'The Hangover Part III' simply not funny
It's not often you see a franchise go in a bold new direction in its third installment. The makers of The Hangover series have done exactly that, by deliberately not making The Hangover Part III a comedy.
Damon Lindelof says Alice Eve underwear scene in 'Star Trek Into Darkness' was 'gratuitous’
“Star Trek Into Darkness” co-writer Damon Lindelof has kind of, sort of apologized for anyone offended by the gratuitous display of Alice Eve’s nearly-naked body in movie theaters (and the movie’s marketing) around the world.
Michael Douglas breaks down in tears at Cannes presser
Michael Douglas was overcome with emotion as he promoted his new movie Behind The Candelabra at the Cannes Film Festival on Tuesday.
The Hangover Part III premiere
The Hangover Part III premiere
J.J. Abrams wants to bring back text-based adventure games
The visual effects in Star Trek Into Darkness leave very little to the imagination. And that's the whole point of special effects, right? Through the use of elaborate sets, stunts and computer-generated imagery, director J. J. Abrams transports us from the surface of alien worlds to the inky void of space to the bridge of the USS Enterprise herself
Edgy indie films among summer movie crop
It is David vs. Goliath, brains vs. brawn, art vs. commerce. I am talking about alternate movie programming vs. Hollywood's summer blockbusters. It looks bleak for David, but now is not the time to surrender.
A selection of photos from the 2013 Cannes Film Festival in Cannes, France. The festival runs from May 15 to May 26.
Wesley Snipes on board for The Expendables 3
Newly-freed Wesley Snipes has officially signed up to make his Hollywood return in the third installment of Sylvester Stallone's action epic The Expendables, according to his new co-star Randy Couture.
’Star Trek Into Darkness’ boldly goes to top of box office
Sci-fi movie “Star Trek Into Darkness” journeyed to the top of weekend box office charts as the latest voyage of the Starship Enterprise pulled in $70.6 million at U.S. and Canadian theaters.
Christopher Nolan in 'informal talks' to direct next 'Bond' film
Batman trilogy director Christopher Nolan is reportedly in early talks to take charge of the next James Bond movie.
AirAsia Q1 net profit down 39%
<strong>PETALING JAYA (May 23, 2013):</strong> AirAsia Bhd, the largest low-cost carrier in Asia, saw its net operating profit for the first quarter ended March 31, 2013 (Q1) grow 3% to RM168.4 million from RM163.5 million a year ago, on higher passenger numbers and increased ancillary income per passenger, average fare and capacity.
The number of passengers carried in Q1 grew 7% to 5.17 million, while ancillary income increased to RM42 per passenger from RM40 a year ago. Its Q1 capacity also increased as the number of aircraft operating in Malaysia rose to 66.
However, net profit for Q1 was lower by 39% to RM104.8 million from RM172.4 million a year ago, due to a RM33 million loss in foreign exchange on borrowings for the January-March 2013 period compared with a gain of RM88.1 million a year ago.
Revenue jumped 8% to RM1.3 billion from RM1.2 billion.
"I am happy to see that our initiatives to further reduce costs are beginning to materialise with higher staff productivity leading to a reduction in staff cost. Measured by cost per available seat per km (CASK), cask ex-fuel was down by an impressive 5% at 6.83 sen compared with 7.18 sen the same period last year. But due to the increase in the average fuel price, the overall cask stood at 13.62 sen, which is flat year-on-year," said AirAsia Malaysia CEO Aireen Omar in a statement yesterday.
The airline's revenue for Q1, measured in terms of revenue per available seat per km (RASK), remained at the same level of 16.89 sen.
This was achieved on a 2% increase in average fare in Q1 to RM180 from RM177 a year ago, which offset the 1% decline in passenger load factor to 79%.
As at March 31, 2013, AirAsia's cash reserves stood at RM2.17 billion, with a net gearing level of 1.38 times.
Aireen said this year, the airline will take delivery of six aircraft, which will mainly cater to the increase in frequencies on its existing and high load routes.
"We were initially looking at adding 10 aircraft this year, but as a group we decided to make room for the associates to grow, primarily Thai AirAsia and the upcoming AirAsia India.
"In addition, with the recent announcement of KLIA2 being delayed, we are certain the current low-cost carrier terminal's capacity will be a constraint,"she added.
Airport operator Malaysia Airports Holdings Bhd had earlier this month said the opening of KLIA2, scheduled for June 28, will be delayed after taking into account several key quality and safety issues.
Meanwhile, AirAsia recognised a net loss of RM1.4 million from its share of profits from associates, mainly due to the recognition of RM33.2 million in losses from its 49% stake in AirAsia Japan.
Its most profitable associate was Thai AirAsia, contributing some RM31.7 million, while Asian Aviation Centre of Excellence Sdn Bhd contributed RM1.9 million.
AirAsia recognised RM4.2 million in losses from AAE Travel Pte Ltd, a joint venture company between AirAsia and Expedia Inc.
The airline also said it will only recognise profits in Indonesia AirAsia, Think Big Digital Sdn Bhd – a joint venture between AirAsia and Tune Money International Sdn Bhd, and AirAsia Philippines when its losses of RM163 million, RM20.7 million and RM37.7 million respectively, have been reversed.
In a separate announcement, AirAsia said its 40%-owned AirAsia Inc in the Philippines has completed its acquisition of 49% of the voting rights and 85% of the economic interest in Zest Airways, Inc. This also includes the acquisition of 100% of the shareholding in Asiawide Airways, Inc.
<strong>PETALING JAYA (May 23, 2013):</strong> Axiata Group Bhd posted a 9% increase in net profit for its first quarter ended March 31, 2013 (Q1) to RM614.57 million from RM565.63 million a year ago, mainly due to foreign exchange gains of RM18 million in Q1 compared with foreign exchange losses of RM120 million a year ago.
Higher profit contribution in its Sri Lanka and Bangladesh operations also brought back positive growth to the group.
Revenue for Q1 rose 6% to RM4.48 billion from RM4.25 billion, on higher revenue contribution from all key operating companies except Indonesia. However, ebitda slipped by 2% year-on-year to RM1.8 billion due to higher operating costs by 11.5% associated with push for data coverage expansion, especially at Indonesia-based PT XL Axiata Tbk.
Ebitda was also affected by the introduction of SMS interconnection and price competition at XL Axiata, which started in the second quarter of 2012.
"It has been a tough start to the year but the group delivered resilient results. Focused
execution on strategy enabled the group to grow data significantly while withstanding the decline in traditional businesses and competition," said Axiata chairman Tan Sri Azman Mokhtar in a statement yesterday.
"We will continue to maintain execution focus on fundamentals and our long term objectives of ensuring strong profit and cash, whilst looking at more revenue growth opportunities."
Regional mobile subscribers grew 9.4% to close to 220 million, making Axiata one of the largest telecommunication companies in the region.
<strong>PETALING JAYA (May 23, 2013): </strong>Dijaya Corp Bhd has changed its name to Tropicana Corp Bhd and introduced a new logo to better reflect its direction and projects, said its group executive vice-chairman and founder Tan Sri Danny Tan.
Tan said the group changed its trade name to leverage on its strongest asset and capitalise its own brand value in order to grow and transform into one of the leading property players.
"Over 20 years ago, we were the first to introduce resort-style living into residential property developments under the name Tropicana Golf & Country Resort. The name Tropicana has since become a signature of Dijaya. Many of our subsequent developments proudly carry the Tropicana brand in their names, and the Tropicana DNA in their concepts," he said in a statement yesterday.
The new name was approved by the Companies Commission of Malaysia on March 13, 2013 and by its shareholders at an EGM on May 21.
The group also unveiled its new logo of the Tropicana tree trademark and renamed its website to www.tropicanacorp.com.my.
"We will continue to focus on cutting-edge concepts for our ever-growing portfolio of residential, office and retail developments and further expand the market reach of our group to its potential customers across the country and beyond.
"We are optimistic that our new launches will contribute strongly to sales and earnings growth," said Tan.
<strong>PETALING JAYA (May 23, 2013):</strong> Berjaya Sports Toto Bhd (BToto), via its 88.26%-owned unit Berjaya Philippines Inc, has bought a 2.39% stake in data and broadband solutions provider REDtone International Bhd for RM20.15 million.
The Philippines-listed Berjaya Philippines paid RM4.56 million for 11.4 million shares of 10 sen REDtone shares and RM15.44 million for 81.25 million units of 10-year irredeemable convertible unsecured loan stocks as well as RM150,000 for 560,000 warrants.
Out of the total of 11.4 million REDtone shares, 4.4 million were acquired more than a year ago.
In a filing with Bursa Malaysia yesterday, BToto said Berjaya Corp Bhd (BCorp), the ultimate holding company of BToto, is a major shareholder of REDtone.
As at May 21, 2013, the related companies of BCorp hold a total of 56.6 million REDtone shares (including the latest acquisitions), representing an 11.86% stake in REDtone.
REDtone also operates in Shanghai, China under REDtone Asia Inc, which focuses on discounted call services and pre-paid shopping cards.
Samchem sees Vietnam driving growth
<strong>SHAH ALAM (May 23, 2013): </strong>Industrial chemical distributor Samchem Holdings Bhd sees its business in Vietnam driving the group's revenue growth from this year onward, with its Indonesia operations joining the fray in two years.
Its chairman and CEO Ng Thin Poh <em>(pix) </em>expects contribution from its Vietnam operations to increase to 18-20% of the group's revenue for the current financial year ending Dec 31, 2013 (FY13) and to hit 30% in three years, from 16.1% of the group's revenue of RM526.47 million in FY12.
His confidence stems from the fact that the group's chemical distribution business in Vietnam has reached critical mass last year, a tipping point where growth will start to speed up dramatically. Samchem started its operations in Vietnam in early 2010.
"The 30% contribution target for our Vietnam market (in three years) is not difficult to achieve now that we have reached the critical mass and have the network of industrial chemical suppliers and customers in place there," he told reporters after the group's AGM here yesterday.
The group also expects to start distributing industrial chemical products for a new major principal next month, which will further boost its revenue there.
"But how big a contribution could the new principal be will depend on how fast the distribution matures. Once it matures, the Vietnam operations would be able to achieve more than 20% contribution to the group's revenue," he added.
Ng sees the same thing happening to the group's Indonesia operations.
"We are now in our third year of operation in Indonesia. While we have reached the break-even point, it needs a little bit more time to gain momentum.
"We reckoned we should be able to reach critical mass in two years, looking at Vietnam's experience which took about five years," he added.
Ng expects Samchem's overseas market to make up more than half of the group's revenue in five years, from 32% in FY12.
"This is simply because Vietnam and Indonesia are bigger markets," said Ng, adding that the group is exploring entering new markets in Asean namely Myanmar and Cambodia.
"We went on a a fact finding mission to Myanmar and Cambodia half a year ago and are now sorting out the requirements in the respective countries," said Samchem executive director Datuk Ng Lian Poh.
"Myanmar has more potential than Cambodia, but Cambodia is easier to enter because it is nearer. We are targeting to start operations in Cambodia next year," said Lian Poh.
Meanwhile, on its outlook for the local market, Ng said much depends on the state of the US, Europe and China economies as the industry mainly exports its chemical products to these countries.
Last year, Samchem posted a 52% drop in net profit to RM8.61 million from RM17.78 million in FY11, mainly due to more competitive sales pricing which had resulted in a lower gross profit margin. However, its revenue grew 4% to RM526.47 million from RM507.4 million.
Ng said the group, which is due to release its Q1 FY13 financial results today, performed better than Q3 and Q4 of FY12.
"We are optimistic of achieving better results in FY13, but it is a bit too early to predict," he added.
Meanwhile, Ng said Samchem remains on the lookout to acquire companies within the same industry in Asean to grow and expand, but has yet to identify any.
"At the moment, we have sufficient funds internally to cover our cost. We have not made any decision whether there is any need to get more funds from the market," said Ng.
Earlier at its AGM, Samchem shareholders approved the payment of a first and final dividend of 2.5 sen per share, representing a payout of RM3.4 million or 38.5% of its FY12 net profit.
"We do not have a fixed dividend policy, but generally over the last few years we have distributed about 30% of our net profit back to our shareholders (as dividend). As an expanding company, while we want to reward shareholders, we also need money to expand, especially since our operations in Indonesia and Vietnam are still young," said Ng.
Aeon to spend RM350m capex in 2013
<strong>KUALA LUMPUR (May 23, 2013): </strong>Aeon Co (M) Bhd will spend RM240 million on a new shopping centre in Kulai Jaya, Johor, due to open in December this year, and up to RM130 million to refurbish its existing stores, said its managing director Nur Qamarina Chew Abdullah.
The retailer currently manages 22 shopping malls and 30 stores nationwide.
"Every year we will embark on a strategic renovation of our retail and shopping malls to stay relevant with our tenant mix and customer's expectation. It is a continuous strategic refurbishment conducted every year," she told pressmen after the group's AGM here yesterday.
On average two to three stores will go through major or minor renovations each year. Currently, the Bukit Raja Mall in Klang, Selangor is undergoing a major renovation. This will be followed by the Kinta City shopping centre in Ipoh, Perak, which will undergo a remodeling after the Hari Raya celebration in August.
On its outlook for the remaining year, Aeon chairman Datuk Abdullah Mohd Yusof said the group expects its growth to be in tandem with the country's gross domestic growth in 2013, which is estimated at 5-6%.
For the first quarter ended March 31, 2013, Aeon posted a 36% growth in net profit to RM51.11 million from RM37.64 million a year ago, while revenue rose 12% to RM869.27 million from RM779.46 million.
Meanwhile, Aeon executive director Poh Ying Loo said the group is ready for the imposition of the goods and services tax (GST) and does not see any impact on its earnings once implemented.
"In the last two years, there have been lots of talks both at the government and private sector-level on the GST because it is a very complex tax regime. In fact, everyone has been preparing for it (to be announced).
"(But) until the government implements it, we really would not know what is the provision of the GST. Nevertheless, we are prepared for it," he said.
Poh sees some effects on the consumers' consumption pattern before and after the implementation of GST but said it would not be long term.
GST, part of the government's tax reform programme to enhance the efficiency and effectiveness of the existing taxation system, will replace the current sales tax and service tax.
KL Kepong Q2 net profit falls 2%
<strong>PETALING JAYA (May 23, 2013): </strong>Kuala Lumpur Kepong Bhd's (KL Kepong) net profit fell 2.4% to RM209.7 million for the second quarter ended March 31, 2013 (Q2) from RM214.9 million a year ago, mainly due to a 33.1% drop in plantation profit to RM463.1 million caused by weaker average commodity prices realised.
However, this was mitigated by higher fresh fruit bunches production from the recovery of yields, particularly in Sabah, and increase in mature areas in Indonesia, improved sales volume of crude palm oil (CPO) and palm kernel as well as slightly lower production cost of CPO.
Its revenue for Q2 also declined by 14.8% to RM2.2 billion from RM2.6 billion.
Still, the group declared an interim dividend of 15 sen per share for the financial year ending Sept 30, 2013 (FY13), payable on Aug 14.
The weak Q2 performance dragged down KL Kepong's net profit for the six-month period ended March 31, 2013, which fell 15.3% to RM470.6 million from RM555.9 million a year ago.
Revenue also decreased by 18% to RM4.6 billion from RM5.5 billion.
Meanwhile, KL Kepong warned of a lower profit for FY13.
"With the slowdown in the global economy, demand for commodities has been affected, sending prices off their highs. The pressure on palm products prices has been further compounded by the recent high levels of stocks in both Indonesia and Malaysia, resulting in a substantial reduction in the current palm oil price level of RM2,300 per tonne," said KL Kepong in a filing with Bursa Malaysia yesterday.
"Given that these inventories have now been reduced and that palm oil price is at a substantial discount to soyoil, the current palm products prices are well supported and may even recover if the current planting of soybean crops in the US encounters adverse weather conditions.
"However, in view of the prevailing palm products prices, the group's plantations profit will be much lower than that of the previous financial year," it added.
The group said its oleochemical division will continue with its drive for operational efficiencies and productivity improvements and is expected to sustain its current performance for the remaining period of FY13, despite competitive pressures from increasing world capacities.
Its property segment will continue to recognise progressive development profits from its on-going Bandar Seri Coalfields project in Sungai Buloh, Selangor.
Petronas Chemicals plans RM3b capital outlay
<strong>KUALA LUMPUR (May 23, 2013):</strong> Petronas Chemicals Group Bhd (PCG) will spend RM3 billion in capital expenditure this year, mainly for the development of its Sabah Ammonia Urea (Samur) project due for completion by August 2015.
The new fertiliser plant will have a capacity of 1.2 million tonnes per year of granulated urea.
The plant will increase PCG's production of fertiliser from 1.4 million tonnes per year to 2.6 million tonnes per year once completed in August 2015.
Currently, the fertiliser and methanol segment contributes about 28% to the group's revenue.
PCG president and CEO Dr Abd Hapiz Abdullah said its performance for the year, however, is expected to be hampered by the scheduled shutdown of its Kertih plant in Terengganu, which produces 60% of total crackers, for between 30 days and 50 days.
"We will be undertaking activities for the largest cracker (plant) and as a result, the downstream facilities that is linked to it will also undergo similar activities. So it (the duration of the shutdown) varies between 30 days and 50 days depending on the technology of the facility," PCG CFO Wan Shamilah Saidi told reporters after its AGM yesterday.
The second cracker plant produces 600,000 tonne per year of ethylene and 95,000 tonne per year of propylene.
According to Petroliam Nasional Bhd's (Petronas) website, about half of the ethylene and all of the propylene output from the ethylene cracker is used as feedstock for the ethylene oxide/ethylene glycol plant and the multi-unit derivatives plant. The balance of the ethylene production is made available to other downstream plants.
Last year PCG saw an 11% drop in net profit to RM3.8 billion, mainly due to a RM490 million provision made for the divestment of its vinyl business.
It was also impacted by an average selling price drop for its olefins and derivatives products, which make up about 70% of the group's revenue.
"Going forward, the pricing trend (for our products) might not be as high as what we see today. Most probably it will be relatively flat or slightly lower, it all depends," Abd Hapiz said.
PCG chairman Datuk Wan Zulkiflee said the group is in the tendering process to hive off its 93% stake in Phu My Plastics and Chemical Co Ltd, which owns the Vietnam polyvinyl chloride (PVC) plant, and expects to do so "in the coming months". The disposal will see PCG exiting the vinyl business.
Wan Zulkiflee, who is also COO and executive vice-president of Petronas, said the country's oil major is expected to make a final investment decision on the Refinery and Petrochemicals Integrated Development (Rapid) in Pengerang, Johor in the first quarter of 2014.
He said site clearing work "has very much taken off" at the Rapid site and some packages of work have been issued notices for pre-qualification.
Still, PCG is yet to be involved in the Rapid project as Petronas "has not reached that point of decision yet", Wan Zulkiflee said. A decision, however, will be made by the end of Q1 2014.
Wan Zulkiflee also said that a final investment decision on a joint venture between PCG and German chemical giant BASF SE on an aroma chemical production facility in Gebeng, Pahang will be made by the end of the year.
"If it (the aroma chemical plant) fits into PCG's portfolio, then of course it is an opportunity that PCG will pursue," he said.
PCG still has some RM3 billion of initial public offering proceeds to be used for "growth opportunities."
Phase 1 of Sunway Iskandar to be launched by end-2013
<strong>KUALA LUMPUR (May 23, 2013): </strong>Sunway Bhd will launch Phase 1 of its Sunway Iskandar project in Medini, Iskandar Malaysia with a gross development value (GDV) of up to RM350 million by early next year, said its CFO Chong Chang Choong.
The GDV for the entire Sunway Iskandar project is some RM30 billion.
"What we plan is a mixed integrated development, a 3-in-1 comprising serviced apartments, office suites and a retail podium," he told reporters at the MIDF Luncheon Talk yesterday.
The group intends to replicate its Bandar Sunway project success at Sunway Iskandar, with components encompassing an education hub, a theme park, a shopping mall, hotels, offices and hospitals.
"We want it to be a self-sustaining suburban development. This project gives us the chance to recreate a township of international stature and avoid the mistakes we (made) previously," he said.
Chong added that the first phase will only take up "a few acres" of the total 1,800 acres that Sunway owns in Medini and Pendas in Iskandar Malaysia.
Chong said the group plans to launch more phases in Sunway Iskandar next year.
"If response (take-up rate) is good, we'll be a bit more aggressive to meet the demand."
On new land acquisitions in Johor, Chong said Sunway will consider opportunities that are similar to the land it acquired in Medini and Pendas.
"At the moment, 1,800 acres is a sizeable land size. If we do make any further acquisitions it will be something complementary to our existing development there. Based on our plan, 1,800 acres will last us between 15 and 20 years," he added.
Chong said the group is bullish on the prospects of Iskandar Malaysia due to its property sector's potential for the medium- to long-term.
He said out of the five corridors launched by the government in 2006, Iskandar Malaysia has been the centre of attraction due to its close proximity to Singapore and Changi Airport, connectivity via highways, the government's investment of over RM4 billion on infrastructure, the huge discount on property prices compared with Singapore as well as collaborative efforts between the two governments of Malaysia and Singapore to develop the corridor.
"The buy-in of the Singapore government has also led to investor confidence improving and the momentum has increased," he added.
Nevertheless, Sunway's maiden project in Johor is that of a 88-acre plot of land it owns in Taman Molek, near Johor Baru city comprising 50 to 100 units of bungalows in a gated and guarded community, which it plans to launch by July this year.
"It is a brownfield development, located next to existing residential units. Based on (initial) registration, there is strong interest from locals who are upgrading. This will be Sunway's maiden launch in Johor," said Chong.
The units will be priced between RM1.3 million and RM1.5 million.
Boustead Q1 net profit down 31%
<strong>PETALING JAYA (May 23, 2013): </strong>Boustead Holdings Bhd, a 60.5%-owned subsidiary of Lembaga Tabung Angkatan, posted a 31% drop in net profit to RM99.9 million for the first quarter ended March 31, 2013 (Q1) from RM144.6 million a year ago, mainly due to lower profit contribution from its plantation division which was impacted by lower crude palm oil (CPO) prices.
This was despite revenue for Q1 growing 7% to RM2.53 billion from RM2.36 billion.
In a statement yesterday, Boustead said the plantation division was severely impacted by depressed commodity prices and a decline in crop production in Q1, registering a profit of RM31 million compared with RM92 million a year ago.
"The average palm oil price was RM2,335 per tonne, a 26% decline from RM3,164 per tonne a year ago. Crop production of 258,394 tonnes for Q1 was also 6% less when compared with the previous year," it added.
Nevertheless, the group has declared a first interim dividend of 7.5 sen for Q1 amounting to a payout of RM77.6 million, payable on June 28, 2013.
"As we start this year on a challenging note, we will heighten our efforts and seek out new opportunities while focusing on improving organic growth," said its deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin.
"We are confident that our strong fundamentals in terms of our diversified streams of income and viable businesses will allow us to accomplish this and deliver a profitable year (ending Dec 31, 2013)." he added.
Minor flooding reported in Fort Yukon
Low-lying areas of Fort Yukon were under water Monday, a day after breakup on the Yukon River left 15 homes uninhabitable in Circle.
Coast Guard begins drill barge grounding inquiry
The grounding of a Royal Dutch Shell PLC drill barge off a remote Alaska island began with a bracket connected to a tow line being ripped off the vessel in…
Hearing begins into grounding of Shell drill rig
The Coast Guard is holding a hearing in Anchorage to investigate the Dec. 31 grounding of the Kulluk oil drilling rig and determine how to prevent such troubled journeys.
Kenai couple wins Nenana Ice Classic
A retired peace officer and his paramedic-firefighter wife are the sole winners of Alaska's biggest guessing game.
Ketchikan works to boot old Guinness record
Folks in Ketchikan likely set a new Guinness World Records mark when nearly 2,000 people showed up to race one kilometer in their rain boots.
State pushes offer to help pay for exploratory drilling in ANWR
Alaska is trying to drum up publicity for its offer to pay some of the cost of exploratory drilling in the Arctic National Wildlife Refuge, but the pitch appears to…
Alaska unveils plan to assess gas, oil in ANWR
The state of Alaska on Monday proposed a multiyear, multimillion-dollar plan aimed at determining the true oil and gas potential in the Arctic National Wildlife Refuge.
State's request for waiver from education law OK'd
The Obama administration has approved Alaska's request for a waiver from provisions of the federal education law No Child Left Behind.
Man believed dead after stolen kayak overturns
A 33-year-old man is believed to have drowned in the icy Chena River in Fairbanks after a stolen kayak he was in overturned and he was swept away, Alaska State…
House posts pay homage to Native culture
Two house posts installed at a new federal laboratory in Juneau are a "powerful symbol" for bringing traditional knowledge and modern science together, a U.S. Forest Service official said.
