capacity in Australia and increasing frequency on selected existing routes where demand is high to shore up its results.

    For the third quarter ended September, it reported net profit of 11.03m ringgit, versus a net loss of 288.2m ringgit a year ago.

    Revenue climbed 23.9 percent to 982.4 million ringgit, driven by increases in seat capacity, ancillary revenue, aircraft operating lease income and freight and cargo revenue, the company said in a statement.

    Operations are benefiting from a weaker ringgit that has prompted customers to look at Malaysia “as a value-for-money holiday destination”, said the chief executive Benyamin Ismail.

    The company recorded a passenger load factor of 78 per cent in the third quarter, 3 percentage points higher year on year, AirAsia X earlier said.

    The airline increased its passenger carrying capacity by 34 per cent year on year over July to September.

    “Strong demand from North Asia prompted AirAsia X to add frequencies to Beijing, Shanghai and Osaka while the Australian sector continued to improve with additions warranted for Gold Coast and Sydney,” MIDF Research said.

    The company’s capacity expansion primes the airline for the peak travel season at the end of the year, it added.

    “Based on the current forward booking trend, the expected number of passengers to be carried in the fourth quarter remains promising. Forward loads and average fares are trending better than the previous year,” AirAsia X said.

    Parent AirAsia Group’s chief executive, Tony Fernandes, has said he wants AirAsia X to expand into new destinations in Europe, the United States and Africa.

  • FedEx Trade Networks expands Into Malaysia with Penang office

    FedEx Trade Networks expands Into Malaysia with Penang office

    FedEx Trade Networks, a subsidiary of FedEx Corp. and a premier international freight forwarder, today announced the opening of a new office in Malaysia. Based in Penang, the additional facility highlights the continued expansion of FedEx Trade Networks to meet the growing market demand.

    “With our network stretching into Malaysia, we are well positioned to proactively respond to customer needs and support them in simplifying the complexities of international shipping,” said Udo Lange, executive vice president and COO, FedEx Trade Networks.

    The new FedEx Trade Networks office is strategically located in Penang’s central business district, with close proximity to the airport and the seaport as well as the city’s key infrastructure facilities. FedEx Trade Networks offers a comprehensive portfolio of services, covering e-commerce, international air and ocean freight forwarding, surface transportation (domestic and cross-border), customs brokerage, trade and customs advisory services as well as other value-added services, including My Global Trade Data, the company’s online suite of information management tools.

    “The world requires a new type of freight forwarder that understands how to turn global logistics into strategic advantages,” said Lange. “FedEx Trade Networks makes the complexities of global shipping simple, striving to provide customers with unparalleled supply chain visibility and logistics transparency to help move their businesses forward.”

    Penang is one of the most urbanised and industrialised states in Malaysia with a high concentration of key industries and sectors, including high tech, electronics and electrical products, industrial goods as

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  • 7-Eleven Malaysia committed to store expansion

    7-Eleven Malaysia committed to store expansion

    7-Eleven Malaysia is committed to further store network expansion despite the economic headwinds in the nation.

    Releasing the company’s third quarter results, CEO Gary Brown said the network now numbering 2057 stores achieved sales growth of 5.5 per cent in the three months to September 30, despite a sluggish retail market.

    However there was a “significant negative impact” from the increase in the minimum wage from July 1 on third-quarter profit.

    “The third quarter of 2016 highlights the tough retail market in which we have operated since the introduction of GST coupled with low consumer sentiment and spending.

    “[However] we remain confident that continuous store expansion, refurbishment, promotional activity, improved merchandise mix and expanded in-store services will continue to deliver positive results despite the challenging headwinds.”

    Brown noted that average spend per customer increased by about 4 per cent during the third quarter, compared with the same period last year.

    Group revenue for the quarter totalled RM547.8 million (US$23.31 million) driven by new stores, improved merchandise mix and consumer promotion activity.

    Gross profit of RM169 million improved by 5.8 per cent, mainly attributed to the 5.5 per cent revenue growth.

    Selling and distribution expenses for the quarter increased by RM14.8 million or 10.4 per cent, mainly caused by new store expansion resulting in higher staff cost, rental cost, store depreciation expense and utility costs. The increase in the minimum wage caused store staff costs to rise by approximately 10 per cent in the current quarter.

    The pre-tax profit of RM15.5 million decreased by RM7.0 million or 31.2 per cent, despite positive sales growth – and due to higher selling and distribution expenses caused by new store expansion and the impact of minimum wage increase.

    For the nine months to September 30, the group’s revenue grew by 4.9 per cent against the corresponding nine months’ revenue.

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  • Axiata Group 9M16 revenue grows 8.6%

    Axiata Group 9M16 revenue grows 8.6%

    Malaysia-based Axiata Group has reported an 8.6% growth in revenue for the first nine months of the year, due in part to strong growth from the South Asia region.

    Total revenue reached 15.8 billion ringgit ($3.55 billion), with ebitda up 13.4% to 6 billion ringgit. But net profit slumped 55.7% to 929 million ringgit due to one-off gains in the previous year, higher financing costs and increased forex losses from the weaker ringgit.

    For the third quarter, total revenue grew 2.8% quarter-on-quarter and 8.6% year-on-year to a record 5.5 billion ringgit, due largely to the performance of its newest acquisition, Nepal’s Ncell. Q3 represented the first full quarter of contribution from Ncell.

    Net profit reached 296 million ringgit, up 27.3% quarter-on-quarter but down significantly from 955 million a year earlier.

    Across Axiata’s operation, improvements were seen at domestic mobile unit Celcom and Indonesia’s XL for the third quarter, with service revenue at Celcom returning to growth after three consecutive quarters of declines.

    XL revenue grew 1.6% quarter-on-quarter and year-to-date net profit grew by over 100% mainly due to forex gains associated with the refinancing of XL’s US dollar debt to Indonesian rupiah.

    In South Asian markets, Ncell reported a 16.9% year-to-date profit growth, Sri Lanka’s Dialog posted a profit growth of 18.7% over the same nine-month period, but Bangladesh’s Robi reported a 1% decrease in normalized profit.

    “We are pleased with the improvements in revenue and EBITDA, although the Group performance continues to be affected by the weaker operating environment and increased competitive pressures across our markets,” Axiata chairman Tan Sri Azman Hj Mokhtar said.

    “We remain especially focused on management’s plans for recovery and turnaround strategies at XL and Celcom.”

    Axiata group CEO Tan Sri Jamaludin Ibrahim added that 2016 “2016 remains challenging for the group across most of our markets – particularly in Malaysia, Indonesia, Singapore and India where fiercer competition and rising capex have weighed in on overall performance and profitability.”

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  • Sa Sa profits dive

    Sa Sa profits dive

    Sa Sa profits took a hit of 37.3 per cent for the six months to September 30.

    The Hong Kong-listed beauty products retailer’s interim results show turnover easing by 4 per cent to HK$3.628 billion (US$467.7 million) for the period, with retail sales in Hong Kong/Macau decreasing by 3.6 per cent to HK$2.9032 billion.

    Profit fell from $153 million to $96 million with its gross profit margin dropping from 42.9 to 41.2 per cent.

    During the six months, the group rationalised its retail network from 291 to 283 – six fewer Sasa stores and two fewer single-brand stores/counters.

    While sales fell in Hong Kong/Macau, the number of transactions rose by 0.2 per cent for local customers and 4.4 per cent for Mainland Chinese tourists. The value of each transaction, however, fell by 6.3 and 6.6 per cent respectively.

    Retail sales in Hong Kong continued to be weak, mainly because of average transaction values being lower. The company says the underlying reasons were a change in consumer preferences, a strong Hong Kong dollar and a depreciating yuan. Also, the policy change limiting Shenzhen residents’ multiple-entry permits to one visit a week has had a “significant” impact.

    However, Sa Sa reports an uptick toward positive growth in July as the company adapted with faster product launches, shorter product cycles and cheaper trendy products.

    Korean swing

    As an indication of market change, Sa Sa’s Korean product mix grew from 16.7 per cent of total sales to 23.5 per cent, and the parallel-imported product mix increased from 29.1 to 31.7 per cent. Sales for house brands dropped from 41.5 to 38.5 per cent.

    Overall turnover for Mainland China decreased by 4.3 per cent to $135 million, while same-store sales fell 5.1 per cent. The loss for the period amounted to $13.7 million. Profitability was impacted by the relocation of warehouses.

    Turnover for Singapore at $101.3 million was a drop of 11.1 per cent. As well as weaker sales, management issues impacted performance. While turnover was high, this created difficulties in retaining the knowledge base. However, a restructuring process has drawn on the resources of the relatively strong Malaysian management team.

    Malaysia’s turnover was down 19.1 per cent to $163.4 million, though same-store sales rose 11.2 per cent. Retail sales growth exceeded other markets thanks to the group’s strong retail network and effective marketing campaigns.

    Turnover in Taiwan fell by 23.1 per cent to $98.3 million, with same-store sales tumbling 19.5 per cent because of weak consumer sentiment and ongoing restructuring of the management team.

    Logistics problem

    In eCommerce, Sasa.com turnover reached $193 million, a dip of 0.1 per cent. Sales were affected by the appointment of a new logistics provider in April with the aim of increasing scalability. However, changeover difficulties resulted in a decision to return to the original service provider.

    “Significant numbers of orders had to be cancelled, and further costs were incurred by moving inventory back and forth as well as the running of two warehouses in parallel during the period,” says the company.

    Building on the growth of mobile internet use, the company launched a mobile app and started a collaboration with eCommerce platform Kaola in addition to its partnership with JD.com, Suning.com and T-Mall.

    On the mainland, the dynamics of the cosmetics market are changing with internet retailing growing at a rapid pace, says the company. Because of these challenges, it is continuing to strengthen management and recruit staff.

    “We are also seconding experienced staff from Hong Kong to improve the attractiveness of our product offerings and strengthen inventory management.”

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  • Manolo Blahnik Malaysia debuts in KL

    Manolo Blahnik Malaysia debuts in KL

    Women’s shoe retailer Manolo Blahnik Malaysia has launched its first store, in Pavilion KL.

    The 95 sqm store is part of an Asia expansion plan that includes the refurbishment of its Singapore store at Takashimaya, as well as the launch of a flagship store in Tokyo next year. The brand is partnering with retailer Bluebell Group on the projects.

    Founder Manolo Blahnik, who opened his first shop in Chelsea in London in 1973, was born in the Canary Islands to a Spanish mother and Czech father. He studied languages and art in Geneva before moving to Paris in 1965, where he became a set designer.

    On a visit to New York in 1970, he showed his theatre designs to Diana Vreeland, then editor-in-chief of American Vogue, who encouraged him to concentrate on his shoe designs.

    Blahnik learnt the art of making shoes by visiting factories, and by 1971 was in London making shoes.

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  • Mitsui Outlet Park expansion starts

    Mitsui Outlet Park expansion starts

    Ground has been broken for the second phase of the Mitsui Outlet Park KLIA Sepang, claimed to be the largest factory-outlet shopping mall in Southeast Asia.

    On a 27,500 sqm site next to the current outlet near Kuala Lumpur International Airport, the double-storey extension will feature 60 shops and 500 parking lots to complement the existing 2100 bays, and is expected to open in January 2018. The present 24,000 sqm development has 130 shops.

    mitsui-sepang

    It will introduce more premiums brands in fashion, cosmetics, sportswear and accessories, with a diversification into entertainment and amusements.

    Tourism and Culture Ministry secretary-general Tan Sri Dr Ong Hong Peng officiated at the ground-breaking ceremony, which was attended by Mitsui Fudosan managing officer Osamu Obayashi.

    To complement phase one’s Paradise Village architectural concept, which features a Sunshine Square, Pier Walk, Beach Walk and Tropical Plaza concept, phase two introduces a new ambient experience with Sky Walk and River Walk themes. Sky Walk will have simulated clouds on its ceilings while River Walk will resemble a creek.

    Mitsui Outlet Park KLIA Sepang is a JV between Japanese real estate developer Mitsui Fudosan and Malaysia Airports Holdings. The outlet is managed by the JV company, MFMA Development. Free buses connect the development with the two airport terminals.

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  • Malaysia’s MMU, Teradata ink pact on big data analytics skills

    Malaysia’s MMU, Teradata ink pact on big data analytics skills

    Multimedia University, Malaysia (MMU) and Teradata have announced a strategic partnership to collaborate on education and research in an effort to cultivate the next generation of data science professionals and experts in Malaysia.

    Through this co-operation, MMU will gain access to the Teradata University Network (TUN), a web-based portal that provides complementary teaching and learning tools used by more than 45,000 students around the world to share expertise, access knowledge as well as information on how to enhance both curriculum and align research to the current industry needs.

    Teradata University Network currently has over 5,500 registered faculty members, from over 2,400 universities, in 115 countries, with thousands of student users.

    A key to the success of Teradata University Network is that it is led by academics to ensure the content will meet the needs of today’s classrooms.

    Leveraging the partnership, MMU’s Faculty of Computing and Informatics will offer a Data Science Specialization as part of its Bachelor of Computer Science degree.

    This step was taken following the formalization of a Data Science Institute (DSI) at MMU last month designed to cater to both research and industry engagement of MMU’s expertise in this area.

    “This MoU facilitates greater input from a leading industry player, and Teradata has committed to provide experts to support exposure to our students and staff alike to its services and solutions,” said MMU president Ahmad Rafi Mohamed Eshaq.

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  • AirAsia X may relaunch London in 2017

    AirAsia X may relaunch London in 2017

    Malaysia’s AirAsia X is considering the lease of A350s or 777-300ERs in 2017 to accelerate its return to Europe. A new widebody type will add cost and complexity but is necessary if the medium/long haul low cost airline is to meet its objective of relaunching London as soon as possible.

    AirAsia X had been planning to wait until it receives A330-900neos before relaunching London and commencing other European routes. However the airline prefers not to wait until 2H2018, when its A330-900neo deliveries are slated to begin, and using another aircraft type in the interim mitigates the impact of a potential delay with the A330neo variant required for Kuala Lumpur-London.

    AirAsia X could also use a new aircraft type – most likely A350-900s – to support new routes to the US. It plans to launch services from Japan to Hawaii in Jun-2017 using A330ceos, but also has longer-term plans for longer routes from Japan to Las Vegas, Los Angeles and San Francisco – and potentially ultra-long haul routes from Malaysia to the US.

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  • AirAsia plans IPO of ASEAN airline holding company

    AirAsia plans IPO of ASEAN airline holding company

    Asia’s biggest low-cost airline AirAsia Bhd plans an initial public offering of a holding company that will house all its Asean operations, group CEO Tony Fernandes said on Thursday.

    ASEAN Holding Co will be listed in Hong Kong, Fernandes said in a statement without giving a timeline. AirAsia will also list its flight crew training centre in Kuala Lumpur, he said, following the company’s third-quarter results.

    Fernandes did not say how much the IPOs will raise.

    He has in the past expressed a desire to combine the airline’s operations in its home country Malaysia with those in Indonesia, Thailand and the Philippines.

    “The plan is to list Indonesia and Philippines first by next year before looking at ASEAN Holding Co to be listed,” a company spokesman told Reuters.

    AirAsia is also looking to divest some of its non-core businesses. It already has its aircraft leasing arm on the market and aims to complete the sale in early 2017 following bids that are due in December, Fernandes said, adding that he valued the unit at about $1 billion.

    Reuters reported in August that AirAsia was looking to sell a majority stake in its Asia Aviation Capital leasing operation, or possibly the entire business, which the carrier values at 4.1 billion ringgit ($922.38 million).

    Last month, AirAsia said it had received good interest in the sale.

    AirAsia also said on Thursday it swung to a profit in the third quarter, from a net loss a year ago, driven mainly by an increase in aircraft operating lease income and lower oil prices.

    Net profit for the three months ended Sept 30 was 353.9 million ringgit, versus a net loss of 405.7 million ringgit a year ago.

    Revenue rose 11.2% to 1.69 million ringgit, the company said.

    The results were underpinned by a load factor of 87%, a measure of how full planes are, up 6 percentage points from the same period last year.

    The number of passengers carried rose 11%, ahead of an increase in seat capacity of 2% year-on-year, according to AirAsia’s statement.

    AirAsia expects average load factor for its Malaysia business to remain at 89% in the following quarter, riding on strong demand due to year-end holidays and festivities.

    It forecasts load factors of more than 80% for its operations in Thailand, Indonesia and the Philippines for the fourth quarter.

    On Tuesday, the group’s long-haul unit, AirAsia X Bhd swung to a net profit of 11.03 million ringgit.

    Revenue was higher at 982.4 million ringgit.

    Shares of both AirAsia X and its parent have more than doubled this year, after sharp losses in 2015.

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  • YTL launches 4G LTE data, VoLTE services

    YTL launches 4G LTE data, VoLTE services

    YTL Communications in Malaysia has deployed Elitecore’s Revenue and Customer Management (RCM) Platform to roll out its 4G LTE high speed data & VoLTE services.

    The platform will enable the operator to roll out new business models like, HD Voice (VoLTE), Enterprise LTE and LTE Roaming, in addition to the Double Double buckets, one for wireless broadband and another for mobile internet, VoLTE and data services bundled with devices.

    YTL Communications said it is the only operator in Asia Pacific to commercially launch nationwide Voice over LTE (VoLTE) services.

    Elitecore’s NFV ready and Virtualized platform comprises of integrated policy and charging, 3GPP AAA, convergent billing, fulfillment, mobile self-care catering to voice, data and VAS services supporting multiple networks such as LTE, Wi-Fi and Wimax.

    “Elitecore’s product roadmap alignment with YTL’s business vision and proven experience in convergent billing and integrated policy and charging supports our growth strategy and helped us migrate from our legacy billing and operational support systems,” said Ali Tabassi, COO of YTL Communications. “The platform offers high agility for faster time-to-market and feature rich functionalities.”

    Elitecore said its RCM is a modular and feature ready platform that offers operators the speed and flexibility to roll out, new monetization and personalization use cases needed to innovate in next-generation data services. The platform promises significant contribution to capex and AMC cost reduction.

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  • Dah Makan hoping venture capitalists delive

    Dah Makan hoping venture capitalists delive

    Seeking to upgrade technology and improve the user experience, Malaysian food-delivery startup Dah Makan is working on a larger funding round with global venture-capital firms.

    Dah Makan raised $320,000 from two angel investors in a seed round more than a year ago and has since grown to cover about 80 per cent of the Klang Valley region and has also crossed its 100,000th delivery.

    “We are now finalising a larger round with several global VCs with extensive experience in eCommerce and consumer brands,” says founder/CEO Jonathan Weins. “It’s very important to have the right investors on board as they can have significant influence on the future of a company.”

    He says an announcement on the funding may come in a few months, but meanwhile the company is investing into its team and technology. It released a new version of its apps last months and implemented a new backend system to manage the delivery fleet.

    Before Dah Makan, which is Malay for “Have you eaten?”, Weins had helped launch Foodpanda in Hong Kong.

    For Dah Makan, he and his co-founders did most everything from sourcing and cooking to delivering with the goal of understanding the customer experience as well as the business model.

    From less than half a dozen orders a day, a few months later the rate was 100 orders a day. Since then, the group has had to move kitchens three times to expand capacity and has grown its team with culinary and tech talent.

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  • Cash Crunch Chokes off India Palm Oil Imports From Indonesia & Malaysia

    Cash Crunch Chokes off India Palm Oil Imports From Indonesia & Malaysia

    India’s palm oil imports are expected to slip next month by up to a fifth, including from the top two producers Indonesia and Malaysia, as New Delhi’s removal of high-value rupee notes from circulation disrupts distribution systems and curbs demand.

    Traders in Malaysia, India’s largest palm oil supplier taking up half of its imports last year, say the absence of the large bills has already impacted sales. Indian buyers are delaying shipments and cancelling vessel space bookings, and the traders expect them to hold back further in the month ahead.

    In India – top importer of vegetable oils – traders are forecasting up to a 20 percent drop in crude and refined palm oil imports for December from the previous month, with edible oil refiners reducing purchases as the cash crunch weakens retail demand.

    Having fewer high-value notes in circulation is also hampering distribution because village shops typically pay local wholesale dealers in cash.

    “Bulk buyers are not ready to lift stocks. Most of November shipments we cannot cancel or postpone as tankers have already left Indonesian and Malaysian ports. So we are postponing shipments in December to January,” said a senior official with an Indian oil refiner who declined to be named.

    Cargo surveyor data shows Malaysian palm oil shipments to India for the first half of November have already dropped by 81 percent to 85 percent versus the corresponding period last month.

    “Inquiries have fizzled out since last week,” said a Kuala Lumpur-based trader, who reported an over 50 percent decline in sales volumes. “It’s not going to be easy now for the market to sustain high price levels.”

    Benchmark palm oil prices have been volatile in recent trading sessions, hitting a four-year high a week ago and then posting its biggest intraday drop in more than four months in the next session.

    Palm oil looks set to fall more than 3 percent this week, down about 0.2 percent on Friday around 2,870 ringgit per tonne.

    Purchases from top consumers India and China typically fall-off at year-end because palm oil solidifies during the Northern Hemisphere winter, but this year the numbers are being hit hard.

    India’s total palm oil imports stood at 739,159 metric tons, according to traders, and are expected to fall to 650,000 metric tons in November and by another 20 percent from there in December.

    Total palm oil imports in December 2015 were 790,368 metric tons, according to the Solvent Extractors Association of India (SEA).

    No cash in a cash market

    Exact numbers aren’t available from largest producer Indonesia, but analysts there also expect lower shipments to India because of the cash shortage, while Indian buyers said they have cut vegetable oil imports from all suppliers, even for soyoil from Brazil and Argentina in December.

    Last week, Indian Prime Minister Narendra Modi declared 500 rupee and 1,000 rupee bills no longer legal tender to crack down on corruption and bring unaccounted wealth back into the economy, leaving millions with insufficient cash.

    “Retail sales are going down as many people don’t have cash to buy essential commodities. Refiners are not able to dispose their stocks, so they are likely to cut imports in the short-term,” said B.V. Mehta, executive director of SEA.

    Still, while India cannot do without imports due to limited local supplies, it is not clear how long the slowdown will last.

    Jitendra Kadam, a grocery shop owner from India’s western state of Maharashtra, said consumers have cut down purchases of everything from sugar to edible oils.

    “Until they get notes of smaller denominations, demand will remain weak,” he said.

    Said a Malaysian trader: “Everything is at a standstill. There is not enough cash around, so people are not going to trade much. They are going to wait and see.”

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