Thursday, August 30th, 2018


Argentina’s benchmark interest rate hiked to 60pc to counter currency woes

BUENOS AIRES, Aug 30 — Argentina’s Central Bank announced today it has raised its benchmark interest rate from 45 to 60 per cent in a bid to arrest a slide in the value of its currency. Earlier Marcos Pena, President Mauricio Macri’s cabinet…

Pratt said to assess neo engine vibrations in latest glitch

LONDON, Aug 30 — Pratt & Whitney is investigating incidents of excessive vibration in its engines that power Airbus SE’s A320neo aircraft, the latest in a series of problems that have plagued the new turbine, according to people familiar…

Wall Street retreats from records, opening lower

NEW YORK, Aug 30 — US stocks pulled back after four days of record closes, starting one of the last August trading days slightly lower. Optimism about the prospects of seeing successful talks on the North American Free Trade Agreement in…

US consumer spending rises strongly; inflation firming

WASHINGTON, Aug 30 — US consumer spending increased solidly in July, pointing to strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve’s 2 per cent target for the third time this year….

Malaysia Airlines records stable Q2 performance

KUALA LUMPUR, Aug 30 — Malaysia Airlines Bhd managed to record “steady year-on-year (y-o-y) performance” in the second quarter of 2018, with a marginal yield improvement of 0.3 per cent. In the face of increased competitor capacity, coupled…

Angry French farmers sow Chinese-owned field in investor protest

CHÂTILLON-SUR-INDRE, Aug 30 — Mounted on tractors and wielding flares, angry farmers came from all corners of France to say to Chinese investors: get off our land. More than 100 farmers swarmed on a Chinese-owned field in the Indre region of…

AirAsia X slips into red in Q2, but upbeat on outlook

KUALA LUMPUR, Aug 30 — Long-haul budget carrier AirAsia X bhd slipped into the red with a net loss of RM57.45 million in the second quarter ended June 30, 2018 against a net profit of RM47.43 million in the same quarter last year. For the quarter…

MyEG posts RM56.1m net profit in Q4, recommends 1.4 sen final dividend

PETALING JAYA: MyEG Services Bhd posted a net profit of RM56.1 million in the fourth quarter (Q4) of its consolidated results for the financial period ended June 30 mainly attributed to concession related services and commercial services.

The financial year end of the group has been changed from June 30 to Sept 30. As such, the next set of audited financial statements shall be for 15 months from July 1, 2017 to Sept 30, 2018. There will be no comparative financial information available for the quarter ended June 30, 2018.

In a Bursa Malaysia filing, the group said it has recommended a final dividend of 1.4 sen per ordinary share in respect of the financial year ending Sept 30, 2018, subject to shareholders' approval at its AGM in March next year.

During the quarter, the group posted a revenue of RM107.44 million. For the full-year period ended June 30, it registered a net profit of RM226.5 million, with a revenue of RM426.24 million.

On its prospects, MyEG said the continued growth in volume of its existing services, primarily the foreign workers' permits as well as the online renewal of foreign workers' insurance, are expected to contribute to its revenue and net profit for the financial year ending Sept 30 (FY2019).

Moving forward, MyEG said it will continue to introduce innovative commercial services which is expected to contribute to its growth for FY2019 onwards.

MyEG gained one sen or 0.68% to RM1.49 with 131.8 million shares traded, making it the second most active counter on Bursa Malaysia today.

AirAsia group net profit jumps 125pc to RM361.81m on reversal of deferred tax

KUALA LUMPUR, Aug 30 — AirAsia Group Bhd’s net profit for the second quarter ended June 30, 2018 jumped 125 per cent to RM361.81 million from RM146.52 million chalked up in the same period of last year. The company’s revenue increased 10 per…

AirAsia X swings into the red in Q2 on high fuel price, plans to add five aircraft in second half

PETALING JAYA: AirAsia X Bhd slipped into the red registering a net loss of RM57.46 million for the second quarter (Q2) ended June 30, 2018 against a net profit of RM47.44 million in the previous corresponding period, dragged by an increase in average fuel price from US$65 per barrel in Q217 to US$89 per barrel in Q218.

Its revenue, however, rose 1.7% to RM1.05 billion from RM1.04 billion.

During the quarter, cost per available seat km (CASK) increased 3% to 12.96 sen, mainly due to rising average fuel price. CASK ex-fuel reduced 4% from 8.37 sen to 8.04 sen.

The low-cost, long-haul carrier AirAsia X said it recognises the challenges posed by the recent hike in fuel prices, and efforts are being made to mitigate this by boosting ancillary revenue and capacity.

“A new fares structure has been implemented and the company is actively pushing ancillary revenue, which will ultimately improve yields, while the management remains focused on monitoring operating expenses to ensure better cost efficiencies to offset higher fuel expenses.”

On expansion plan, the group said it is planning to increase fleet size by an additional five aircraft through operating leases in the second half of 2018 in view of growing demand in the Asia Pacific region. The additional aircraft will be deployed to AirAsia X Malaysia and AirAsia X Thailand.”

It expects AirAsia X Thailand to remain profitable for the rest of the year. However, the operational environment to remain challenging for AirAsia X Indonesia and the group is currently evaluating available options to ensure the sustainability of the business model.

For the first half of the year, the group incurred a net loss of RM15.96 million against a net profit of RM57.77 million a year ago, while revenue grew 4.6% to RM2.32 billion from RM2.22 billion.

AirAsia X shares was down 1.5% to close at 33.5 sen with 10.61 million shares changing hands.