FBMKLCI  1508.88 DJ-228.48 CRUDE OIL 102.82 RM 3.00

Uncertainty in the economic recovery and higher fuel hedging entry cost are some of the reasons why Malaysia Airlines (MAS) drastically reduced its fuel hedging levels this year to 25% from 60% last year. “The hedging range in the airline industry has been lower since 2008 due to the uncertainty in economic recovery, fuel price volatility and the higher fuel hedging entry cost,” MAS chief financial officer Mohd Azha Abdul Jalil told StarBiz in an email response.

Ahmad Zaki Resources Bhd has received a letter of award from the Public Works Department to complete the remaining works of the second phase of the East Coast Expressway.

KNM Group Bhd has set an internal target of potential earnings before interest, tax, depreciation and amortisation (EBITDA) of RM363 million for FY11 against expected total revenue of RM2.4 billion. It said the potential EBITDA for FY12 was RM564 million on the back of an expected revenue of RM3.4 billion.

HONG LEONG BANK BHD [] has received approval for its proposed issue of up to US$300 million senior unsecured bonds from the Securities Commission. “The proceeds from the issuance of the senior bonds will be used for working capital and general banking purposes,” it said.

GEFUNG HOLDINGS BHD [] is making its foray into Indonesia and is planning to undertake a mixed development property project in east of Jakarta. Gefung said on Thursday, March 10 it had signed an MoU with PT Greenworld Development to undertake the project totaling 50.74 acres east of Jakarta.