PETALING JAYA: Malaysian Airline System Bhd (MAS) recorded a net loss of RM2.52 billion, on the back of RM13.9 billion in revenue, for the financial year ended Dec 31, 2011. For the fourth quarter, the national carrier recorded RM1.28 billion in net loss, on a turnover of RM3.68 billion, said group chief executive officer Ahmad Jauhari Yahya. He said the bottom-line group losses for 2011 underscored the imperative need for the airline to immediately adopt strong measures to stop the “bleeding”. “This includes staff redeployment, increasing productivity and efficiency, relentless cost control and making further reviews. “We are also implementing an aggressive sales and marketing strategy,” he told a press conference here today. Ahmad Jauhari said the group’s full year performance was severely impacted by a 21% increase in expenditure of RM16.2 billion, from RM13.41 billion in 2010, previously. He said the higher expenditure was due to a 33% increase in fuel cost of RM5.85 billion and a 15% increase in non-fuel expense of RM10.43 billion. The rise in non-fuel expense was mainly due to provisions totalling RM1.09 billion made in the fourth quarter for stock obsolescence, redelivery of aircraft and impairment of freighter aircraft. Ahmad Jauhari said the accounts

KUALA LUMPUR: National car manufacturer Proton Holdings Bhd’s pre-tax loss widened to RM84.054 million for the third quarter ended Dec 31, 2011 compared to a pre-tax loss of RM51.535 million in the same period in 2010. In a statement, the company said the weaker performance was due to a decline in year-end sales which resulted in the adjustment of production numbers to better manage costs. Revenue decreased to RM1.432 billion from RM1.833 billion previously. Meanwhile, the revenue for the first nine months also dipped to RM5.92 billion from RM6.36 billion on the back of a RM36.530 million loss before taxation against a pre-tax profit of RM134.3 million recorded in the corresponding period in the preceding financial year. Group chairman Mohd Nadzmi Mohd Salleh said the lower profit was largely attributed to lower revenue recorded from domestic sales. However, the unfavourable impact from the lower revenue was cushioned by a decrease in manufacturing overheads and lower administrative expenses incurred in the same financial period, he said. “Additionally, the result was also affected by lower volume sales of Lotus cars in Europe in the past quarter,” he added. Furthermore, Mohd Nadzmi said the one-month delay of the launch of Proton’s latest model,

KUALA LUMPUR: Share prices on Bursa Malaysia closed sharply higher today with the benchmark FBM KLCI surging 12.92 points to 1,569.65. The FBM KLCI’s level was also the highest since July 18 last year. The market rebounded from yesterday’s losses amid advances in regional bourses as financing from the European Central Bank to avert a credit crunch in the euro zone bolstered investors’ confidence. The Finance Index rose 96.38 points to 14,017.35, the Industrial Index gained 29.01 points to 2,886.23 and the Plantation Index increased 29.17 points to 8,551.77. The FBM Emas Index gained 80.85 points to 10,862.75, the FBM 70 Index increased 58.72 points to 12,271.05 and the FBM ACE Index rose 21.81 points to 4,711.02. Gainers led losers 535 to 297 while 300 counters were unchanged, 363 untraded and 33 others suspended. Turnover was higher at 1.94 billion shares worth RM2.69 billion from 1.7 billion shares worth RM1.6 billion yesterday. Among active counters, China Stationery slipped one sen to RM1.38, IFCA MSC was flat at 13.5 sen, Key West Global Telecomm rose 4.5 sen to 21 sen and YTL Corporation gained 17 sen to RM1.75. Among heavyweights, Maybank rose one sen to RM8.75, Sime Darby increased 12 sen

KUANTAN: Pahang forecasts an economic growth of 5.2% this year compared with 4.9% previously following increases in foreign direct investment(FDI) and Domestic Direct Investment(DDI) to the state. Menteri Besar Adnan Yaakob said investments into the state was also very balanced at between RM1.5 billion and RM2 billion each year. “Last year, we recorded the highest private investments since the past 10 years amounting to RM6.63 billion compared with RM1.04 billion in 2010,” he told reporters after opening the 2012 Pahang Economic Convention here, today. He said the political stability, infrastructural facilities, natural resources and quality human capital in Pahang offered a condusive environment for investments. “We don’t have to go abroad to promote the state and attract foreign investments. If our state is good, have good delivery system, they will like us and come here to invest,” he said. Adnan in his speech denied that Pahang was bankrupt when it was claimed that the state experienced budget deficits from 2000 to 2010. “I wish to inform that, in the last 10 years, we recorded six surplus budgets, two balanced budgets and only two deficit budgets. “Our state is not bankrupt. If we are bankrupt, we will not be able to

HONG KONG: Asian markets mostly extended their gains today on optimism ahead of another ECB refinancing operation while US stocks provided a strong cue after closing at a near four-year high. The euro was mixed in the afternoon amid expectations of a strong take-up of the European Central Bank’s offer of cheap cash to under-pressure lenders, while oil prices rose on concerns over the stand-off between Iran and the West. Sydney ended 0.84%, or 35.9 points, stronger at 4,298.6, Seoul added 1.33%, or 26.56 points, to 2,030.25 and Tokyo closed flat, edging up 0.72 points to 9,723.24. In afternoon trade Hong Kong was 0.19% up but Shanghai slipped 0.70%. The ECB will today hold its second lending operation aimed at averting a credit crunch in the euro area by providing much-needed cash to banks at a rock-bottom rate of one percent for three years. At the first long-term refinancing operation (LTRO) – dubbed “Big Bertha” by ECB chief Mario Draghi – in December, 523 banks lined up to borrow a record 489.2 billion euros. According to Draghi, the amount borrowed in the next operation could be close to that level. Chris Gore, analyst at GO Markets in Melbourne, warned in

KUALA LUMPUR: Conglomerate Sime Darby Bhd posted a higher pre-tax profit at RM1.624 billion for its second quarter ended Dec 31, 2011 compared with RM1.248 billion recorded for the previous corresponding period. Revenue for the second quarter rose to RM11.389 billion from RM9.994 billion registered for the second quarter of the preceding financial year. For its six months, pre-tax profit increased to RM3.089 billion from RM2.208 billion recorded for the first half of the previous financial year. Revenue grew to RM22.453 billion from RM18.669 billion recorded for the first half of the preceding financial year. The group announced an interim dividend of 10 sen per share for the financial year ending June 30, 2012. Sime Darby president and group chief executive Mohd Bakke Salleh said the group had a commendable first half with all divisions achieving double-digit earnings growth. “Our continuous emphasis on enhancing earnings quality has resulted in a robust performance across each division. “Though there has been considerable economic uncertainty in the global economy over the past six months, our businesses have persevered and remained resilient in the face of a challenging business environment,” he said in a statement today. Higher realised crude palm oil (CPO) prices and

KUALA LUMPUR: Mah Sing Group Bhd has acquired about 63 hectares of prime land, worth RM40.9 million, for a proposed township development in Rawang. The township, M Residence 2@Rawang, with an estimated gross development value (GDV) of about RM650 million, is located just one kilometre south of Mah Sing’s M Residence@ Rawang development which was acquired last October. Group managing director-cum-group chief executive Leong Hoy Kum said this was Mah Sing’s first land deal this year and signified a good start to its landbank target of acquiring new projects with potential GDV of RM5 billion for 2012. He said with the acquisition of M Residence 2@Rawang, the group’s landbank now stood at 486.8 hectares with remaining GDV and unbilled sales worth an estimated RM15.5 billion, giving Mah Sing strong earnings visibility for the next five to seven years. “For the new M Residence 2 township, we plan to offer only semi-detached homes, complemented by some shops,” he said in a statement today. Bukit Badong Forest Reserve is located next to M Residence 2 @Rawang and extensive green reserves namely Templer’s Park, Kanching Forest Park and Commonwealth Forest Park are all within the radius of 15km of the project. He said

KUALA LUMPUR:  Malaysian palm oil giant Sime Darby said Wednesday net profit rose 26 percent to 1.16 billion ringgit ($387 million) in its second quarter on higher palm oil prices and improved plantation yields. In a filing to the Malaysian stock exchange, the world’s largest listed palm oil producer by acreage also said net profit increased 40 percent to 2.26 billion ringgit for the financial year’s first half, which ended December 31. President and Group Chief Executive Mohamad Bakke Salleh said growth across the diversified conglomerate’s various plantation, property, automotive and other divisions was “robust” given the ongoing global economic uncertainty. “The group had a commendable first half with all divisions achieving double-digit earnings growth,” he said. He added, “our businesses have persevered and remained resilient in the face of a challenging business environment.” Group revenue rose 20 percent to 22.45 billion ringgit in the first half. Sime Darby recorded a full-year net profit of 3.66 billion ringgit for the latest financial year, up sharply from 726.8 million ringgit in the previous year, when it suffered booking provisions in its energy and utilities division. The losses at its energy business had come from cost overruns in key projects such as

BARCELONA: Japanese women are so fond of their phones, they even use them in the shower, say manufacturers. This makes waterproofing a must – also good against rainstorms and accidents while texting on the toilet. Panasonic and Fujitsu are touting their waterproof and dust-proof phones as they seek to charm the overseas market at the world’s biggest mobile phone show in Barcelona this week. “In Japan, you can’t sell a phone if it’s not waterproof. About 90 to 95 percent of all phones sold now are already waterproof,” Panasonic executive Taro Itakura told AFP at the Mobile World Congress. “Why? This is very unique – young Japanese women prefer to use their cellphones even when taking their showers,” Itakura said. “Cellphones have become ‘must products’.” Panasonic is looking to re-enter the European market after pulling out in 2005 to concentrate on its domestic sales. “The reason we decided to come back is that there have been a lot of changes in this industry with the introduction of the smartphone,” which has become a “global product,” he said. “In order to survive in this industry as a manufacturer, we, Panasonic, have to be strong in terms of global competition.” It is

KUALA LUMPUR: Share prices on Bursa Malaysia closed mostly lower, weighed by losses in heavyweights, with sentiment remaining cautious over high oil prices, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended 2.31 points lower at 1,556.73, after opening 3.09 points higher at 1,562.13. Dealers said questions remained as to whether the European Central Bank’s second liquidity injection could resolve the Eurozone debt crisis. The Finance Index rose 7.819 points to 13,920.97, the Industrial Index gained 3.02 points to 2,857.22, while the Plantation Index increased 10.54 points to 8,622.60. The FBM Emas Index slipped 8.60 points to 10,781.90, the FBM 70 Index increased 20.11 points to 12,212.33 and the FBM Ace Index lost 8.20 points to 4,689.21. Losers led gainers 511 to 309 while 309 counters were unchanged, 372 untraded and 37 others suspended. Turnover was higher at 1.727 billion shares worth RM1.588 billion, from 1.642 billion shares, worth RM1.633 billion transacted yesterday. Actives, IFCA MSC rose 1.5 sen to 13.5 sen, IFCA MSC warrant gained half-a-sen to 5.5 sen, China Stationery gained 16 sen to RM1.39 and Sentoria Group slipped one sen to 80.5 sen. Among heavyweights, Maybank declined one sen to RM8.74, Sime Darby, however, was

KUALA LUMPUR: Share prices on Bursa Malaysia closed mostly lower, weighed by losses in heavyweights, with sentiment remaining cautious over high oil prices, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended 2.31 points lower at 1,556.73, after opening 3.09 points higher at 1,562.13. Dealers said questions remained as to whether the European Central Bank’s second liquidity injection could resolve the Eurozone debt crisis. The Finance Index rose 7.819 points to 13,920.97, the Industrial Index gained 3.02 points to 2,857.22, while the Plantation Index increased 10.54 points to 8,622.60. The FBM Emas Index slipped 8.60 points to 10,781.90, the FBM 70 Index increased 20.11 points to 12,212.33 and the FBM Ace Index lost 8.20 points to 4,689.21. Losers led gainers 511 to 309 while 309 counters were unchanged, 372 untraded and 37 others suspended. Turnover was higher at 1.727 billion shares worth RM1.588 billion, from 1.642 billion shares, worth RM1.633 billion transacted yesterday. Actives, IFCA MSC rose 1.5 sen to 13.5 sen, IFCA MSC warrant gained half-a-sen to 5.5 sen, China Stationery gained 16 sen to RM1.39 and Sentoria Group slipped one sen to 80.5 sen. Among heavyweights, Maybank declined one sen to RM8.74, Sime Darby, however, was

SAN FRANCISCO:  Yahoo has demanded licensing fees from Facebook for use of its technology, the companies said on Monday, potentially engulfing social media in the patent battles and lawsuits raging across much of the tech sector. Yahoo has asserted claims on patents that include the technical mechanisms in the Facebook’s ads, privacy controls, news feed and messaging service, according to a source briefed on the matter. Representatives from the two companies met on Monday and the talks involved 10 to 20 of Yahoo’s patents, said the source, who was not aware of what specific dollar demands Yahoo may have made for licenses. Yahoo did not elaborate in an emailed statement on details of its discussions with Facebook, but indicated it would not flinch at taking the social networking giant to court over its patents. Yahoo said other companies have already licensed some of the technologies at issue, and that it would act unilaterally if Facebook refused to pay for a patent license. “Yahoo has a responsibility to its shareholders, employees and other stakeholders to protect its intellectual property,” the company said. The meeting between the two companies was first reported by the New York Times. A Facebook spokesman said: “Yahoo

HONG KONG: Asian shares were mostly higher today, lifted by retreating oil prices and positive numbers from the United States despite more gloomy news from debt-hit Europe. Tokyo’s Nikkei 225 index notched its highest finish in seven months, up 0.92%, or 88.59 points, at 9,722.52, its loftiest close since Aug 2. Hong Kong’s benchmark Hang Seng index was 0.4%, or 84.79 points, higher to 21,302.65 at the break. The Shanghai Composite Index closed up 0.20%, or 4.80 points, at 2,451.86. New York’s main contract, light sweet crude for delivery in April, shed 50 US cents to US$108.06, while Brent North Sea crude for April delivery was down 62 US cents to US$123.55 in the afternoon. “Crude prices pulled back… as concerns that high oil prices might curb economic growth, along with the stronger dollar, countered supportive fears about Iran and potential supply disruptions,” said Phillip Futures. Japan’s benchmark Nikkei had declined in morning trade as a stronger yen took its toll and chip-related shares came under pressure after DRAM chip-maker Elpida Memory filed for bankruptcy protection. “But the Nikkei ended in positive territory as some players chased shares at still reasonable prices, which proved that the recent buying sentiment is

KUALA LUMPUR: Telecommunications provider, Celcom Axiata Bhd, has registered a net profit of RM2.1 billion for the financial year ended Dec 31, 2011. The figure is 11% higher when compared to the RM1.89 billion recorded in 2010. Revenue rose six percent to RM7.23 billion from the RM6.85 billion posted in 2010, driven mainly by higher subscribers on the back of an attractive product offering of bundled packages. Its chief executive officer Shazalli Ramly said the current revenue growth was the strongest since the last fourth quarter in 2009. “Celcom closed the year with 12 million subscribers, adding 542,000 more in the last quarter, promising greater opportunities for the company this year in respect of achieving consistent and strong traction in both revenue and profitability. “We have evidently proven ourselves in meeting consumer demands at any cost while maintaining our top position,” he told a media briefing here, today. Celcom is expected to continue to prioritise non-voice services, emphasising data access and innovative content offerings, while at the same time resuscitating voice usage. Shazalli said Celcom has allocated RM1 billion for capital expenditure this year, to be largely spent on information technology development. “We will continue to deliver a comprehensive suite

KUALA LUMPUR: Bursa Malaysia ended mixed today, with profit-taking activities seen in selected bluechip counters, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose slightly by 0.27 of a point, or 0.017% to close at 1,559.04. The key index had opened 1.86 points higher at 1,560.63. It moved within the 1,558.29 and 1,565.87 levels throughout the day. Dealers said investor sentiment was dampened following an increase in oil prices and the absence of a new catalyst for markets regionally, which turned in unimpressive performances. However, gains in penny-stocks and selected heavyweight counters, helped the key index stay above the 1,550 level. The Finance Index perked 51.641 points to 13,913.15 but the Industrial Index lost 11.5 points to 2,854.20 while the Plantation Index lost 18.931 points to 8,612.06. The FBM Emas Index fell 2.6 points to 10,790.50, the FBM 70 Index lost 4.69 points to 12,192.22 and the FBM Ace Index inched down 12.95 points to 4,697.41. Losers led gainers 455 to 327 while 341 counters were unchanged, 367 untraded and 42 others suspended. Among actives, Naim Indah added one sen to 52.5 sen and China Stationery gained 13 sen to RM1.23 while AsiaEP Resources and IFCA MSC stood