KUALA LUMPUR: Land & General Bhd posted a profit before tax of RM19.1 million for 3QFY2010, compared with RM7.1 million during the corresponding quarter in the previous year. The higher profit was mainly attributed to the foreign exchange gains of RM11 million due to capital distributions from a foreign subsidiary and gain on disposal of asset of RM3.3 million.

KUALA LUMPUR: KLCC Property Holdings Bhd’s cumulative 2QFY2010 revenue saw an increase of RM1.2 million, or 0.3%, to RM432.08 million compared with RM430.88 for the corresponding period in the previous year.

KUALA LUMPUR: Shangri-La Hotels (Malaysia) Bhd posted a 12% loss in revenue to RM367.371 in FY2009, compared with RM415.447 million in the previous financial year. According to the group’s statement to Bursa Malaysia on Feb 24, the decrease was largely due to major renovations at Shangri-La Hotel Kuala Lumpur and Golden Sands Resort in Penang for most of 2009.

KUALA LUMPUR: Malaysia has emerged from the recession with the Prime Minister announcing the country's economy grew at 4.5% in the fourth quarter of 2009, underpinned by the services, manufacturing and agriculture sector.

The outlook for Malaysia in 2010 remains bullish and Datuk Seri Najib Razak is hoping to achieve higher GDP growth than earlier expected.

SINGAPORE: Las Vegas Sands will open the first phase of its Singapore casino on April 27, earlier than expected, bringing into play a project CEO Sheldon Adelson says will generate US$1 billion (RM3.41 billion) in annual profits.

ALOR SETAR: The Kedah government proposes to arrange bank loans for public housing hire purchase defaulters who have run up arrears of RM27 million, Menteri Besar Datuk Seri Azizan Abdul Razak said on Feb 24.

"The bank will pay the state government and the house owners will repay the loans," he told reporters after chairing the weekly meeting of the state executive council, here.

PETALING JAYA: The residential real estate sector in Abu Dhabi is entering a challenging yet likely beneficial phase of its development in the aftermath of the global economic slowdown, according to publishing, research and consultancy firm Oxford Business Group (OBG).

Maintain BUY

* The full-year net earnings of RM40.3 million came in above ours and consensus expectations, largely driven by improved “Engineering  & Construction” (E&C) division’s contribution.

Plenitude’s annualised 1HFY10 earnings came in 29% above our expectation and consensus estimates, buoyed particularly by exceptionally strong new property sales and faster progress billings in 2QFY10.

HONG KONG: Hong Kong's government plans to raise the tax on luxury apartment deals and increase land supply to try and prevent the property market from overheating, a trend evident in many Asian markets.