theSun | FRIDAY FEBRUARY 27 2009
business
RBS unveils £24b loss
LONDON: Royal Bank of Scotland yes-
terday reported a loss of £24.1 billion
(RM129.6 billion) for 2008, the biggest in
UK corporate history, and said it planned
to place £325 billion of assets in a state
insurance scheme.
The bank said the record deficit re-
flected a £16.2 billion write-down against
acquisitions, including its takeover of parts
of Dutch rival ABN Amro in 2007, plus a
further £7.9 billion in operating losses.
RBS also announced plans to raise
a further £13 billion from the govern-
ment through the issuance of B shares,
and unveiled a cost-cutting programme
aimed at reducing expenses by £2.5 bil-
lion. – Reuters
Sime Darby’s profit
declines to RM1.7b
KUALA LUMPUR: Sime Darby Bhd
recorded a pre-tax profit of RM1.7
billion for its first half financial year
ended Dec 31, 2008, a drop of 24%
from the profit seen in the corre-
sponding period of 2007.
The drop in performance was at-
tributed mainly to the decreased con-
tribution from the plantation division.
The division recorded a decrease
of 28% in operating profit during the
period following a drop in the average
price of crude palm oil (CPO), its presi-
dent and group chief executive Datuk
Seri Ahmad Zubir Murshid said.
For the second quarter, the group
recorded a pre-tax profit of RM413.8
million versus a pre-tax profit of
RM1.194 billion in the previous cor-
responding quarter while revenue
declined to RM7.3 billion from RM8.1
billion. – Bernama
CIMB offers to reduce
loan repayments
KUALA LUMPUR: CIMB Bank Bhd and
CIMB Islamic Bank yesterday announced
they will further reduce their base lending
rate (BLR) and base financing rate (BFR) to
5.55% with effect from Monday, March 2.
In a statement, CIMB Group also
announced that all its CIMB Bank and
CIMB Islamic mortgage customers will
have the opportunity to enjoy reduced
monthly instalments for their existing
mortgages with the bank.
Monthly instalments for all mortgage
borrowers of CIMB Islamic will be re-
duced automatically, whilst those with
conventional mortgages can request for
a reduced monthly instalment by calling
the CIMB Bank Call Centre at 1-300-880-
900. – Bernama
Moody’s affirms M’sia’s
rating, outlook
KUALA LUMPUR: Moody’s Investors
Service, in its annual report on the
Malaysian government, has affirmed
the sovereign A3 bond rating and stable
outlook, citing Malaysia’s moderate
economic strength as the support.
The country’s economic strength in
turn is underpinned by the substantial
scale of its economy and its highly open
and well-diversified external sector, it
said in a statement yesterday.
 15
KLCI
STI
893.42
1,617.44
3.09
0.65
Nikkei
TSEC
7,457.93
4,518.56
3.29
24.82
Hang Seng 12,894.94 110.14 KOSPI 1,054.79 12.29
SCI 2,121.25 85.32 S&P/ASX200 3,345.530 18.00
market summary
MAS to continue with
FEBRUARY 26, 2009
KLCI INDICES CHANGE
dragged FBMEMAS 5,856.59 -24.76
COMPOSITE 893.42 -3.09
down by INDUSTRIAL 2,112.10 -1.04
finance CONSUMER PROD 282.11 -1.01
cost-saving measures
INDUSTRIAL PROD 66.34 -0.39
stocks CONSTRUCTION
TRADING/SERVICES
165.85 -0.71
118.24 UNCH
SHARE prices on FINANCE 7,010.09 -106.66
Bursa Malaysia PROPERTIES 525.50 -1.32
ended lower yes- PLANTATIONS 4,416.01 +39.55
MINING 231.01 UNCH
terday, dragged
PETALING JAYA: Malaysia Airlines barrel. FBMSHA 6,108.18 +10.42
down by finance FBM2BRD 3,963.50 -29.27
(MAS), which aims to achieve between “Last year, MAS did not incur any out-
counters and TECHNOLOGY 12.59 -0.14
RM700 million and RM1 billion in cost sav- standing losses on its fuel hedging position.
mild selling on
ings this year, will continue to implement Overall, we broke even,” he said. TURNOVER VALUE
selected big cap
tough measures amid a difficult environ- He said MAS was also exploring strate-
stocks, dealers 332.422mil RM599.722mil
ment due to the global recession. gic alliances.
Managing director/chief executive “We are holding talks with one of the
said.
They said market players are concerned over banks’
officer Datuk Seri Idris Jala said the French rail companies on the possibility of
net interest margins and balance sheet following the 50
measures included a 7% budget cut a strategic alliance,” he said.
basis points cut to 2% in the overnight policy rate (OPR).
across-the-board, freeze on all recruit- For the financial year ended Dec 31,
Losses on finance stocks pushed the benchmark KLCI
ment, discretionary training and travelling, 2008, MAS recorded a net profit of RM244
down 3.09 points to close at 893.42.
stopping discretionary expenditure and the million, down from RM851.4 million in
Bumiputra-Commerce and Maybank dropped 10 sen
prioritising projects that were only profit- 2007.
each to RM6.70 and RM5.25 respectively. Maybank is
able. The net profit in the three months to
scheduled to release its financial results today.
“This is the toughest year in the airline December was RM46 million, down from
However, the dealers said, losses were capped by
history. Many airlines will lose money RM241.9 million a year ago.
gains on plantation counters amid a healthy export
this year unless drastic measures are Idris said the solid performance came
figure.
taken now,” Idris told a media briefing to amid the global economic downturn, over-
IOI Corp gained six sen to RM3.78, Kuala Lumpur
announce the national carrier’s financial capacity in the Asia Pacific region and oil
Kepong surged 10 sen to RM10 and IJM Plantations rose
results for financial year 2008. price volatility.
three sen to RM2.04.
He said MAS achieved a cost saving of “More than 30 airlines have failed, many
The dealers said overall trading was thin ahead of the
RM936 million for financial year 2008. carriers have announced substantial losses
2008 fourth quarter gross domestic product (GDP) figure
Idris said currently, MAS has hedged and only a handful have posted profits,” he
announcement today. – Bernama
its fuel at US$100 (RM364 million) per said. – Bernama
TMI posts lower net profit
of RM498mil for FY08 Honda M’sia
KUALA LUMPUR: TM Inter-
achieves “Similarly, the pre-paid seg-
national Bhd posted a net
profit of RM498 million for
ment saw net additions rising
to 1.1 million on the back of
record sales
FY08, down 72% from RM1.78 successful segment-based KUALA LUMPUR: Honda
billion a year ago. However, marketing campaigns,” he Malaysia Sdn Bhd has recorded
its revenue increased 14% to said, adding mobile broad- the highest monthly sales ever
RM11.35 billion, from RM10 band saw continued success achieved in history of 3,815
billion previously. with a striking 27% growth units in January this year.
It reported a net loss of quarter-on-quarter. Managing director/chief
RM515.25 million for the fourth Jamaludin said the company executive officer Atsushi Fu-
quarter ended Dec 31, 2008 hopes to do better this year jimoto said the achievement
compared to a net profit of despite a challenging year. “We also meant the company had
RM519.92 million in the previ- are still concerned with the captured 10% of the total
ous year corresponding period. impact of the global crisis on industry volume market share
Its revenue for the quarter de- the economy and the industry. as reported by Malaysian Auto-
clined to RM2.418 billion from “On the other hand, given motive Association recently.
RM2.754 billion a year earlier. the group is well positioned “The tremendous sales
Speaking at a media brief- to add significant value to the result is due to the newly-
ing, its president and chief operations and given that the launched all-new City, which
executive officer Datuk Seri inflation is subsiding, we are contributed almost 50% of the
Jamaludin Ibrahim said the quite hopeful we will do better total sales with 1,737 units
higher revenue for FY08 was this year,” he added. sold,” he said in a statement
due to continued momentum He said TMI will undertake here yesterday.
at Celcom (Malaysia) Bhd and a renounceable rights issue Fujimoto said in order to
strong performance at PT Ex- to raise gross proceeds of
cope with the overwhelming
celcomindo Pratama Tbk (XL). RM5.25 billion to reduce its
demand of the model, Honda has
However, weakening cur- overall debts and achieve an
increased the production by 20%
rencies, particularly against optimal capital structure.
to shorten the waiting period.
the ringgit and the US dollar He said the company would
He said the Civic, Accord and
affected contributions from seek shareholders’ approval
CR-V also registered healthy
regional operating companies for the issue by end-March.
numbers of with 734, 803 and
and the group, he said. He said its largest sharehold-
413 units respectively.
Jamaludin said Celcom er, Khazanah Nasional Bhd, sup-
“With the great head-start
recorded a solid revenue of ported the issue and has agreed
shown in January, we are truly
RM5.6 billion, up 10% year-on- to undertake to subscribe to its
motivated and are confident
year. “Total subscribers grew full entitlement in the rights and
of achieving our annual sales
to 8.8 million with 483,000 additional amounts, subject to
target of 35,000 units,” he said.
post-paid net additions driven regulatory and shareholder ap-
– Bernama
by new acquisition drive. provals. – Bernama