Asean Business File

DBS breaking records in 2014

SINGAPORE -- As its half-year earnings crossed the 2 billion Singapore dollar mark ($1.6 billion) for the first time, DBS Group Holdings has seen net profit for the second quarter ending in June rise 9% year on year to S$969 million. The result was s...

  • Philippine integrated casino continues to turn profit

    MANILA -- Bloomberry Resorts continued its strong turnaround in the second quarter ending in June by posting a profit of 847 million pesos ($19.3 million) -- a figure 37 times higher than the 23 million pesos it made a year ago. The company earne...

  • Minor partners with BreadTalk for Thai expansion

    BANGKOK -- Minor International, a Thai conglomerate that operates hotels and restaurants, said Friday that subsidiary Minor Food Group will form a joint venture with BreadTalk Group to expand the Singapore bakery chain's operations in Thailand. The...

  • Singapore's UOB upbeat despite slow domestic mortgage growth

    SINGAPORE -- United Overseas Bank raised concern Thursday that the bank may face a negative growth in domestic mortgages as early as next year. The bank has seen 25-30% drop in new loan bookings in April to June this year, due to tighter governme...

  • Bank of the Philippine Islands' profit down 33% in first half

    MANILA -- Bank of the Philippines Islands, the Southeast Asian nation's biggest lender by market value, logged a first-half net profit of 8.03 billion pesos, down 33% from last year, according to a stock exchange filing. In the last quarter, howe...

  • Aboitiz Power's net income dips in second quarter

    MANILA -- Aboitiz Power, one of the Philippines' largest power companies, logged a net income of 4.8 billion pesos ($110 million) for the quarter through June, a 3% dip from the previous year with foreign exchange gains factored in. Without the 534 m...

  • Sime Darby to buy into Papua New Guinea palm oil producer

    KUALA LUMPUR -- Malaysia's leading plantation company, Sime Darby, has announced it is negotiating to buy a 49% stake in Papua New Guinea's New Britain Palm Oil. The stake, which is held by Kulim, another Malaysian plantation company, is worth $634 m...

  • Thai Airways flies without shark fins

    BANGKOK -- Thai Airways International has revealed that it banned shark fin shipments on its cargo flights as of July 15. The announcement on Tuesday forestalled a protest planned for the carrier's check-in counters by marine activists. In a state...

  • Samudra Energy IPO attracts Chinese tycoons

    KUALA LUMPUR -- Singapore-based Samudra Energy has enticed billionaires Li Ka-shing, Robert Kuok and Quek Leng Chan as cornerstone investors for its upcoming listing in Singapore. The upstream oil and gas company is being floated to raise between 2...

  • HTC back in black but says 3Q revenue likely to slide

    TAIPEI -- Struggling Taiwanese smartphone maker HTC said Thursday its sales for the July-September period may drop again from a year earlier but that it should be able to stay profitable. The company's statement comes as both Apple and Samsung Electr...

  • Singaporean fund GIC buys into top Indian e-tailer Flipkart

    SINGAPORE -- The sovereign wealth fund that manages Singapore's foreign reserves has invested in Indian e-commerce company Flipkart. GIC took part in Flipkart's latest round of fundraising, which collected a total of $1 billion. That is apparentl...

  • Metro Pacific courted for San Miguel's stake in Philippine Airlines

    MANILA -- Metro Pacific Investments (MPIC) confirmed on Wednesday that it has been approached by Lucio C. Tan's group as a replacement investor in Philippine Airlines (PAL) for San Miguel Corporation (SMC). The approach follows MPIC's unsuccessf...

  • Singapore Airlines' profits nosedive

    SINGAPORE -- Singapore Airlines (SIA) posted a net profit of 34.8 million Singapore dollars ($28 million) for the first quarter ending in June of the 2015 financial year -- a 71% plunge on the same period last year. A company announcement on Wedn...

  • Siam Cement eyes Indonesia and Vietnam for growth

    BANGKOK -- Siam Cement Group (SCG), Thailand's largest supplier of building materials, is stepping up expansion in Asean by revising its current 250 billion baht ($7.8 billion), five-year investment plan that kicked off in 2013. SCG's five-year i...

  • Malaysia's Berjaya Food to fully own Starbucks franchise

    KUALA LUMPUR -- Malaysian franchiser Berjaya Food is acquiring the remaining 50% stake in Berjaya Starbucks Coffee Company for $88 million from Starbucks Coffee International of the U.S. The proposed acquisition will allow Berjaya Food greater co...

  • Singapore's StarHub to roll out Japanese animation channel

    SINGAPORE -- StarHub, Singapore's telecommunication and TV service provider, will begin airing popular Japanese animation titles such as "Attack of Titan" on a new channel, starting Thursday. Broadcasts on the new channel will be in high definiti...

  • OCBC acquires 97.52% of Wing Hang Bank shares

    SINGAPORE -- Singapore's Oversea-Chinese Banking Corp. announced Tuesday that it has secured 97.52% of Hong Kong's Wing Hang bank shares. OCBC will soon apply to delist Wing Hang from the Hong Kong stock exchange. OCBC's $5 billion deal to acqui...

  • Thai Air Asia passenger projections encounter political turbulence

    BANGKOK -- Thailand's political crisis has caused Thai Air Asia, the nation's largest low cost carrier, to reduce its passenger projections for 2014 by 5% from 13.3 million to 12.6 million. According to a Thai Air Asia investor relations represen...

  • Raffles Medical posts healthy profit increase

    SINGAPORE - Raffles Medical Group, the operator of Singapore's largest network of clinics, has seen second quarter net profits rise 8.1% year on year to 15.7 million Singapore dollars ($12.6 million). The improvement was attributed to a rise in d...

  • Megaworld expanding urban developments in Mindanao

    MANILA -- Megaworld, the Philippine property developer giant, is accelerating its construction push in war-torn Mindanao in the country's south to turn the island into an international hub for business process outsourcing services. It is plannin...