FBMKLCI 1492.09 DJ+161.29 CRUDE OIL 103.86 RM 3.036

Boustead Holdings Bhd will see some steady recurring income from Pharmaniaga Bhd now that the latter has entered into a 10-year concession agreement with the Health Ministry to supply medical products to Government-owned hospitals.

Sabah-based downstream timber manufacturer Focus Lumber Bhd’s public issue of 6.9 million new shares under its planned listing exercise on Bursa Malaysia has been fully underwritten by Bank Islam and BIMB Securities.

Adhesive and sealant manufacturer OCI Bhd’s entire issued and paid-up capital would be removed from the official list of Bursa Securities with effect from Monday.

Karambunai Corp Bhd’s wholly-owned subsidiary, Karambunai Resorts Sdn Bhd, has signed a joint venture agreement with China Central Asia Group Co Ltd (CCAG) to develop the RM1bil first phase of the Karambunai Integrated Resort City (KIRC) in Kota Kinabalu.

SP Setia Bhd’s earnings rose 62.41% to RM62.03mil for the quarter ended Jan 31 versus a year earlier, on property development activities in the Klang Valley, Johor Baru and Penang.

Kencana Petroleum Bhd’s net profit for the second quarter ended Jan 31, 2011 grew by 56.69% compared with the corresponding quarter a year ago to RM50.60mil largely due to progress achieved for contracts in hand and better management of relevant costs, as well as contributions from drilling services.

Department store operator Parkson Holdings Bhd has entered into an “exclusivity agreement” with PT Tozy Bintang Sentosa for a period of 90 days for the purpose of developing and expanding in Indonesia.

Faber Group proposed to cancel 75 sen of the existing par value of its RM1 share in a move to reduce its accumulated losses. Based on its paid-up share capital as at Dec 31, 2010 of RM363.0 million, it said the credit arising from the reduction of the par value would be about RM272.3 million.

Cypark plans to invest RM94.29 million to build a 10Mw renewable energy plant with grid connection, at the RE Park in Pajam. The project is expected to generate gross national income (GNI) of RM12.16 million each year for the next 21 years, totaling RM255.36 million.

FBMKLCI 1492.44 DJ-242.12 CRUDE OIL 98.56 RM 3.02

Top Glove Corp Bhd’s net profit fell 63.9% to RM25.4mil for the second quarter ended Feb 28 against RM70.5mil a year ago due to persistently high latex prices and the continued weakening of the US dollar. The glove maker said the time lag in passing on the higher costs to its customers had also affected the group’s profit margins. “The decline in performance compared with last year was also due to the exceptionally high sales volume experienced last year during the H1N1 virus outbreak,” Top Glove said in the notes accompanying its financial results.

Pharmaniaga Bhd’s wholly owned subsidiary Pharmaniaga Logistics Sdn Bhd has entered into a concession agreement with the Government for the right and authority to purchase, store, supply and distribute approved products to public sector customers.

SEGi has been appointed by the government to lead the development of integrated early child care education (ECCE) in Malaysia under the education National Key Economic Area (NKEA). With the appointment, SEGi will lead the initiative in training and developing high quality early childhood and childcare practitioners.

FBMKLCI 1484.14 DJ-137.74 CRUDE OIL 99 RM 3.005

Oil prices fell sharply Tuesday on deepening fears about Japan's economy after its nuclear crisis worsened following a devastating earthquake and tsunami. Potentially dangerous levels of radiation have been reported leaking from a crippled nuclear complex in the disaster area. More than 10,000 people are thought to have died after the earthquake and tsunami hit Japan on Friday. Investors worried about diminished demand for oil and other products in Japan, the world's third-largest oil importer. However, Wall Street analysts expect that Japan will eventually increase imports of oil, coal and natural gas.

BJToto net profit for the third quarter ended Jan 31, 2011 rose 17.4% to RM114.87 million from RM97.85 million a year ago, driven by an increase in revenue, mainly contributed by Berjaya Philippines Inc. group. BToto declared a third interim single tier exempt dividend of 6 sen per share in respect of the financial year ending April 30, 2011.

Brem's 75%-owned subsidiary Harmony Property Sdn Bhd is acquiring two parcels of industrial land in Petaling Jaya from ROCA Malaysia Sdn Bhd for RM48 million cash as part of its plan to accumulate strategic land bank. Brem said the acquisition represented an opportunity for the group to accumulate strategic land bank at a reasonable price as the PROPERTIES [] are situated in a prime location with positive commercial property development potential within the popular Petaling Jaya area.

GD Express could be in focus after Singapore Post Ltd raised its stake in the company to 27.08% from the initial 4.98%, positioning itself as a strategic investor in the Malaysian express delivery and logistics services provider. Singapore Post on Tuesday acquired 56.84 million shares — representing a 22.1% stake, in GD Express — for a total purchase consideration of RM45.47 million cash or 80 sen a piece.

MALAYSIAN AIRLINE SYSTEM BHD and AIRASIA BHD, meanwhile, could see some selling pressure following HwangDBS Vickers Research lowering its target price for the two stocks on Tuesday. The research house said it expected high oil prices to drag the airlines' earnings.

TAN Sri Vincent Tan Chee Yioun's plan to buy back his company Berjaya Retail Bhd, barely seven months after listing it, has got most people perplexed. Why would someone privatise a company so soon after listing it? If the deal goes through though, this would most likely mark the fastest exit of a listed company from the stock exchange. It isn't entirely clear what the rationale of the privatisation is, although indications are that he could be driven by the “undervaluedness” of his company. In its letter to Berjaya Retail's board, Tan's vehicle undertaking the offer, Premium Merchandise Sdn Bhd, pointed out that both the company's stock and irredeemable convertible preference shares (ICPS) “have not performed well” since their listing. This indicates that Tan may be privatising the company as the market has not valued it sufficiently.

FBMKLCI 1494.42 DJ-51.24 CRUDE OIL 102.23 RM 3.007

Timber companies will benefit from the surge in demand from Japan as post-construction activities in the country take place following the devastating earthquake and tsunami that occurred there. However, the quantum of demand from the surge for timber products is hard to quantify at the moment. Malaysia is already the largest exporter of timber to Japan and imported timber products like plywood easily make up more than half of timber consumption in the country, according to analysts. In a timber sector update yesterday, RHB Research said Malaysian companies were likely to benefit; specifically WTK Holdings Bhd and Ta Ann Holdings Bhd given their focus on the Japan market which constituted 80% to 90% of their timber product sales.

George Kent (M) Bhd plans to invest up to RM100mil in the next three to four years to expand its meter and original equipment manufacturing (OEM) businesses. Chairman and CEO Tan Sri Tan Kay Hock said the company had embarked on a RM50mil plan to upgrade its manufacturing facilities at its plant in Puchong, Selangor to accommodate higher sales in the meter and OEM businesses.

Berjaya Retail Bhd share price soared by 21.5 sen to 64 sen yesterday after it announced that it would be taken private by its major shareholder, Premier Merchandise Sdn Bhd, controlled by Tan Sri Vincent Tan Chee Yioun.

Johor Corp (JCorp) and its 55% subsidiary Kulim (M) Bhd have denied the claim made by Tan Sri Muhammad Ali Hashim that there were plans for Kulim to be sold. Both companies said that they were not aware of any such proposal. Kulim, in an announcement to Bursa Malaysia, said it “was not the source of the statement that appeared in the articles in local newspapers”.

Cocoaland Holdings Bhd said its wholly-owned unit CCL Food & Beverage Sdn Bhd entered into a S&P agreement yesterday with Riviera Properties Sdn Bhd to buy freehold industrial land in Rawang for RM7.85mil.

Standard & Poor’s Ratings Services has lowered its long-term corporate credit rating on Ranhill Bhd to B minus from B due to its weak liquidity and exposure in the political instability in Libya. Due to the same reasons, it also lowered the issue rating on US$220mil, 12.5% senior unsecured notes due October, issued by Ranhill (L) Ltd to CCC plus from B minus. Ranhill guaranteed the notes. Both the ratings remained on CreditWatch, where they were placed with negative implications on Dec. 30, 2010, it said in a statement.

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.

FBMKLCI 1517.66 DJ +124.35 CRUDE OIL 104.62 RM 2.999

Malaysia has unveiled investments worth more than RM2bn across nine private projects spanning the energy, agriculture and electronics to healthcare sectors to boost income and create jobs. Among others, the Government announced a RM600m development of seaport and resort in Perak; construction of chemical
plants, facilities for advanced lightning and a renewable energy park; a RM1m integrated oil and gas hub; as well as public private partnership to cultivate fragrant rice. In addition, US giant General Electric is partnering Malaysian telecommunication provider Redtone International to invest in a teleradiology hub while QAV Technologies SB will develop a light emitting diode certification centre. FaberGroup has been roped in to spearhead the development of an energy-saving system.

Cypark Resources Bhd, a solid waste management company is investing RM94.29mil to build a renewable energy park (RE Park) with grid connection on a 26ha remediated landfill in Pajam, Nilai.

Mudajaya has proposed a corporate exercise involving a bonus issue of up to 137.08 million new shares and the setting up of an employees’ share option scheme (ESOS). The bonus issue would on the basis of one bonus share for every three shares held.

KESM net profit for the second quarter ended Jan 31, 2011 rose 27.3% to RM3.31 million from RM2.6 million a year earlier due to higher revenue arising from stronger demand for burn-in and testing services. Revenue for the quarter rose to RM63.66 million from RM55.89 million. Earnings per share was 7.70 sen while net assets per share was RM5.14. For the six months ended Jan 31, KESM’s net profit rose to RM10.34 million from RM5.47 million last year, while revenue increased from RM127.23 million from RM103.14 million.

The share price of Berjaya Food (BFood), which operates the Kenny Rogers Roasters (KRR) chain, fared well on its maiden trading day. The stock opened on a slight premium of 2.5 sen over its offer price of 51 sen and climbed steadily to a day’s high of 64.5 sen. It closed at 63.5 sen, 12.5 sen or nearly 25% higher, against its offer price. Some 35.865m shares were traded, making it the second most active counter on Bursa. BFood is among the best performing IPOs on debut day.

Financially distressed air cargo operator Transmile Group Bhd said yesterday it would continue to engage with lenders to, if possible, finalise a debt restructuring proposal, and to focus on the completion of the proposed disposal of its four MD-11F aircraft. This is expected to significantly pare down its outstanding debt obligations. Its shares had been suspended since last Thursday as it failed to submit a regularisation plan to Bursa Malaysia. As at Dec 31, 2010, Tranmile’s balance sheet showed that it had debts totalling RM531.5mil.

MUHIBBAH Engineering (M) Bhd’s earnings may at least double this year on rising construction orders, according to UOB-Kay Hian Holdings Ltd. The Malaysian builder has secured at least RM480 million of construction orders so far this year, exceeding 2010’s RM458 million worth of jobs clinched, Vincent Khoo, an analyst at UOB-Kay Hian, wrote in a report today.

FBMKLCI 1515.74 DJ-79.85 CRUDE OIL 104.99 RM 2.99

New stock listing

No.  Stock  Code    Stock Name     Reference Price      Lower Limit     Upper Limit

1.    5196                BJFOOD            0.51                         0.21                 2.55

Local airlines, along with other carriers worldwide, will see higher fuel costs eat into their first-quarter profits, as political unrest in Libya continues to push oil prices to new highs not seen in over two years.

Crude for April delivery was quoted at US$106.45 a barrel in electronic trading on the New York Mercantile Exchange yesterday, with the jet fuel price hitting close to US$130 per barrel.

DRB-HICOM Bhd’s wholly-owned subsidiary DRB-Hicom Defence Technologies Sdn Bhd (Deftech) has received a contract worth RM7.55bil from the Malaysian Government to supply armoured-wheeled vehicles (AWV). DRB-HICOM told Bursa Malaysia yesterday that Deftech had accepted a letter of award from the Government to design, develop, manufacture, commission, supply and deliver 257 units of 12 variants of the 8x8 AWVs . The contract is for a period of seven years beginning 2011.

Trading in the shares of Berjaya Retail Bhd was suspended yesterday pending a material announcement.

The company yesterday requested for a suspension of trading of its securities for three market days, from 9am on Monday until 5pm tomorrow.

Multi Sports Holdings Ltd plans to sponsor a Taiwan depository receipt programme (TDR) that would represent up to 67.50 million new shares of 5 US cents each or 15% of its current paid-up share capital.

The company told Bursa Malaysia yesterday that it would issue up to 67.50 million new shares at an issue price to be determined later, which would be the underlying shares for the programme.

Malaysian Merchant Marine Bhd (MMM) is facing a possible de-listing after failing to submit its regularisation plan to the Securities Commission or Bursa Malaysia Securities for approval within the stipulated timeframe.

Sunway Holdings Bhd’s unit Sunway Construction Sdn Bhd (SunCon) has secured a contract worth RM74.1mil from Bio-XCell Sdn Bhd to undertake the engineering, procurement, construction and commissioning of a central utilities facility at Biotechnological Park Bio-XCell in Nusajaya, Johor.

The Edge FinancialDaily reports that while investors may have turned sceptical towards loss-making WiMAX player Packet One Networks Sdn Bhd (P1) (which is under Green Packet Bhd), its new strategic partner SK Telecom (SKT) believes there is much value in P1's wireless business as a launchpad for SKT's aspiration to expand regionally in Southeast Asia.

SEGI International Bhd (SEGi) group managing director Datuk Clement Hii Chii Kok has emerged as the second largest shareholder of the company after he acquired 30.3 million shares on Monday, raising his stake to 20.61%.

FBMKLCI 1522.61 DJ-88.32 CRUDE OIL 104.91 RM 2.99

BURSA MALAYSIA is likely to continue its uptrend this week with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) expected to trade between 1,540 and 1,550 points level, dealers said. Investor sentiment remains positive on hopes foreign funds would flow back to emerging markets on a cheaper US dollar after the Federal Reserve suggested keeping its monetary easing policy.

However, a dealer said worries about tightening policies in emerging markets to combat inflation could still cap the upside in Asian markets, including Malaysia.

INVESTORS in the London FTSE 100 Index will have one eye on the events in conflict-hit Libya this week, and its effect on oil prices, and the other on the monthly interest-fixing Bank of England meeting. Trading sessions have been uncertain, with investors hesitant amid alarming images of unrest from oil-producing Libya and more upbeat news on the US economy and in company results. “The British markets seem less optimistic looking on the future of the economic recovery due to the growing global uncertainties, with the oil price and inflation on the way up,” said experts at UK Markets.

Sunway’s unit Sunway CONSTRUCTION Sdn Bhd Holdings Bhd has secured a RM257.96 million contract for the proposed construction of part of the Legoland Malaysia Theme Park in Johor. Sunway Construction had accepted the letter of award from IDR Assets Sdn Bhd to build package four of the theme park.

Fajarbaru’s unit has received the letter of acceptance from the BINA PURI HOLDINGS BHD-TIM Sekata joint venture for part of the light rail transit (LRT) extension project valued at RM62.66 million. Its unit Fajarbaru Builder Sdn Bhd was appointed by Syarikat Prasarana Negara Bhd as the nominated sub-contractor to the joint venture.

BANDAR RAYA DEVELOPMENTS BHD, whose unit BR Property Holdings Sdn Bhd has secured a RM450 million term loan to repay inter-company loans, payment of dividend and working capital purposes.

MUTIARA GOODYEAR DEVELOPMENT Bhd has launched its new phase of its lifestyle homes in Nadayu 92, Kajang with a gross development value (GDV) of over RM40 million.

UEM Group Bhd is looking into investing more in India’s infrastructure development projects particularly expressways, which presents tremendous growth potential. The projects would be undertaken by PLUS EXPRESSWAYS BHD [] and UEM BUILDERS BHD [].

FBMKLCI 1506.88 DJ+191.40 CRUDE OIL 101.89 RM 3.069

KNM Group Bhd said it has year-to-date secured new orders amounting to RM693 million, underpinned by the bullish sentiment in the global oil and gas industry globally as crude oil surges to record highs. The current order book of KNM stood at RM6.4 billion and the backlog at RM5.4 billion. KNM said its tender book was RM17 billion, which it said had significantly improved compared with the trough of the sub-prime crisis which was at RM10 billion.

Malaysia is open to Australia & New Zealand Banking Group doubling its stake in Malaysian lender AMMB Holdings to 49 percent in a move that could encourage more foreign investment, Prime Minister Datuk Seri Najib Tun Razak was quoted saying by Reuters in Melbourne.

PPB Group Bhd plans to double its flour production capacity in Indonesia and Vietnam within the next two years to 2,800 tonnes a day. It plans to invest RM140 million. Meanwhile, Wilmar International , the world's largest listed palm oil company, plans to enter Indonesia's consumer flour market, possibly in 2012, which will intensify competition in the country. PPB derives a significant chunk of its earnings from Wilmar.

Bank Negara Malaysia has not allowed the Employees Provident Fund Board to hold more than 45% of the paid-up share capital of RHB Capital Bhd. Hence, EPF’s irrevocable undertaking to subscribe under the rights issue shall be for a minimum of 45% of the total rights shares.

FBMKLCI 1499.28 DJ+8.78 CRUDE OIL 102.74 RM 3.08

Asian markets retreated yesterday following gains in crude oil price as unrest in the Arab world triggered fresh protests in Iran. Nymex crude oil, which settled at US$99.63 a barrel on Tuesday, rose above US$100 per barrel early yesterday following reports of clashes between Iranian security forces and supporters of opposition leaders Mir Hossein Mousavi and Mehdi Karroubi, who were arrested last week together with their wives.

Kencana and Dialog but AirAsia and MAS could see downside pressure due to the crude oil price and following the International Air Transport Association’s (IATA) move to downgrade its airline industry outlook for 2011 to US$8.6 billion from the US$9.1 billion projected in December 2010.

Petroliam Nasional Bhd (Petronas) posted a RM10.1bil jump in net profit for its third quarter to RM23.7bil owing largely to proceeds from the listing of two subsidiaries on Bursa Malaysia but indicated high annual dividends to the Government will need to be cut in the future.

MMC Corp Bhd and Gamuda Bhd have entered into a shareholders agreement to regulate their rights and liabilities as shareholders of a company that will act as the project delivery partner for the Klang Valley Mass Rapid Transit (MRT) project.

Evermaster Group Bhd’s removal from the official list of Bursa Malaysia Securities Bhd will be deferred until further notice by Bursa Malaysia.

Transmile Group Bhd has submitted an application to Bursa Malaysia to appeal against the latter's decision to delist the company, and to seek an extension of time to submit its regularisation plan. Meanwhile, the trading of Transmile shares will be suspended effective from March 2011 but the removal of the securities from the official list of Bursa Securities on March 7 will be deferred, pending the decision on the appeal.

Property developer SP Setia Bhd has bought 108.5ha of prime freehold land in Cyberjaya’s flagship zone for RM420.4mil from Setia Haruman Sdn Bhd.

Palm-to-property conglomerate Sime Darby Bhd said yesterday it has not entered into any agreement to invest in Cameroon oil palm plantations. The company was responding to a media report which said it was considering a US$2.5bil plantation expansion deal in the African nation.

Proton Holdings Bhd's endeavour to incorporate select technologies and manufacturing expertise from Nissan Motor Co could lead to potential cost savings in capital expenditure (capex) and research and development (R&D) for the national carmaker. OSK Research said the memorandum of understanding (MoU) signed on Tuesday between Proton and Nissan to conduct feasibility studies to use the latter's platform and power train for upcoming Proton models would augur well for the national car company. “We believe that using Nissan's versatile platform and power train for Proton's upcoming global compact car will lighten the national carmaker's capex burden, given that such an endeavour can be costly (at least US$150mil to US$200mil),” OSK said in a report yesterday.

Axiata could be in focus after Celcom posted net profit after tax and minority interests of RM1.9 billion for the financial year ended Dec 31, 2010, which was an increase of 23% on-year. Its revenue rose 8.3% to RM6.85 billion. Celcom had allocated RM1 billion as capital expenditure to enhance network coverage capacity and quality of which 60% is for data and 40% for voice.

FBMKLCI 1502.24 DJ- 168.32 CRUDE OIL 100.28 RM 3.083

Guan Chong Bhd is allocating about RM120 million to build its cocoa-grinding plant in Batam, Indonesia. The plant, with an annual capacity of 120,000 tonnes, will more than double the company's grinding capacity to 200,000 tonnes from 80,000 tonnes.

Alam Maritim Resources Bhd has been awarded an extension of contract to provide one accommodation work barge for about RM70.52 million. The contract extension is for 21 months from April 12, 2011 to January 2013, with a further option to extend for an additional year. Alam Maritim said the contract sum of about RM70.52 million included costs of catering, lodging and crane hire.

Mulpha International Bhd, which reported a 10-fold increase in its net profits for its financial year ended Dec 31, 2010 (FY10), will likely be paring down its debts by at least RM300mil this year, according to executive chairman Lee Seng Huang. He says Mulpha will also be continuing with share buybacks. Its latest financial results show that Mulpha has a cash and bank balance of some RM372.6mil. In addition, Mulpha will be receiving RM327mil by end-March from the sale of its Hilton Melbourne Airport Hotel, potentially raising the company's cash levels to around RM700mil or 56% of its total debt levels of RM1.24bil.

Cypark Resources Bhd, whose shares rallied on Tuesday, could see continued trading interest as investors ride on its solid waste management prospects. Cypark, had in its fourth quarter ended Oct 30, 2010 reported net profit of RM5.38 million while for the financial year, its earnings were RM20.42 million. The company had said in December, 2010 that it expected its revenue to increase as the government emphasised on solid waste management under the National Strategic Plan for Waste Management and related regulations/ initiatives.

Proton Holdings Bhd shares have fallen over the past two trading days after reporting losses due to its involvement to restructure Lotus Group International and higher branding costs. Proton adviser and former prime minister Tun Dr Mahathir Mohamad says the national car maker has enough funds to inject into Lotus if necessary.mon Tuesday, Proton had signed a Memorandum of Understanding with Nissan Motor Co. Ltd to pave the way for feasibility studies to be conducted on specific areas of cooperation between the Parties including the potential use of Nissan's platform and powertrain.

FBMKLCI 1491.25 DJ+95.89 CRUDE OIL 96.59 RM 3.023

The price of crude oil which hit US$100 per barrel recently - its first time in more than two years - is an upside risk for Malaysia as a net exporter. Some economists are raising concerns on how high oil prices, which is up on political tensions in North Africa and the Middle East, could spark a worldwide derailment of global economic growth, eroding consumers' purchasing power as prices of goods and services increase in tandem with the commodity. RAM Holdings Bhd chief economist Dr Yeah Kim Leng said at current levels of about US$100 per barrel, global growth momentum remained intact. “I think US$150 per barrel is a level when economies and companies like airlines should start worrying,” Yeah said.

Pos Malaysia Bhd’s net profit for the fourth quarter ended Dec 31, 2010 fell 59% to RM6.08mil from RM14.93mil in the previous corresponding period due to provisions for its investment in Transmile Group Bhd and a one-off impairment provision relating to capital expenditure of RM22.3mil incurred for its postal counter system.

Shares of Proton Holdings Bhd fell 23 sen to a 14-month low of RM3.86 yesterday, its lowest since Dec 22, 2009, after the national carmaker posted losses in its third quarter ended Dec 31, 2010.

KNM Group Bhd expects the company's debt levels to fall further as unit Borsig GmbH is doing better now.

KNM chief executive officer and executive chairman Lee Swee Eng said the company's overall debt levels (at RM1bil) were coming down now as Borsig was doing well. The company's plans to use Berlin-based Borsig, which was acquired in early 2008 for RM1.7bil, to expand business was somewhat derailed following the global economic recession, which saw oil prices drop as low as US$33 a barrel from over US$147.

Maxis Bhd posted net profit of RM610 million in the fourth quarter ended Dec 31, 2010, up 21.2% from RM503 million a year ago, boosted by its non-voice segment. Its revenue rose 4.4% to RM2.31 billion from RM2.21 billion while earnings per share were 8.10 sen compared with 6.70 sen. It proposed dividend of eight sen a share to be paid on March 30. The entitlement date for the dividend payment is March 15. For the financial year ended Dec 31, 2010, it posted net profit of RM2.295 billion compared with RM1.578 billion in FY09. Maxis said its revenue for FY10 increased by 3% or RM258 million from RM8.611 billion to RM8.869 billion.

Tanjung Offshore Bhd posted net loss of RM116,000 in the fourth quarter ended Dec 31, 2010 compared with net profit of RM614,000 a year ago mainly due to the provision for impairment of trade receivables deemed difficult to be recovered and bad debt written off. Its revenue was RM139.85 million versus RM136.25 million while loss per share was 0.04 sen compared with earnings per share of 0.25 sen. When compared with the third quarter ended Sept 30, 2010, it said the group’s total revenue for the current quarter of RM139.86 million was higher than the RM137.25 million in 3Q.

Time dotCom posted consolidated profit before tax of RM26.2 million, down 16.5% from RM31.4 million a year ago mainly due to lower dividend income received in the current quarter from its available-for-sale financial asset. Excluding investment income, the group’s profit from operations was RM838,000 or 8.3% higher in 4Q than a year ago. Its net profit rose 41% to RM44.37 from RM31.38 million a year ago, aided by deferred tax assets. Its revenue rose 13.7% to RM85.25 million from RM74.97 million while earnings per share were 1.75 sen.

Alam Maritim Resources swung into the red with net loss of RM49.62 million in the fourth quarter ended Dec 31, 2010 and also losses of RM8.24 million in FY10. Revenue fell 56.6% to RM51.97 million from RM120.04 million a year ago while it posted net loss of RM49.62 million, a contrast from the net profit of RM36.41 million a year ago. It posted loss per share of 6.0 sen compared with earnings per share of 7.20 sen. The losses in 4Q “was mainly due to higher other operating expenses as a result of provision for doubtful debts, lower contribution margin from underwater services and the offshore installation and CONSTRUCTION [] (OIC) segment and lower share of profit of jointly controlled entities”.

Petra Perdana posted net loss of RM18.34 million in the fourth quarter ended Dec 31, 2010 from net profit of RM4.05 million a year ago due to the increase in lease rental and lower charter rates. It said its revenue fell 36.6% to RM75.69 million from RM119.42 million a year ago. It recorded loss per share of 4.43 sen compared with 1.36 sen.

FBMKLCI 1489.27 DJ+61.95 CRUDE OIL 99.55 RM 3.024

Bina Puri Holdings Bhd's subsidiary, Bina Puri (B) Sdn Bhd has secured a total of RM1.1bil worth of projects in Brunei. Bina Puri (B) Sdn Bhd chairman Datuk Ali Abdullah in a Q&A session in Kuala Belait, Brunei on Friday said the company had an unbilled portion totalling RM265mil until 2013. He said it planned to secure another RM600mil worth of projects in the Sultanate this year.

TM proposed a capital distribution of about RM1.037 billion or 29 sen for each share held. TM said the proposed capital distribution will be funded through its existing cash balances, which stands at RM3.488 billion as at Dec 31, 2010. TM also announced its earnings rose 135%to RM400.63 million in the fourth quarter ended Dec 31, 2010 from RM170.25 million a year ago. Revenue was marginally higher by2.1% at RM2.32 billion from RM2.27 billion. Earnings per share were 11.2 sen compared with 4.8 sen. It proposed a final dividend of 13.1 sen per share. For FY10, TM’s earnings surged 87.6% to RM1.20 billion from RM643.02 million. Its revenue rose 2.1% to RM8.79 billion from RM8.61 billion.

CIMB Group posted a record net profit of RM3.52 billion in the financial year ended Dec 31, 2010. For the fourth quarter, earnings were RM877.62 million, boosted by its Indonesian operations. The 4Q net profit was 9.3% higher from the RM802.89 million a year ago. Revenue rose 16% to RM3.168 billion from RM2.731 billion. Earnings per share were 11.83 sen compared with 11.37 sen.

MAS posted net profit of RM225.92 million in the fourth quarter ended Dec 31, 2010, down 64.7% from RM640.12 million a year ago, on lower derivative gains and higher finance costs. Its managing director and chief executive officer Tengku Datuk Seri Azmil Zahruddin was quoted saying MAs had operationally, done well in the quarter where traffic volumes rose 10% and yields were up 5%. However, it was also weighed down by higher cost of fuel despite that it carried more passengers. Its fuel bill was 13% higher at RM1.2 billion in 4Q compared witrh RM1.06 billion due to higher fuel prices and consumption. Its revenue rose 8.2% to RM3.67 billion from RM3.39 billion a year ago. Earnings per share were 6.76 sen compared with 31.17 sen.

Proton swung into the red with net loss of RM60.1 million in the third quarter ended Dec 31, 2010 compared to net profit of RM79.68 million a year ago, due mainly to higher branding costs as well as the restructuring expenses incurred by Lotus Group International Ltd. Revenue for the quarter fell by 8.96% to RM1.83 billion from RM2.01 billion last year. Loss per share was 10.90 sen compared to earnings per share 14.50 sen previously. Net assets per share was RM9.73. For the nine months ended Dec 31, 2010 Proton’s net profit fell 58.1% to RM90.5 million from RM216.29 million, although revenue rose to RM6.36 billion from RM5.97 billion. Proton said as part of the transformation plans to turn around LGIL, it had started investing in rationalisation of dealers network, and branding activities to deliver the five-year business plans. Proton also said that during 3Q, it had experienced lower domestic sales volume, as well as increased promotional and marketing spending by a principal subsidiary.

UEM Land Bhd recorded a 37.3% increase in its earnings to RM135.36 million in the fourth quarter ended Dec 31, 2010, boosted by higher revenue and higher margin achieved for one-off transactions from strategic land sales.

AZRB posted net loss of RM83.06 million in the fourth quarter ended Dec 31, 2010 compared with net profit of RM5.13 million a year ago following the termination of the Alfaisal University Campus project in Riyadh, Saudi Arabia. Revenue shrank to RM52.62 million compared with RM105.56 million a year ago. Loss per share was 30.03 sen compared with earnings per share of 1.86 sen. For the financial year ended Dec 31, 2010 its net loss was RM61.28 million compared with net profit of RM20.76 million in FY09. Its revenue was RM431.34 million compared with RM459.40 million.

Faber Group saw its net profit shrink to RM2.91 million in the fourth quarter ended Dec 31, 2010 from RM42.57 million a year ago. Revenue declined to RM203.95 million from RM303.93 million. Earnings per share were 0.8 sen only compared with 11.73 sen. It proposed dividend of eight sen per share compared with six sen. For the financial year ended Dec 31, 2010 net profit was RM78.78 million compared with RM82.68 million in FY09.

FBMKLCI 1489.87 DJ-37.28 CRUDE OIL 97.39  RM 3.02

Sime Darby Bhd’s earnings surged 104.8% to RM877.06 million in the second quarter ended Dec 31, 2010 from RM428.19 million a year ago, boosted by most of its divisions while for the year ahead. Sime said its revenue rose 21.9% to RM10.28 billion from RM8.43 billion and planned to boost its property division by launching property projects with gross development value of RM1.6 billion.

AirAsia Bhd, which posted a record profit for the financial year ended Dec 31, 2010 is not looking at imposing fuel surcharge despite surging crude oil prices. For the financial year ended Dec 31, 2010, its net profit jumped 110% to RM1.066 billion from RM506.26 million in FY09. Revenue rose 25% to RM3.992 billion from RM3.178 billion. In the fourth quarter ended Dec 31, 2010, its earnings surged 835% to RM316.55 million from RM33.87 million a year ago while it was upbeat about its operations based on the current forward booking trend.

Tanjung Offshore Bhd received contract extensions from Petronas Carigali Sdn Bhd to provide offshore support vessels (OSVs) for total charter contract of RM33.5 million. The contract extensions for the three units of OSVs were for a period of one year, effective March 2011 (one OSV) and July 2011 (two OSVs) respectively.

Land & General Bhd recorded a net profit of RM7.39 million for its third quarter ended Dec 31, 2010 (3Q 2010), up from the RM5.38 million posted a year ago. It generated a revenue of RM14.08 million for 3Q 2010, compared to RM9.74 million posted a year ago.

Nestle (Malaysia) Bhd’s net profit fell 54.5% to RM39.26 million in the fourth quarter ended Dec 31, 2010 from RM86.22 million a year ago, as its profit margin was squeezed mainly by higher investments in brand building, overhead expenses and increase in commodity costs. Its revenue for the quarter rose to RM963.89 million from RM950.63 million. Earnings per share were 16.74 sen while net assets per share was RM2.62.

FBMKLCI 1511.11 DJ- 107.01 CRUDE OIL 98.90 RM 3.02

It may not be the time for bargain hunting yet as there is more downside to the local stock market due to negative external factors. Investors appeared to be staying at the sidelines yesterday with only 1.7 billion shares being traded compared to the average daily volume of more than 2 billion at the start of the year. The local benchmark FTSE Bursa Malaysia KLCI had yesterday shed more than 10 points in intra-day trading before finishing at 1,511.11, 2.52 points or 0.17% lower, dragged down mostly by plantation stocks affected by lower crude palm oil prices.

PLUS Expressway Bhd, the country's biggest toll road operator, obtained its shareholders' approval yesterday for the RM23 billion takeover bid by its major shareholders UEM Group Bhd and the Employees Provident Fund (EPF), despite over 100 minority shareholders claiming the EGM was "illegal" and walking out halfway.

Telecommunications service provider Axiata Group Bhd posted a net loss of RM367mil for the fourth quarter (Q4) ended Dec 31, 2010, due to impairment loss on its investment in an India-based associate. This compared with a net profit of RM558mil for the corresponding period last year.

Multi-Purpose Holdings Bhd (MPHB), which has businesses from gaming to stockbroking, recorded improved results in the continuing operations of the company despite the lower net profit for the fourth quarter ended Dec 31, 2010.

Plantation firm TSH Resources Bhd’s net profit for the fourth quarter ended Dec 31, 2010, surged 115.98% to RM44.22mil compared with the previous corresponding quarter mainly due to higher contributions from Indonesian operations.

Star Publications (M) Bhd’s net profit for the financial year ended Dec 31, 2010 (FY10) rose 27.80% to RM184.94mil on revenue that gained 9.01% to RM1.06bil.

Hong Leong Bank Bhd’s (HLB) net profit for the second quarter ended Dec 31, 2010 rose to RM291.43mil from RM224.75mil a year ago while revenue increased to RM603.96mil from RM519.40mil previously.

Transmile Group Bhd faces suspension and delisting from March 3 and March 7 respectively for failing to submit a regularisation plan to the Securities Commission or Bursa Malaysia for approval by Feb 22.

PETRA ENERGY BHD [] is likely to post losses for the fourth quarter of 2010 even with crude oil prices around US$100 again.

Genting Bhd’s net profit surged 89.6% to RM465.43 million in the fourth quarter ended Dec 31, 2010 from RM245.4 million a year ago. Revenue rose 76% to RM4.086 billion from RM2.320 billion. Earnings per share were 12.57 sen compared with 6.64 sen while it proposed a final dividend of 4.5 sen. It said the higher revenue was mainly from the leisure and hospitality division with the commencement of operations of Resorts World Sentosa in Singapore, during the first quarter of 2010. As for FY10, its earnings rose 110.9% to RM2.202 billion from RM1.044 billion while revenue surged 71% to RM15.194 billion from RM8.893

billion. Group revenue rose by 71% to record a new high of RM15.19 billion in FY2010 (FY2009: RM8.89 billion), while group profit before tax rose by 74% to post a new high of RM4.39 billion in FY2010 (FY2009: RM2.53 billion).

IJM Corp’s earnings rose 58% to RM132.19m in the third quarter ended Dec 31, 2010 from RM83.64 million a year ago, boosted by its property and PLANTATION []s sector. Revenue dipped 3.7% to RM901.34 million from RM936.31 million. Earnings per share were 9.78 sen compared with 6.32 sen. IJM said the lower revenue was mainly due to mainly to the CONSTRUCTION [] and property divisions.

Kossan’s net profit for the fourth quarter ended Dec 31, 2010 rose 21.4% to RM29.45 million from RM24.25 million a year ago, driven by the expansion in the company’s gloves division with better product mix and margin. Revenue rose 11% to RM252.97 million from RM227.75 million. Earnings per share were 9.18 sen while net assets per share was RM1.40. For the financial year ended Dec 31, 2010, Kossan’s net profit recorded an increase of 76.1% to RM118.59 million from RM67.33 million a year ago. Revenue rose 24.6% to RM1.05 billion from RM842.14 million.

Tan Chong’s net profit for the fourth quarter ended Dec 31, 2010 rose 21.8% to RM52.07 million from RM42.73 million a year earlier, boosted by across the board price discounting to clear 2010 inventories ahead of new model introductions in 2011. Revenue for the quarter rose 16% to RM835.36 million from RM720.19 million a year ago. Earnings per share were 7.98 sen, while net assets per share was RM2.57.

FBMKLCI 1518.77 DJ no market CRUDE OIL 97.37 RM 3.00

Asian markets experienced choppy trade yesterday as conflict in the Middle East affected investor sentiment with oil prices rising and gold surging to a seven-week high. Crude oil climbed US$1.94 to US$88.14 per barrel at 5pm with spot gold surging US$8.80 to US$1,398.32 per ounce.

 

Malayan Banking Bhd (Maybank) posted a net profit of RM1.13bil, or 15.72 sen per share, for its second quarter ended Dec 31, 13.7% higher than the RM993.5mil, or 14.04 sen per share, reported in the same quarter of 2009 after almost all segments performed better and bad loan provisions were lower.

TH Plantations’ fourth quarter earnings rose 88.7% to RM42.55 million from RM22.54 million a year ago mainly due to higher prices for crude palm oil and palm kernel when compared to a year ago. It said on Monday, Feb 21 its revenue rose 47% to RM128.53 million from RM87.35 million. Earnings per shares were 8.71 sen compared with 4.62 sen a year ago. It proposed dividend payout of 12.5 sen per share. It had cash of RM130.56 million as at Dec 31, 2010.

UNITED PLANTATIONS BHD []’s net profit for the fourth quarter ended Dec 31, 2010 rose 19.9% to RM81.88 million from RM68.29 million a year earlier, due to higher crude palm oil (CPO) palm kernel (PK) selling prices. Its revenue rose 53% to RM302.83 million from RM197.88 million in 2009. Earnings per share were 39.24 sen while net assets per share was RM8.51. The company has proposed a final dividend of 15 sen net per share and a special dividend of 26.25 sen net per share for the year ended Dec 31, 2010.

ALLIANCE FINANCIAL GROUP BHD [] said its net profit rose 11.22% to RM111.12 million in the third quarter ended Dec 31, 2010 from RM99.91 million a year ago, driven by higher net interest income and lower overheads. Revenue rose to RM284.98 million from RM278.27 million. Earnings per share were 7.30 sen while net assets per share was RM2.15.  AFG proposed dividend of 3.70 sen per share. For the nine months ended Dec 31, its net profit rose to RM324.2  million from RM224.17 million a year ago, on the back of revenue RM858.18 million.

Parkson Retail Group Ltd, the Beijing-based department-store chain controlled by Malaysia’s Lion Group, will accelerate its expansion in China in the next three years. The company will open 8 to 9 stores a year through 2013, after opening 5 last year, Managing Director Alfred Cheng told reporters in Hong Kong. The retailer said 2010 net income jumped 9 per cent to 992 million yuan (US$151 million), compared with the 1.07 billion yuan average of 13 analyst estimates compiled by Bloomberg.

FBMKLCI 1519.13 DJ+73.11 CRUDE OIL 91.50 RM 3.074

Johor Corp will sell a parcel of land it owns in Johor as part payment for the RM3.6bil debt that is due in July 2012, says president and chief executive officer Kamaruzzaman Abu Kassim. He also said the land had a market value of more than RM2bil.

Kencana Petroleum Bhd hopes to start recouping its portion of investment, estimated at US$200mil, in the Berantai marginal oil field development within two years, says chief executive officer Datuk Mokhzani Mahathir. Kencana is part of a consortium, which includes SapuraCrest Petroleum Bhd and Petrofac Energy Developments Sdn Bhd to develop and operate an oil and gas field in Berantai, Terengganu estimated to cost a total of US$800mil.

Khazanah Nasional Bhd said yesterday that all bidders for its 32.21% stake in Pos Malaysia Bhd will be given an equal opportunity and that its divestment will undergo “a fair and transparent process”.The bidders will be considered based on their strategy and business plan, followed by the offer price. The name of the shortlisted bidders will be revealed to the panel after the shortlisting process is completed. These shortlisted bidders will then be invited to submit their revised strategy and business plan as well as their final offer.”

For the nine months ended Dec 31, AMMB’s net profit rose 34% to RM1.03 billion from RM766.87 million, on the back of revenue RM5.3 billion, up from RM4.87 billion a year earlier.

Tasek’s earnings in the fourth  quarter surged 325% to RM69.1 million from RM16.25 million. The much improved group results apart from the RM43.6 million gain from disposal of PLANTATION [] and other

property, was mainly in line with the increase in group's total revenue compounded by better local cement sales margin. Tasek said revenue rose 15% to RM133.67 million from RM116.08 million. Earnings per share were 43.3 sen compared with 8.77 sen. It proposed a bumper dividend, comprising of preference dividend of 6%, ordinary dividend 30% and special dividend 50%.

Mudajaya’s net profit for the fourth quarter ended Dec 31, 2010 rose 39% to RM57.09 million from RM41.05 million a year earlier, driven by the increased level of activities. Revenue rose to RM230.29 million from RM211.76 million a year ago. Earnings per share were 13.96 sen while net assets per share rose to RM1.75 from RM1. Mudajaya proposed a final dividend of 3.0 sen per ordinary share of 20 sen each under the single tier system for FY10. For the 12 months in 2010, Mudajaya’s net profit surged 75% to RM208.45 million from RM119.18 million a year ago, on the back of revenue RM869.43 million.

Hap Seng Consolidated’s net profit for the fourth quarter ended Dec 31, 2010 surged to RM103.13 million from RM7.69 million a year earlier, driven by improvement in revenue in all divisions except for fertilisers trading which was affected by lower average selling prices. Revenue rose 19.3% to RM810.88 million from RM679.6 million. Earnings per share were 18.30 sen while net assets per share was RM4.59. For the financial year ended Dec 31, 2010, Hap Seng’s net profit rose 222% to RM323.16 million from RM100.24 million a year ago. Hap Seng proposed to pay out as final dividend about 50% of its net profit tax and minority interest totalalling RM123.98 million or 22 sen per share.

RAMUNIA HOLDINGS BHD is eyeing some RM300 million worth of fabrication jobs this year as projects up for grabs start pouring into the market again, underpinned by the surge in crude oil prices. Chief executive officer Nor Badli Munawir Mohamad said on Friday that while Ramunia's existing order book was negligible, he expected it to grow this year after Petroliam Nasional Bhd  committed to opening more marginal oilfields and issue more oil and gas contracts this year.

FBMKLCI 1508.99 DJ+29.97 CRUDE OIL 89.09 RM 3.011

Most emerging equity markets in Asia have been experiencing sell-downs in recent weeks with foreign funds shifting their money to the more matured markets even as inflation in the region becomes more of a concern. Extreme weather conditions in most parts of food-producing countries such as Russia, Latin America, Australia and China have kept food grain prices at historical high levels globally, pushing inflation levels up. And emerging markets especially those in Asia, where grains are consumed the most, have been most affected.

Favelle Favco secured RM123.20 million in contracts to supply eight cranes which would be delivered to eight buyers from early this year to 2012. The crane builder said it expected the contracts to contribute positively to the earnings and net assets for the financial year ending Dec 31, 2011 and beyond.

MBM Resources' net profit for the fourth quarter (4Q) ended Dec 31, 2010 rose 36.2% to RM28.2 million from RM20.7 million a year ago, driven by the overall strong total industry (TIV) volume in the automotive sector. Revenue for the quarter rose to RM389.88 million from RM292.46 million in 2009. Earnings per share was 11.64 sen, while net assets per share was RM4.19.  It declared a special second tax-exempt interim dividend of five sen per share totaling RM12.13 million, and a special tax-exempt dividend of three sen per share totaling RM7.28 million. For the financial year ended Dec 31, MBM's net profit surged to RM141.24 million from RM66.53 million a year earlier, on the back of revenue RM1.55 billion.

Wah Seong’s earnings fell 28.9% to RM24.76 million in the fourth quarter ended Dec 31, 2010 from RM34.84 million a year ago due to the lower number of projects and unfavourable effect of foreign exchange fluctuations. Revenue fell 12.7% to RM397.23 million from RM455.07 million while earnings per share were 3.2 sen compared with 4.5 sen. It proposed dividend of 2.5 sen per share. For the financial year ended Dec 31, 2010, the net profit fell 53.8% to RM55.98 million from RM121.32 million in FY09. Revenue fell 21.9% to RM1.523 billion from RM1.950 billion.

Daibochi declared a fourth interim dividend of 3.50 sen, tax exempt, to be paid on March 30.

SBC Corp Bhd posted net profit of RM6.81 million in the third quarter ended Dec 31, 2010 when compared with RM2.02 million a year following higher revenue from its CONSTRUCTION [] projects.

Revenue climbed 95% to RM54.80 million from RM28.03 million while earnings per share were 8.26 sen versus 2.45 sen a year ago.

FBMKLCI 1506.30 DJ+61.52 CRUDE OIL 88.15 RM 3.022

Petronas Dagangan Bhd net profit rose 26% to RM236.2mil in the third quarter ended Dec 31, 2010 from RM187.2mil in the same period last year on lower operating expenditures.

 

AirAsia may get new A320s only after 2016
PETALING JAYA: Low-cost carrier AirAsia Bhd will likely only take delivery of new, more fuel-efficient Airbus 320 planes after 2016, according to analysts, commenting on news reports from Paris that it was in talks with aircraft manufacturer Airbus SAS to buy upgraded A320 planes.

 

IOI Corp Bhd’s net profit rose 12.8% to RM520.2mil in the second quarter ended Dec 31, 2010 compared with RM461.2mil in the previous corresponding period mainly on higher contribution from its plantation and property divisions. Revenue was RM3.97 billion compared to RM3.06 billion in 2009, while earnings per share was 8.15 sen. Net assets per share was RM1.73. IOI Corp declared an interim single tier tax-exempt dividend of 80% or 8.0 sen per ordinary share of 10 sen each in respect of the financial year ending June 30, 2011. In the 2Q ended Dec 31, 2010, total fair value losses on derivative contracts recognised were about RM73 million. For the six months ended Dec 31, IOI Corp net profit rose to RM1.02 billion from RM939.59 million, on the back of revenue RM7.49 billion. IOI Corp’s plantation segment reported a 14% increase in operating profit to RM363.7 million for 2QFY2011 as compared to RM319.9 million a year ago.

Dialog’s earnings rose 25.7% to RM35.99 million in the second quarter ended Dec 31, 2010 from RM28.63 million a year ago, due mainly to higher contribution from its engineering and CONSTRUCTION [] and plant maintenance activities in Malaysia and Singapore. Revenue slipped 2.5% to RM268.53 million from RM275.57 million in 2009. Earnings per share were 1.84 sen while net assets per share were 26.3 sen.

For the six months, earnings rose 24.3% to RM69.09 million from RM55.56 million. Revenue declined 8.9% to RM532.33 million from RM584.42 million.

Amway’s net profit rose 12.5% to RM18.32 million in the fourth quarter ended Dec 31, 2010 from RM16.28 million a year ago, year mainly due to the increase in sales revenue. Revenue rose to RM184.1 million from RM171.89 million mainly due to an increase in the distributors’ productivity after implementing the sales and marketing programme, effort index adjustment and the distributor price increase implemented in first half of the year. Earnings per share were 11.14 sen while net asset per share was RM1.28. It declared a fourth interim single tier dividend of 9.0 sen net per share. For the financial year ended Dec 31, 2010, it posted net profit RM78.32 million on the back of revenue RM719.41 million.

Green Packet Bhd posted net loss of RM77.68 million in the fourth quarter ended Dec 31, 2010, which was lower compared with the RM100.71 million a year ago. Revenue rose 58% to RM116.25 million from RM73.54 million, loss per share was 11.8 sen compared with 15.3 sen. However, the loss from continuing operations were RM100.11 million compared with RM103.82 million a year ago. For FY10, it managed to reduce its net loss to RM134.97 million from RM182.64 million in FY09, while revenue increased 80.8% to RM393.97 million from RM217.81 million. Loss from continuing operations increased to RM209.67 million from RM187.41 million in FY09. Green Packet’s total group accumulated losses increased to RM274.67 million as at Dec 31, 2010 from RM196.53 million as at Sept 30, 2010.

Airports operator Malaysia Airports Holding Bhd’s net profit fell 29% to RM100.04 million for the fourth quarter ended Dec 31, 2010 from RM140.97 million a year ago. MAHB said the decline was mainly due to the adoption of FRS 139 resulting in the higher share of losses in an associate company. However, the concession payable by the associate company was recognised at fair value and subsequently at amortised cost. Gains and losses arising from the changes in the fair value were recognised in the income statement.

Its 4Q revenue rose to RM494.37 million from RM476.84 million a year ago, while earnings per share were 9.15 sen. Net assets per share was RM2.99.

ZELAN BHD  recorded negative revenue from its continuing operations in Indonesia totaling RM39.2 million in the third quarter ended Dec 31, 2010 and warned of more losses in the current fourth quarter.

Explaining the negative revenue, Zelan said this was due to a reversal made on the revenue recognised earlier as a result of additional foreseeable losses for the Indonesian project. It said net losses for the 3Q were RM41.29 million compared with RM60.38 million. Loss per share was 7.33 sen versus 10.72 sen.

“The group recorded a loss after tax from continuing operations of RM40.5 million as compared to RM64.4 million losses in the preceding year’s quarter,” it said.

Tambun Indah had proposed to acquire three companies for RM11.6 million, which would increase the group’s GDV by RM245 million to RM1.4 billion to last till 2016. “The group expects contributions of RM38.7 million in pre-tax profits over development period from FY2011 to FY2014,” it said.

FBMKLCI 1505.33 DJ-41.55 CRUDE OIL 87.87 RM 3.087

IGB Corp Bhd posted RM53.09 million in net profit for the fourth quarter ended Dec 31, 2010 compared with RM31.14 million a year ago while revenue was RM215 million compared with RM166.31 million. For FY10, the earnings rose to RM174.32 million from RM158.98 million while revenue was also higher at RM720 million versus RM642.44 million. IGB Corp Bhd's move to dispose of Mid Valley City Gardens Sdn Bhd (MVCG) to its 75%-owned KrisAssets Holdings Bhd is not entirely a surprise move as IGB has made its intention known for a while.

MPHB has temporarily shelved its preliminary plans to relist Magnum Holdings Bhd after making a RM1.66 billion offer to buy the 49% stake in the latter. It said the proposal has been on hold for the time being. Credit Suisse Research said in a recent report the transaction (if successful) would be earnings accretive for MPHB as it would control 100% of Magnum, compared to 51% currently. “According to reported 9M10 results of MPHB, its gaming division (Magnum) generated pre-tax profits of RM275 million compared to RM185 million in 9MFY09, an increase of 49% on-year. Annualising this suggests full-year pre-tax profits of RM360 million and net profits of RM270 million, implying a 2010 P/E of 12.4 times. If Magnum grows in line with the Malaysian economy, which is in line with our assumption for BToto, net profits could be as much as RM284 million in FY11E,” it said. Credit Suisse said the deal values Magnum at 12.4 times 2010 PE and 11.8 times 2011E PE, compared to BToto's calendarised 2011E PE of 17.3 times.

Ramunia, a recent filing showed Ramunia Energy & Marine Corp Sdn Bhd disposing of eight million shares on Feb 9 in a direct deal, reducing its direct stake to 69.62 million shares or 10.5%.

Supermax Corp Bhd saw its earnings decline by 24.8% from RM43.54 million to RM32.72 million in the fourth quarter ended Dec 31, 2010 due to the continuous high latex prices and unfavourable exchange rates. Its revenue rose 18.4% from RM196.42 million to RM232.67 million. Its earnings per share were 9.62 sen versus 16.22 sen

The Malaysian Rubber Board (MRB) expects the natural rubber (NR) market to continue to chart new highs, at least in the first half of this year, on continued strong demand from China and India as well as declining output from major rubber-producing countries. On Monday, tyre-grade SMR 20 posted a new high of RM17.27 per kg while latex-in-bulk hit RM10.66 per kg. Director-general Datuk Dr Salmiah Ahmad told StarBiz that the challenge for 2011 would still be tackling a consumption-exceeding-supply situation. This is followed by the still sluggish US economy, continuing worries over sovereign risk in the euro-area and uncertainty over the Chinese government's measures to cool inflation and the economy. Export earnings from the rubber sector continued to expand by 34.8% to RM33.7bil in 2010 from RM25bil in 2009, thanks to the favourable economic growth primarily driven by the emerging and developing economies. Of the total value exported, RM12.3bil was contributed by the export of rubber products while raw rubber, other rubbers and heveawood products provided RM9.5bil, RM4.3bil and RM7.6bil respectively. “The rubber sector in fact contributed about 5% to the country's export earnings,” Salmiah said. “The contribution of the industry is much higher if we consider its spin-offs and multiplier effects on the Malaysian economy.