20  theSun | MONDAY DECEMBER 15 2008

business news

BToto net profit up 27%

in second quarter
by Ashley Khoo
newsdesk@thesundaily.com
BERJAYA Sports Toto Bhd (BToto)
achieved a 27% increase in net profit
to RM113.74 million for the second
quarter ending Oct 31 this year, from
RM89.47 million in the same period
last year.
Revenue for the quarter increased
by 18.8% to RM941.79 million
from RM792.47 million in the
corresponding period.
The revenue growth was
attributed to strong sales of its Mega
6/52 game, which recorded its
highest ever jackpot prize of RM20
million in October, and improved
sales contribution from its 4-Digit
game.
On a per draw basis, revenue
increased by 21.9%.
For the six-month period, BToto
Group recorded an 8.64% increase in
net profit to RM206.13 million from
RM189.74 million in the same period
last year.
Revenue was up 14.19% to
RM1.77 billion from RM1.55 billion
previously.
The increase in revenue was
attributed to improved sales from
its 4-Digit game and six months’
contribution from the Mega 6/52
game on a per draw basis.
BToto said the period under
review also had the benefit of high
jackpots for the Mega 6/52 game
of RM16 million and RM20 million
in May and October this year,
respectively.
BToto also declared a second
interim gross dividend of 7 sen per
share less 25% income tax for the Aso (centre),
financial year ending April 30, 2009, Wen (left)
payable on Feb 13, 2009. and
The entitlement date has been Myung-bak
fixed for Jan 21, 2009. grasp hands
The board anticipated at least after their
75% of its annual nett earnings to signing of
shareholders in accordance with a tripartite
the company’s dividend policy declaration
established since the financial year agreement
ended 2005. on Saturday.

N. Asian leaders team up to fight crisis

BEIJING/FUKUOKA (Japan):
Asian powers Japan, China
and South Korea put aside
decades of animosity and
agreed to work together to
tackle the global financial
crisis battering their
economies.
Policy makers worldwide
scrambled for new initiatives
to stem the fallout from the
biggest financial turmoil in 80
years, with the White House
weighing emergency funding
to avert the collapse of the
US auto industry and Europe
agreeing to a 200 billion euro
(RM965 billion) stimulus plan.
In the United States,
President-elect Barack Obama
named the head of New
York’s urban housing agency
to run the federal housing
department – a key role given
the credit crunch’s roots in the
US mortgage lending market
last year.
“To end this economic
crisis, we must end the
mortgage crisis where it
began,” Obama said in his
weekly radio address.
China, whose red-hot
economy fueled the world’s
years of boom before the bust,
said meanwhile it faced a
host of challenges. It was still
aiming for growth of about 8%
next year, a senior official said.
In the Japanese city of
Fukuoka, Chinese Premier
Wen Jiabao, Japanese Prime
Minister Taro Aso and South
Korean President Lee Myung-
bak pledged not to create new
trade barriers over the next
12 months and backed efforts
to bolster a regional web of
currency swaps.
At a historic summit, the
leaders promised to work
more closely, setting aside
decades of animosity between
the three neighbours.
“Cooperation between
... our three countries to
overcome difficulties will
have real significance as
Commission, Liu Mingkang
said potential problems
the financial crisis has a big
impact on economies around
facing the world’s fourth
largest economy included
the world,” Wen said. falling prices and, after years
In Beijing, the chairman of of attracting offshore funds,
the China Banking Regulatory capital outflows. – AFP
RM750m theme
park in Johor
KUALA LUMPUR: A multi-million dollar Legoland
theme park will open in Johor in 2013, officials said over
the weekend.
Merlin Entertainments will design and operate the
US$209 million (RM752 million) park, and will become
a 20% shareholder, while a consortium led by Iskandar
Investment Berhad (IIB) will own the balance.
IIB is an investment holding company which promotes
development to support the RM17.7 billion ringgit
Iskandar Development Region (IDR), while Merlin
Entertainments operates various attractions globally
including Sea Life, Madame Tussauds and Legoland.
Azman Mokhtar, managing director of state investment
arm Khazanah Nasional, said the theme park would boost
the tourism sector, a major foreign exchange earner for
Malaysia. Khazanah is a major investor in the IDR.
“This is a significant first step in developing Iskandar
Malaysia as an international tourist destination,” he said
in a statement following the signing ceremony between
IIB and Merlin Entertainments.
The IDR, which was launched in November 2006, also
includes exclusive residential homes, a logistics hub, a
waterfront city, a medical hub and an educational city.
The development will be 2.5 times the size of
Singapore when completed and Prime Minister Datuk
Seri Abdullah Ahmad Badawi has referred to it as
Malaysia’s most important and ambitious initiative.
John Jakobsen, managing director of Legoland Parks,
said the company was looking forward to the rollout of
East Asia’s first Legoland Park.
“We love the location of Iskandar Malaysia and are
delighted by our partnership with IIB,” he said. – AFP
White House
weighs options to
aid autoworkers
WASHINGTON: Thousands of anxious US autowork-
ers yesterday were awaiting word on whether the
White House will take decisive action on an industry
bailout, as a presidential spokesman cautioned that
no decision had been made yet.
“We’ll be focused on trying to get the policy right
while considering the best interests of the taxpayer
and our economy, and we’ll take the time we have
available to do that right,” spokesman Tony Fratto
said.
“No decisions have been made,” he said, add-
ing that administration officials were assessing the
automakers’ financial data.
“We’ll take a look at that information, make some
judgments and review our options,” Fratto said.
After a short-term loan package of US$14 billion
(RM50 billion) in government funds failed to pass the
Senate this week, the administration of President
George W. Bush signaled it would consider tapping
the massive 700-billion-dollar bailout for financial
services to help the carmakers.
And the US Treasury Department “will stand ready
to prevent an imminent failure until Congress recon-
venes and acts to address the long-term viability of
the industry,” White House spokeswoman Brookly
McLaughlin said on Friday.
Lawmakers are due back Jan 6.
Auto giant General Motors has pleaded for govern-
ment help and warned it will run out of cash by the
end of this month without intervention. Chrysler and
Ford have also asked for federal aid to stay afloat.
For months, Bush had refused to tap the 700-
billion-dollar Troubled Asset Relief Programme
conceived to help financial services firms, to save
US carmakers, but the failure in the Senate of alterna-
tive legislation bringing US$14 billion in bridge loans
forced his hand.
The measure would have required the manufac-
turing giants to engage in painful restructuring to
ensure their long-term survival and repayment of the
government monies or face bankruptcy proceedings.
– AFP