FBMKLCI 1532.12 DJ-25.05 CRUDE OIL 99.17 RM 3.0250

AirAsia Bhd's net profit declined 23% to RM171.93mil for the first quarter ended March 31 from RM224.11mil posted in the same quarter last year, mainly due to lower unrealised foreign exchange gains. However, the airline recorded a revenue growth of 21% to RM1.05bil compared with RM870.61mil posted in the same quarter previously due to a 17% increase in passenger volume and higher ancillary income per passenger which rose year-on-year (yoy) by 31% to RM50 from RM38.

Petronas Chemicals Group Bhd will undoubtedly benefit from parent company Petroliam Nasional Bhd's (Petronas) plan to build a US$20bil integrated downstream oil and gas complex in Pengerang, Johor. CIMB Research said in a report yesterday that the plan would provide great growth potential for Petronas Chemicals, similar to what the latter had achieved at its largest facility at Kertih. “Although the management has not clearly stated whether it is expanding in Johor, this plan is likely to be an expansion of the new naphtha-based petrochemical complex that the company talked about previously,” CIMB Research said, adding that Petronas Chemicals could invest US$1.5bil to US$2bil in the project.

Petronas Dagangan Bhd’s net profit for the fourth quarter ended March 31 jumped 42% year-on-year to RM228.5mil due to lower operating expenditures.

Pos Malaysia posted net profit of RM38.26 million in the first quarter ended March 31, 2011, a significant increase from only RM1.62 million a year ago. The earnings growth was underpinned by the domestic tariff increase which came into effect on July 1, 2010. The group’s growth of almost 121% in profit from operations at RM50.86 million (2010: RM23.07 million) for the period ended March 31, 2011 was due to the tariff increase and benefits realised from transformation initiatives.

RHB Capital Bhd, the country’s fourth largest banking group by assets, posted a 9.26% rise in net profit to RM382.12mil for the first quarter ended March 31 compared with the corresponding quarter a year ago on higher net interest income and income from Islamic banking.

Nursing school operator Masterskill Education Group Bhd posted a 15.3% fall in net profit to RM22.58mil for the quarter ended March 31 compared with the same quarter a year ago due to lower enrolment of students and higher operating overheads.

Bandar Raya Developments Bhd’s earnings fell to RM4.25 million in the first quarter ended March 31, 2011 from RM22.15 million a year ago due to a decline in revenue. Revenue declined by 28% to RM137.18 million from RM189.80 million a year ago. Earnings per share were 0.9 sen compared with 4.7 sen. “With the completion of CapSquare Office Tower 2 and Troika in Kuala Lumpur as well as Phase 1 of Defence Raya Golf Resort in Lahore, Pakistan, revenue in the property division contracted by half to RM71.9 million from RM144.0 million in the same quarter a year ago,” it said.

PPB Group Bhd posted net profit of RM265.23 million in the first quarter compared with the RM1.125 billion a year ago which had included RM838.44 million from the sale of discontinued operations. Group revenue of RM579.84 million was 15% higher than the RM503.63 million a year ago. The increase was due mainly to higher flour revenue and increased grains trading volume recorded by the grains trading, flour and feed milling divisions

PETRA PERDANA BHD  posted net loss of RM8.4 million for its first quarter ended March 31, 2011 (1QFY11) due to higher operational costs with its increased new vessels. It said this was a contrast from a net profit of RM3.6 million from a year ago, when it also booked a one-off gain on vessel disposal of RM8.3 million. “Turnover jumped 32% to RM67.0 million in 1QFY11 from RM50.93 million a year earlier. The significant increase in turnover was mainly due to improvement in vessel utilisation and increased fleet size,” it said.