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theSun ON THURSDAY | MAY 31, 2012

MMC Q1 pre-tax and zakat profit falls 14% Lower profits from energy and utilities, and transport and logistics segments PETALING JAYA: MMC Corp Bhd’s profit before zakat and tax (PBZT) fell 14% to RM181.1 million for the first quarter ended March 31, 2012 (Q1) from RM210.9 million a year ago, on lower profits from its energy and utilities, and transport and logistics segments. However, net profit for Q1 was up 62% to RM29.2 million from RM18.0 million a year ago, while revenue grew

8% to RM2.3 billion from RM2.2 billion. No dividend was declared for the quarter. The energy and utilities segment saw its PBZT for Q1 drop 15% to RM193.6 million from RM228.3 million a year ago, mainly due to lower margins on the new gas tariff imposed on Gas Malaysia Bhd which came into effect in June last year. Its transport and logistics segment’s PBZT declined 25% to RM59.1 million from RM79.0 million a year ago, mainly due to higher administrative and operating expenses. Nonetheless, MMC expects the group’s financial results for the current financial year ending Dec 31, 2012 (FY12)

to improve despite the uncertainties in the global economy. It said FY12 results from the energy and utilities segment will top that in FY11, mainly due to the one-off extraordinary gain from the proposed listing of Gas Malaysia Bhd, which is slated for June 11. “However, future contributions from Gas Malaysia will be reduced following the group’s diluted equity interest postlisting. Gas Malaysia will cease to be consolidated as a subsidiary of the group, but the results will be equity accounted for as an associate,” MMC said in a filing with Bursa Malaysia yesterday.

‘Look to Canada to invest in properties’ KUALA LUMPUR: Malaysians looking to invest in a second property overseas should consider Canada, a Vancouverbased property investment firm said. Vision International Properties director Virata Gamany said it is setting up a regional office here given the growing interest of property buyers in Malaysia and the region in the overseas market, especially with the soaring property prices in Asia. With the US, China and Japan looking towards Canada for their supply of food, fuel, fertiliser and forestry

products, he called on Malaysian property investors to consider Canada for their investments. The company’s new Kuala Lumpur office will service clients from China, Japan and Singapore, besides Malaysia. Vision International has assisted investors to buy Canadian properties since 2005, and has invested in 19 projects in its home country. “We wanted to showcase the project first in Kuala Lumpur before bringing it to the other Asian capitals because we firmly believe that there are many

investors here looking to extend their investment portfolio to include overseas properties,” Gamany said at a preview of the Chestermere Manor property — 800-900 sq ft low-density townhouses with prices starting from C$218,000 — in Calgary, Canada. Gamany said despite the economic slowdown in the United States and Europe, Canada’s property market is still growing as its economy is supported by natural resources and oil reserves, which are estimated to be eight times that of Saudi Arabia.

B R I E F S AIRASIA JAPAN FLIES TO SAPPORO, FUKUOKA, OKINAWA PETALING JAYA: AirAsia Japan Co Ltd, a joint venture between All Nippon Airways Co and AirAsia Bhd, will launch daily flights from Tokyo to Fukuoka, Okinawa and Sapporo starting Aug 1. To mark the launch, it is offering 10,000 seats at fares from as low as 20 sen (¥5) one-way on the three routes. Tapping into the new services, AirAsia X will also offer promotional fares from RM399 (¥14,000) one-way from Kuala Lumpur to Haneda International Airport in Tokyo. Passengers may then opt to fly onto AirAsia Japan’s new domestic network via Narita International Airport. The online promotion is from May 31 to June 3, 2012, for the travel period Aug 28 to Nov 28.

LBS RECORDS LOWER PROFIT IN Q1 PETALING JAYA: LBS Bina Group Bhd recorded a lower net profit of RM6.29 million for the first quarter ended March 31, 2012, against RM9.46 million a year earlier, due to increase in project costs. Revenue, however, rose 46% to RM112 million, driven by profit contribution from its 20 ongoing projects. Earnings per share were 1.63 sen. It told Bursa Malaysia that its on-going projects and other commercial and industrial projects continue to enjoy good take-up rates. As of May 29, the company had achieved RM413 million in sales. With its ongoing projects and unbilled sales of RM715 million as of April 30, the company is confident of achieving further improvement in its performance for the financial year ending Dec 31, 2012.

CARLSBERG NET PROFIT UP 7% IN Q1 PETALING JAYA: Carlsberg Brewery Malaysia Bhd’s net profit rose slightly to RM52.36 million in the first quarter ended March 31, 2012, from RM48.94 million a year ago, as a result of the successful 2012 Chinese New Year campaign. Revenue was 11.5% higher at RM454 million while earnings per share came to 17.1 sen. Its managing director Soren Ravn said the company will continue to grow its share in the premium beer segment with additional new momentum from the launch of Asahi beer and continued strong sales of Kronenbourg 1664. It also expects to benefit from the Euro 2012 campaign for the Carlsberg brand.


The Sun- May 31, 2012