Japan’s debt rating downgraded by Moody
After the downgrade of the credit rating of the United States, another major economic superpower is seen to be following suits as Japan is the next in line. Moody’s Investors Service has downgraded Japans’ credit ratings from Aa3 to Aa2. The agency said that this was due to the weak growth prospects of the country as well as its massive government debt and its uncertainties of the country’s political climate. Read more
CIMB posts record Q2 earnings
One of the country’s major bank networks, CIMB Group Holdings Bhd recently announced their improvement of earnings by 9.1% to a new record of RM970.01million for the second quarter (Q2) that ended recently in June 30. Comparatively, the banking group recorded earnings of RM889.46million for the same quarter in 2010 and this was widely contributed by the local consumer banking services segment as well as the CIMB Niaga’s high growth rate. Read more
Prince Court Medical Centre continues to operate losses, RM654million in last 2 years
Prince Court Medical Centre Sdn Bhd, one of the most prestigious medical centres in the Klang Valley has reported a net loss of RM451million after recording a revenue of RM82million for the financial year ending April 30, 2011.
The medical center is a wholly owned subsidiary of national oil and gas company Petronas (Petroliam Nasional Bhd) is located in the heart of the Klang Valley where it reported that they had non-current liabilities of RM714.3million while current liabilities were at RM35.1million. Read more
Plenitude 4Q net profit down by 19.5%
One of the major property developers in the country, Plenitude Berhad has recorded a net profit of RM22.2million for the fourth quarter of its current financial year. This is a 19.5% drop as compared to the corresponding quarter last year. This was due to the lower progressive profit from its properties sold, completed and handed over. Read more
Telekom Malaysia posts higher earnings thanks to internet and multimedia services
National telecommunication company, Telekom Malaysia Bhd reported a 2.3% increase in its earnings for the second quarter (Q2) for the current financial quarter ending June 30, 2011 where they recorded RM127.24 million as compared to the corresponding quarter when they recorded earnings of RM124.38 million. This was made possible by its Internet, multimedia and data services where revenue reached RM2.23billion from last year’s RM2.15billion, which translates to 3.8%. Meanwhile, its earnings per share were RM3.60 sen as compared to RM3.50 previously. Read more
SapuraCrest, Kencana merger to become fifth largest O&G service provider in the world
The proposed merger of 2 of the country’s major oil and gas companies SapuraCrest Petroleum Berhad (SapuraCrest) and Kencana Petroluem Berhad (Kencana) will be a move towards creating a single entity which will be expected to be a major player in the international market. The merger which is currently on track into becoming a reality will enable the company to compete for more capital intensive projects with other oil companies. Read more
MAS records Q2 loss, trend likely to continue
National carrier MAS (Malaysia Airlines) has recorded a net loss of RM526.8 million loss in its second quarter. The loss for the second quarter ending June 30 was however better as compared to the corresponding quarter last year when it recorded a net loss of RM534.73milloin. This is despite the 8% growth of its overall revenue for the same quarter which stood at RM3.49billion. Read more
Head of Standard & Poor stepping down, analysts said he is ‘helped to the door’
Devan Sharma, the president of Standard & Poor is reportedly resigning. This came in the wake of the recent move by S&P to strip the United States of its AAA credit rating to AA+ for the first time in its history and saw most markets being affected by the move. Taking his place would be Douglas Peterson who is currently the Chief Operating Officer of Citbank N.A the banking arm of Citigroup. Read more
Hong Kong inflation rockets to 7.9%, a 16-year high
In the latest regional reports, the inflation rate in Hong Kong has hit a 16 year high in July. This situation is expected to continue and the Hong Kong Government has that it would not be resolved anytime soon.
According to the official figures which were released earlier this week, consumer prices shot up to 7.9% as compared to the year before and this rate is the highest recorded since November 1995 when consumer prices were at 8.4%. Read more
Newly merged Sunway to expand overseas investments
Sunway has announced that they are expecting to work on and expand their overseas investments and that the projects are targeted to contribute 30% of the turnover in the next coming 5 years. The group is the newly merged company of its subsidiaries namely Sunway City and Sunway Holdings which were recently delisted from Bursa Malaysia. Read more
