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Several analysts have downgraded Malaysia Airlines (MAS) after the national carrier posted a net loss of RM242.3mil in the first quarter ended March 31 on rising fuel prices and stronger ringgit. According to data compiled by Bloomberg, 12 of the 18 analysts covering the counter gave a “sell” call while five gave a “hold”. Only one analyst has a “buy” call on MAS. Research houses including CIMB Equities Research, AmResearch, Hong Leong Investment Bank and ECM Libra have downgraded the stock to either “sell”, “hold” or “underperform”. MAS posted a net loss of RM242.3mil in the first quarter against a net profit of RM310.04mil in the previous corresponding quarter after taking into account Airbus' compensation for late delivery. Revenue was 3.26% lower at RM3.19bil as fuel cost surged by 32% or RM321mil.

AirAsia Bhd has won three major awards at the Malaysian Investor Relations Association (Mira) Inaugural Malaysia Investor Relations Awards ceremony yesterday. Group chief executive officer Datuk Seri Dr. Tony Fernandes was named the Best CEO for Investor Relation-Mid Cap while the group’s investors relations manager Benyamin Ismail was named the Best Investor Relations Professional-Mid Cap. Datuk Seri Dr. Tony Fernandes AirAsia also won the Best Investors Relation Website award.

KNM Group Bhd said its wholly-owned unit KNM Process Systems Sdn Bhd won a RM217.76mil award for the development of documentation and equipment supply facility “booster compressor station” at the Khauzak site, Uzbekistan from Lukoil Uzbekistan Operating Co. It told Bursa Malaysia yesterday that the contract it won yesterday, was for two years from the date of contract commencement and the project would contribute to the group’s earnings for the financial years ending Dec 31 2011 and 2012.

KNM’s 1QFY11 net profit came in significantly below house and consensus expectations. Profit of RM19.4m made up less than 10% of full year estimates. “The reason for the poor showing is that the group is still going through their older orders, which were low margin orders secured over FY10 (excluding the turnkey projects). Management had earlier guided on softer results in 1H11 hence this comes as no surprise.

“On a positive note, revenue growth indicates increasing utilisation which we gauge should be at roughly 70% from 60%

Genting Bhd’s net profit surged 254% to RM824.17mil in the first quarter ended March 31, 2011 from RM232.43mil a year earlier when it was impacted by net impairment losses. Revenue for the quarter was higher at RM4.89bil against RM3.11bil while earnings per share improved to 22.25 sen versus 6.29 sen previously.

Petronas Chemicals Group Bhd reported net profit of RM932 million in the fourth quarter ended March 31, 2011, an increase of 5.7% from the RM881 million a year ago. Its revenue rose 8.9% to RM4.353 billion from RM3.996 billion while earnings per share were 12 sen. It proposed dividend of 19 sen per share totaling RM1.52 billion. For the financial year ended March 31, its net profit increased by 36.1% to RM2.994 billion from RM2.199 billion. Revenue rose 19.5% to RM14.586 billion from RM12.203 billion supported by higher prices and volume addition.

MRCB posted a 120% increase in its earnings to RM21.60 million in the first quarter ended March 31, from RM9.84 million a year ago, boosted by its on-going property development projects. MRCB was upbeat on its outlook for the next two years where it expected progressive completion of the on-going CONSTRUCTION [] projects and property development within KL Sentral which works had commenced since 2009. “Two major developments planned on strata sales at Kuala Lumpur Sentral comprising Q Sentral office block at Lot B and condominium residences at Lot D with combined gross development value in excess of RM2 billion will commence construction works in 2011,” it said.

DRB-Hicom’s earnings were 72% lower at RM72.39 million from RM259.36 million a year ago due to the absence of exceptional gains of RM211.43 million from the disposal of estates. Its revenue rose 25.1% to RM1.99 billion from RM1.59 billion a year ago. It proposed a final dividend of four sen per share.

MyEG recorded its best-performing quarter in 3Q11, boosted by the public’s growing adoption of e-Government services via its MyEG portal. Its revenue rose 20% on the back of an increased Highway Code test-tasking, increased online, increased online payment of traffic summonses an encouraging growth for online renewal of road tax and automobile insurance.

YTL Corp Bhd posted a lower net profit of RM312.06mil for its third quarter ended March 31, compared with RM330.59mil made a year earlier as the previous year’s pre-tax profit was inclusive of a one-off fee income. For the quarter that just ended, the group made a revenue of RM4.24bil against RM3.93bil from a year ago. For the nine-month period ended March 31, the group posted a net profit of RM755.14mil compared with RM754.33 previously. Revenue for the nine months grew 11.5% to RM13.15bil compared with RM11.79bil for the preceding corresponding nine months ended March 31, 2010.