Dollar Falls On Speculation That Oil Gains Will Weaken US Economy
The dollar fell to the lowest in more than a week against the yen on speculation a rise in oil prices will harm the economic outlook for the world’s largest energy consumer. The dollar declined against the euro as Hurricane Gustav approached the Gulf of Mexico, halting most oil and natural gas output from the region. The British pound fell to a record low against the euro and the weakest in two years versus the dollar after Chancellor of the Exchequer Alistair Darling said the British economy faces the worst slump in 60 years. “The dollar’s move is related to the news on Gustav,” said Takeshi Iba, vice president of foreign exchange in Tokyo at BBH Investment Services, a unit of Brown Brothers Harriman. “A rise in oil prices can temporarily push the dollar lower.”

CapitaLand Divests Its Stake In KL’s Menara Citibank
CapitaLand has entered into an agreement together with the other shareholders of Inverfin, for the divestment of all of their respective shareholdings in Inverfin to IOI Corporation. CapitaLand owns a 30% stake in Inverfin whose principal asset is the 50-storey office tower, Menara Citibank located at Jalan Ampang in Kuala Lumpur, Malaysia. The total consideration for the divestment is RM586.7m and based on the net asset value of Inverfin which values the property at about RM733.6m. CapitaLand’s corresponding 30% share of the consideration is RM176.0m. Upon completion of the divestment, CapitaLand will recognise a gain of approximately $22.1m.

Abterra’s Net Profit Jumps 14 Times To $13.8M
Abterra, an emerging supply chain manager of resources and minerals in Asia Pacific, announced a sterling set of results for FY08 ended 30 June. Net profit for the year soared 1,403% to $13.8m on the back of a vast improvement in its revenue to $392.3m. Gross profit rose in tandem with the revenue to hit $18.6m. Gross profit margin improved from 2.7% in FY07 to 4.7% in FY08 due to strong demand for iron ore, coal and coke as well as the group’s success in expanding its geographical footprint. FY2008 witnessed significant developments like entering into the procurement of local supplies from West and East Kalimantan in Indonesia, increasing quantity of high quality iron ore shipments from ports on the Eastern coast of India, as well as a further strengthening of the group’s presence in the Northern region of China.

Lasseters Reports A Pre-Tax Loss Of A$5.1m In 2008 Before Exceptional Write Offs
Lasseters International reported a pre tax loss of A$5.1m before exceptional write-offs of A$ 27.6m for FY08. One-off exceptional losses relates to impairment write down on the carrying value of the group assets on its online business of A$3.9m and associates of A$9.8m totaling A$13.7m to A$1 respectively due a continued adverse impact from a loss in players from the US markets and dropped in assets revaluation. Impairments losses are also taken up at the taverns and hotels of A$13.9m in compliance with Accounting Standard. As a result, the group was hit with a loss of A$36.8m for the FY08 due to the one-off significant write down on impairments and the de-recognition of deferred tax assets. The results is clearly disappointing despite the group’s major contributor, Lasseters’ Hotel Casino achieved an impressive operational profit year-on-year growth of 14% to A$8.4m.

Afor Achieves Another Year Of Record Sales
Catalist-listed Afor, a premium one-stop retail specialist for the Apple brand of merchandise, has announced a record set of results amid very challenging market conditions. Sales revenue increased to record level of $64.3m – a 26.1% increase over the previous year. In tandem with the increase in sales, cost of sales rose by 22.5% to $52.6m. Despite significant cost hike, gross profits jumped 45.2% to $11.7m, as a reflection of management’s acumen in managing direct costs. CEO Jimmy Fong adds, “The company is also exploring more cost-effective means of widening its product portfolio by sourcing for proprietary brand products from a growing number of suppliers with an ever increasing variety and assortment of designs. We envision these new strategies to contribute positively to the long-term value for our shareholders.”