Asean Business File

Indonesia's top banks see non-performing loans grow

JAKARTA -- Despite posting double digit profit growth, Indonesia's biggest banks are beginning to feel the effects of an economic slowdown after non-performing loans increased in the first half of this year. Indonesia's three biggest banks by ass...

  • Malaysia Airports posts its first quarterly loss

    KUALA LUMPUR -- Malaysia Airports Holdings (MAHB) incurred an unexpected net loss of 44.6 million ringgit ($14 million) for its second quarter ending in June -- its first quarterly loss since listing in 1999. The red ink was attributed to a numbe...

  • Philippine Long Distance to invest in European e-commerce platform

    MANILA -- Philippine Long Distance Telephone is set to invest in a Europe-based electronic-commerce platform provider. PLDT President Napoleon Nazareno said the equity investment could be wrapped up "in a few weeks." Chairman Manuel Pangilinan, ...

  • Keppel profit up 17% on strong offshore business

    SINGAPORE -- Keppel Corporation, the world's largest offshore oil and gas rig builder, earned a net profit of 406 million Singapore dollars ($327 million) for the second quarter ended June, a 17.1% increase from the same period last year. With the he...

  • Thai PTTEP posts 55% net profit growth

    BANGKOK -- PTT Exploration and Production, part of Thailand's oil giant PTT, posted a 55% year-on-year rise in consolidated net profit in the second quarter. Petroleum sales by volume increased significantly following its $1 billion acquisition of U....

  • Singaporean retailer Sheng Siong's profits boosted by smarter logistics

    SINGAPORE -- Sheng Siong Group, a leading Singaporean supermarket chain operator, has seen its net profit jump 30.4% to 11.1 million Singapore dollars ($8.95 million) in the April-June quarter from a year earlier, while revenue rose 7.4% to S$171.6 m...

  • Malaysia's CIMB buys Thai asset management operation for $7M

    KUALA LUMPUR -- CIMB Group, Malaysia's leading lender, is strengthening its regional presence by acquiring 100% of Finansa Asset Management in Thailand for $7 million. The purchase by its Thai subsidiary CIMB-Principal Asset Management Company wi...

  • Despite weak car sales, Astra's profit jumps

    JAKARTA -- Astra International posted double-digit profit growth for the first half of this year, helped by recoveries at its commodity-related subsidiaries that covered up for weak car sales. The Indonesian conglomerate on Thursday said its net ...

  • Philippine companies raising capital with creativity and ease

    MANILA -- International Container Terminal Services (ICSTI) and GT Capital Holdings, two domestic companies on expansion rolls in a burgeoning economy, are breaking new ground raising capital - and feeding strong international demand for Philippine a...

  • Tigerair's losses doubled in latest quarter

    SINGAPORE -- Tiger Airways Holdings, the struggling low cost carrier company 40% owned by Singapore Airlines, has recorded a net loss of 65.2 million Singapore dollars ($52.6 million) for the first quarter of its 2015 financial year ending in June --...

  • Share prices of Malaysia Airlines, AirAsia X climb on merger speculation

    KUALA LUMPUR -- Malaysia Airlines continues to hog the headlines after two of its passenger planes crashed in less than five months. Its share price climbed 2.2% to a high of 0.23 ringgit ($0.07) in early trading Thursday on a local news report that ...

  • Sports car sales slump after tax hike, loan limit in Singapore

    SINGAPORE -- Sales of luxury sports cars have significantly dropped in Singapore, after the government introduced a tax hike for expensive cars as well as car loan restrictions in 2013. The six most popular high-end sports car brands, namely Porsche,...

  • A*STAR collaboration spawns advanced semiconductor project

    SINGAPORE -- Through its Institute of Microelectronics, Singapore's Agency for Science, Technology and Research (A*STAR) and ten top technology companies, including Japan's Panasonic and Nikon, launched a joint semiconductor research project on Wedne...

  • Profits and nonperforming loans both up for Thai banks

    BANGKOK -- The combined net profits of Thailand's top four banks saw an increase of 5% on the year in the first half of 2014, even after the country's economy slowed down amid prolonged political unrest. But nonperforming loans also rose as debt incr...

  • Japanese golf trust tees off in Singapore

    SINGAPORE -- Accordia Golf Trust, a trust fund for investments in Japanese golf courses, had an initial public offering on Monday ahead of listing on the Singapore Exchange on August 1. Singapore is already well established in Asia for its real e...

  • Ascott bullish on serviced apartments in Indonesia and Japan

    SINGAPORE -- Singapore’s Ascott Residence Trust (Ascott Reit), a serviced apartment investment business owned by CapitaLand, views Indonesia as ripe for further investment, chief executive officer Ronald Tay said on Monday. Ascott Reit invests in...

  • Cebu Pacific and Tigerair building strategic alliance

    MANILA -- Cebu Pacific and Tiger Airways, the largest budget airlines in the Philippines and Singapore respectively, have announced an "interline" alliance that will give the two carriers the largest network between the Philippines and the rest of th...

  • OCBC's Wing Hang Bank buy will hurt profitability: Macquarie

    SINGAPORE -- Oversea-Chinese Banking Corp.'s (OCBC) purchase of Wing Hang Bank of Hong Kong could cause "deteriorating profitability" at the Singaporean bank, according to a recent report by investment bank Macquarie, which said OCBC is stuck with hi...

  • United Tractors posts 10% drop in heavy equipment sales

    JAKARTA -- United Tractors, Indonesia's largest listed distributor of heavy equipment, posted a 10% drop in unit sales of Komatsu construction machinery for the first six months of 2014. The exclusive distributor of Komatsu equipment in the count...

  • Bukit Asam stokes coal profits

    JAKARTA -- Bukit Asam, a state-owned coal-mining company in Indonesia, has reported a 33% rise in net profits for the first half of 2014, beating earlier estimates by analysts. One of the country's biggest coal producers, Bukit Asam reported on M...