MALAYSIA DAYBOOK: Tenaga Profit Declines; Lynas Rare Earths
Tenaga Nasional Bhd. (TNB MK), Malaysia’s biggest power producer, said profit in the second quarter ended Feb. 28 fell 37 percent from a year earlier to 630.3 million ringgit after coal costs increased.
Coal prices are likely to further rise over the next six months which should have a “negative impact” on full-year earnings, Chief Executive Officer Che Khalib Mohamad Nor told reporters late yesterday.
WHAT TO WATCH: * International Trade & Industry Minister Mustapa Mohamed to brief on issues relating to rare earths project by Lynas Corp. at 11 a.m. in Kuala Lumpur. * Tourism Minister Ng Yen Yen briefing on tourism at 10 a.m. * CIMB Group Holdings Bhd. (CIMB MK) will hold a briefing after its annual shareholders meeting in Kuala Lumpur at 11 a.m. * Nestle Manufacturing (Malaysia) Sdn to sign agreement with Cereal Partners (Malaysia) in Kuala Lumpur at 9:30 a.m. * British American Tobacco (Malaysia) Bhd. (ROTH MK) said 1Q net income fell 7 percent from a year earlier to 178.6 million ($59.4 million) as cigarette sales declined. * Chuan Huat Resources Bhd. (CHR MK) agreed to buy Sama Wira Mulpha Industries Sdn., a manufacturer of welded wire mesh and steel wires, for 26 million ringgit.
MARKETS: * Malaysia’s FTSE Bursa Malaysia KLCI Index fell 0.3 percent. * The MSCI Asia Pacific Index increased 1.4 percent. * The Dow Jones Industrial Average gained 0.4 percent. * Palm oil June-delivery futures fell 0.6 percent to 3,335 ringgit a metric ton.
BTV HIGHLIGHTS (KL times): * 6:00 a.m. Wells Capital CIO Kirk Hartman * 7:40 a.m. East West Hospitality President Joel Silverstein * 8:10 a.m. Newedge Financial Senior Strategist Kirby Daley * 8:40 a.m. Knight Frank China Director Larry Hu * 9:10 a.m. Tsinghua University Professor Patrick Chovanec * 9:40 a.m. Rogers Investment Advisors Chief Executive Officer Ed Rogers * 10:10 a.m. Shenyin Wanguo Research and Consulting Co. analyst Kris Li * 10:40 a.m. Bill Russo, president of automotive consulting Synergistics
To contact the editor responsible for this story: Barry Porter in Kuala Lumpur at firstname.lastname@example.org
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