Business This Week (May 25-29 )

May 29
- AirAsia CEO Tony Fernandes announced that AirAsia Bhd is planning a RM500 million (US$143.1 million) rights offering some time this year.
- Proton Holdings Bhd posted net loss of RM341.5 million for the fourth quarter ended March 31, 2009, a sharp contrast from net profit of RM217.47 million a year ago. Proton made a provision of RM360.32 million for impairment of property, plant and equipment and inventory write-down.

May 28
- Prime Minister Datuk Seri Najib Razak said the government lowered the country's GDP forecast for 2009 to between - 4% and -5% for 2009 from earlier -1% to 1% after 1Q GDP shrank a worse-than-expected 6.2% due to a steeper decline in exports, coupled with a decline in private investment.
- Allianz Economic Research, a unit of the Allianz Group, forecast Malaysia's GDP to contract 2.5% in 2009 as investment and exports slump in the first half of the year.
- DRB-Hicom Bhd posted a net loss of RM60.7 million in 4Q ended March 31, 2009 compared with net profit of RM38.89 million a year ago due to impairment losses for property, plant and equipment.
- AirAsia Bhd’s earnings rose 26% to RM203.15 million in the first quarter, up 26% from RM161.28 million a year ago.
- The Port Klang Authority (PKA) released a PricewaterhouseCoopers (PwC) audit report of the Port Klang Free Zone (PKFZ) and Port Klang Free Zone Sdn Bhd (PKFZSB).
- Raffles Hotels & Resorts signed an agreement with Harmoni Perkasa Sdn Bhd, a unit of Urusharta Cemerlang Sdn Bhd, to build and launch the Raffles Kuala Lumpur by 2011.
- Hock Seng Lee Bhd secured a RM125.75 million subcontract to build 1,000 affordable houses in Bintulu, Sarawak.
- PLUS Expressway Bhd’s net profit for 1Q ended March 31, 2009 rose marginally to RM278.54 million from RM275.55 million a year earlier.
- Alliance Financial Group Bhd’s (AFG) net profit plunged 99% to RM897,000 in 4Q ended March 31, 2009 from RM80.51 million in the previous corresponding period due to lower operating profit, higher allowance for loan losses and impairment for investments.

May 27
- Bank Negara said the Malaysian economy contracted 6.2% y-o-y in 1Q09 as manufacturing output shrank sharply due to falling exports and industrial production.
- Deloitte announced that hotels in the city saw their revenue per available room (revPAR) falling almost 20% during 1Q09 given the impact of the global economic crisis.
- HwangDBS Investment Management Bhd (HwangDBS IM) launched its first local sukuk fund, the HwangDBS AIIMAN Sukuk Fund (ASF) to capitalise on the expected growth of the global sukuk market.
- The Association of Banks in Malaysia (ABM) appointed Maybank Group president and chief executive officer Datuk Seri Abdul Wahid Omar as chairman for the term 2009-2010.

May 26
- AEON Co (M) Bhd, the operator of Jusco stores in Malaysia, announced that its net profit in 1Q09 ended March rose 1.5% to RM26.05 million from RM25.66 million a year earlier.
-IJM Corporation Bhd’s net profit for 4Q ended March 31, 2009 fell 54.2% to RM53.34 million from RM116.47 million, due to lower revenue from declining CPO prices and the slowdown in property sales.
-Cahya Mata Sarawak Bhd (CMS) posted a net loss of RM1.78 million in 1Q ended March 31, 2009 versus a net profit of RM8.56 million a year earlier. Revenue declined 2.7% to RM179.53 million from RM184.68 million a year earlier. No dividend was declared.
-Lower advertising expenditure (adex) and higher direct material saw Star Publications (Malaysia) Bhd’s net profit decline by 57% to RM18.26 million for 1Q ended March 31 against RM42.52 million a year ago.
-Bank Negara Malaysia (BNM) announced that the overnight policy rate (OPR) will be kept unchanged at 2% during its monetary policy committee meeting. They also forecasted a gradual improvement in the economy in 2H of the year.

May 25
-Petronas Dagangan Bhd (PetDag) posted a net profit of RM172.35 million in 4Q ended March 31, 2009, an increase of 3% from RM167.23 million the previous corresponding quarter.
- Puncak Niaga Holdings Bhd net profit for 1Q ended March 31, 2009, fell to RM498,000 from RM3.53 million a year earlier after excluding minority interests. Including minority interests of RM7.17 million, the company’s profit for the period was RM7.67 million.
- BIMB Holdings Bhd’s earnings for 3Q ended March 31, 2009 fell 68% to RM13.69 million from RM42.82 million a year ago, due to higher allowance of RM30 million for losses on financing.