14 theSun | TUESDAY NOVEMBER 3 2009

business

Sunrise’s Q1 net profit

MAHB to take new Istanbul rises 24%
KUALA LUMPUR: Sunrise Bhd
recorded a 17% year-on-year
as well as sales of 11 Mont’Kiara
and the completed Mont’Kiara

airport to greater heights

ISTANBUL: Malaysia Airports Hold-
ings Bhd (MAHB), which is involved
in the development of the new Istanbul
Sabiha Gokcen International Airport
(ISGIA), is expected to take the airport
to greater heights, making it a global
premier airport for Turkey.
The new airport, which is another
feather in the cap for MAHB, was built
within 18 months. It was considered a
“world record” and more so since it did
not compromise on quality despite the
short period.
MAHB’s vast experience in manag-
ing 39 airports in Malaysia besides
being involved in two projects in India
and one in Kazakhstan was crucial in
the success of ISGIA.
The project will benefit Turkey by
contributing directly to the country’s
economy and tourism industry by fly-
ing in tourists. Tourism is the number
one contributor to Turkey’s revenue.
ISGIA, developed by a consortium in
which MAHB was part of and opened
on Saturday by Turkey Prime Minister
Recep Tayyip Erdogan, certainly has
all the features to emerge as a world-
class entry point for Turkey.
MAHB joined hands with GMR In-
frastructure Limited of India and Tur-
key’s Limak Group to develop, manage
and operate ISGIA on a 20:40:40 basis.
GMR chairman G.M. Rao said the
consortium, which consisted of a good
combination of three leading compa-
nies, had incorporated each other’s
superior expertise in the project.
ISGIA, which chalked up the high-
est passenger growth rate between
2002 and 2007, handled 4.5 million
passengers in 2007.
It is expecting 6.1 million passengers
this year and more than 8.5 million
passengers next year, with passenger
traffic set to reach 25 million passenger
by 2023.
The new airport involved an invest-
ment of €500 million (RM2.5 billion)
and will cater for 10 million passengers
annually.
The project was built under a build-
operate-transfer (BOT) model.
In his speech at the opening cer-
emony, Erdogan expressed satisfaction
with the project, saying the govern-
ment would initiate a similiar concept
encouraging foreign and Turkish firms
to join forces to develop other airports
in the country.
Malaysia’s Deputy Transport Minis-
ter Datuk Abdul Rahim Bakri said the
international recognition and accolades
that the KL International Airport had
received throughout its 11 years of op-
eration was testament to MAHB’s ability
to compete with other more established
international airports in the world.
“I am proud to say that ISGIA is
in very good hands with Malaysia
Airports, and together, we will soar
to greater heights,” he said during the
opening.
Abdul Rahim said the new airport
launch reflected further success for
MAHB in spreading its wings in the
international aviation industry beyond
Malaysian shores. – Bernama
(y-o-y) increase in pre-tax profit
to RM50.2 million for the quarter
ended Sept 30, the first quarter
of its June 2010 financial year-
end. Net profit for the quarter
increased 24% y-o-y to RM37.3
million on the back of turnover
totalling RM190.3 million.
Earnings per share for the
quarter was 7.52 sen, up from
6.37 sen a year earlier.
The first and final dividend of
3 sen per share for financial year
2009 was approved by share-
holders of the company at the
annual general meeting (AGM)
on Oct 29, and will be paid on
Dec 10, the company said in a
statement yesterday.
The AGM also saw sharehold-
ers voting favourably on the com-
pany’s “Say on Pay” proposal.
“The proposal, a first for
corporate Malaysia, underscores
our commitment to corporate
governance and shareholder
accountability,” said Sunrise.
“The company’s earnings con-
tinue to be sustained by progress
billings for our ongoing develop-
ments, namely 10 Mont’Kiara, 11
Mont’Kiara and Solaris Dutamas,
Residence bungalows.”
It said the y-o-y growth in
profitability was also driven by
lower operating costs.
The strong sales momentum
continued into the quarter, with
the company chalking up RM147
million in sale and purchase
agreement-signed sales.
The company said sentiment
for properties has been boosted
by the global economic recovery,
low interest rates and the global
stock market rally.
“Construction of our ongoing
projects is progressing well.
“Solaris Dutamas and 10
Mont’Kiara are due for comple-
tion in the current financial year
and 11 Mont’Kiara in 2011.
“Solaris Dutamas, our first in-
tegrated commercial-residential
development, will transform the
Dutamas area into an engaging
and lively hub.” Targeted for
completion in stages up to mid-
2010, it will house an exciting dif-
ferentiated retail offering which
will open in end 2010.
Sunrise said it has substantial
unbilled sales of RM870 million
as at Sept 30.

Hai-O Energy set to become Teh not selling his stake,

new growth driver for group
KUALA LUMPUR: Hai-O Energy
Sdn Bhd, the technology unit of Hai-O
Group, is expected to become a new
growth driver with its new invention
on heat transfer technology, according
to OSK Research.
“According to the management’s
conservative guidance, the positive
earnings impact may be felt in two
years,” said the research house in a
statement yesterday.
With the low investment cost of
RM2.8 million compared to its net
cash of RM52.1 million at first quarter
of 2010 to set up the technology unit,
the investment return may be large,
OSK Research said.
“We understand that both parties
have started their research and develop-
ment work in Beijing to develop better
applications using Hai-O’s invention.”
The firm has teamed up with China’s
Institute of Engineering Thermophysics
from the Chinese Academy of Sciences
to establish a joint laboratory on innova-
tive high intensity heat transfer technol-
ogy to develop better technology.
OSK Research said the collabora-
tion between the two parties signified
that Hai-O’s invention was of a certain
standard.
It also said Hai-O Energy had
submitted several patent applications
which were awaiting approval.
For the fiscal year ended April 30,
2009, Hai-O’s revenue increased 16%
to RM435.2 million from RM373.8 mil-
lion in the previous year. – Bernama
says Public Bank
KUALA LUMPUR: Market rumours that Tan Sri Dr Teh
Getting Hong Piow (pix) is selling his stake in Public Bank are
totally unfounded and without basis.
each A statement yesterday by Public Bank said Teh, the
household single largest shareholder with a total interest of 24.08%
to help in Public Bank, had stressed that he had absolutely no
intention of selling his stake.
save the He remains committed to Public Bank which he
environ- founded and has so passionately built to its present
ment stature over the past 43 years, the statement said.
Public Bank also disclosed that Teh, its non-executive
pg 28 chairman, had fully recovered from a minor operation
which he underwent recently. – Bernama
International Trade and Industry Minister
briefs Datuk Mustapa Mohamed told reporters
yesterday.
He said he had been informed of the
development by MAS, which is now flying
four times a week on the route.
Public Mutual declares Indian businessmen have been
requesting for a daily flight between
distribution for five funds Bangalore and Kuala Lumpur in order to
KUALA LUMPUR: Public Bank Bhd’s wholly- boost trade and investment between the
owned subsidiary Public Mutual had declared two countries, pointing out that more
between 0.5 sen and 4.5 sen gross distribu- air connections were currently available
tion per unit for five of its funds for the year with Bangkok and Singapore than Kuala
ended Oct 31, 2009. Lumpur. – Bernama
It declared a distribution of 4.5 sen per unit
for the Public Industry Fund, 2.5 sen per unit for Maybank’s renminbi trade
the Public Equity Fund, 4.0 sen per unit for the
Public Islamic Bond Fund, 0.5 sen per unit for settlement service
the Public Asia Ittikal Fund and 1.0 sen per unit KUALA LUMPUR: Malayan Banking Bhd (May-
for the PB Asia Real Estate Income Fund. bank) yesterday introduced a renminbi (RMB)
“The funds have performed well and man- trade settlement service at its Malaysian
aged to deliver respectable double-digit returns branches as well as selected regional offices.
for the one-year period ended Oct 9, 2009,” said The service is available at all 387 Maybank
Public Mutual’s chief executive officer Yeoh Kim branches nationwide and 17 trade finance
Hong in a statement yesterday. centres, 39 business centres and 80 interna-
As at Sept 30, 2009, the total net asset tional offices in Labuan, Singapore, Brunei,
value of the funds managed by the company Hongkong, Vietnam, Indonesia, Cambodia and
was RM33.8 billion. – Bernama the Philippines.
It will enable importers and exporters in
MAS to increase flights on the region to settle cross-border trade trans-
actions with eligible companies located in
KL-Bangalore route Shanghai, Guangzhou, Dongguan, Zhuhai and
BANGALORE: Malaysian Airlines is ex- Shenzhen as well as external enterprises in
pected to increase the frequency on its designated countries, namely those in Asean,
Kuala Lumpur-Bangalore route gradually Hongkong and Macau.
starting April next year to meet needs of Mainland designated enterprises (MDEs),
businessmen and the tourism sector. which are registered with the Chinese authori-
The national carrier is expected to ties, are allowed to settle their cross-border
increase the number of flights to five trade transactions in RMB. To date, 365 MDEs
and gradually add more for flights to be are designated to undertake RMB trade set-
on a daily basis in about a year’s time, tlement. – Bernama