Business

BRITISH American Tobacco (M) Bhd reported a record low net profit of RM7.02 million for the third quarter ended Sept 30, 2025, down nearly 90% year-on-year, as new regulations and declining cigarette sales weighed on performance.

Revenue fell 50% to RM300.8 million, it told the bourse today.

The company declared a third interim dividend of 5 sen per share, sharply lower than 22 sen a year ago.

BAT attributed the drop to compliance costs from new pictorial health warnings and retail display bans, alongside a near 50% decline in combustible product sales.

For the first nine months, net profit slid 39.4% to RM81.24 million, while revenue fell 25% to RM1.25 billion.

The government’s recent two-sen-per-stick excise duty hike, effective November, could add further pressure, though BAT urged continued efforts to curb the illicit tobacco market, which accounts for over half of the sector.

“We remain focused on strengthening our fundamentals, optimising our portfolio and executing with discipline to ensure long-term sustainability,” said BAT MD Nedal Salem.

BAT shares closed 1.99% higher at RM5.64 today, valuing the company at RM1.61 billion. —TMR

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ASCEND Airways Malaysia, part of global aviation services provider Avia Solutions Group, has received its Air Operator Certificate (AOC) and Air Service Permit (ASP) from the Civil Aviation Authority of Malaysia (CAAM), allowing it to begin operations in November 2025.

The Kuala Lumpur-based carrier will start with a Boeing 737-800SF, offering both cargo and passenger ACMI (aircraft, crew, maintenance and insurance) and charter services across Malaysia and Southeast Asia.

Passenger operations are expected to commence in the first quarter of 2026, subject to additional regulatory approvals.

Its CEO Germal Singh Khera said Ascend Airways aims to provide flexible ACMI solutions to support Malaysia’s aviation expansion, with passenger traffic projected to grow between 8.4% and 15.6% next year.

“Malaysia is in an essential strategic position as a logistics and aviation hub that connects Southeast Asia, China and India,” he said.

CAAM CEO Datuk Captain Norazman Mahmud said the airline’s certification reflects its compliance with Malaysia’s aviation safety and regulatory standards, and commended its preparedness during the approval process.

Ascend Airways Malaysia is part of Avia Solutions Group, the world’s largest ACMI provider with operations spanning 11 air operator certificates and a fleet of 187 aircraft across Europe, Asia and the Americas. –TMR

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PT Bank CIMB Niaga Tbk, the Indonesian subsidiary of CIMB Group Holdings Bhd, reported a 2.9% year-on-year (y-o-y) increase in net profit to 5.33 trillion rupiah for the nine months ended Sept 30, 2025 (9MFY2025), from 5.18 trillion rupiah a year earlier.

The improvement was driven by healthy loan growth, sustained revenue generation and disciplined cost management, the bank said in a filing on Thursday.

Total loans rose 4.6% y-o-y to 228.7 trillion rupiah, led by gains in SME, corporate and consumer segments, including an 18.7% jump in auto financing.

Deposits increased 8.6% to 278 trillion rupiah, with a CASA ratio of 67.9%.

Its president director and CEO Lani Darmawan said the results reflect CIMB Niaga’s “strong fundamentals and financial resilience”.

“With ongoing investments in technology and digital innovation, we continue to simplify customer experiences and strengthen scalable, customer-centric growth,” she said. —TMR

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by AZALEA AZUAR

MALAYSIA and Italy have agreed to speed up and finalise the strategic cooperation between Petroliam Nasional Bhd (Petronas) and Italian energy giant Eni SpA (Eni) in the near future.

The development followed a phone conversation between Prime Minister (PM) Datuk Seri Anwar Ibrahim and his Italian counterpart Giorgia Meloni.

“God willing, the close relationship between Malaysia and Italy will continue to be strengthened for the benefit of the people of both countries,” Anwar said in a Facebook post last night.

Anwar also expressed gratitude for Italy’s ongoing support for peace, justice, and universal humanitarian efforts in Gaza, describing it as a “much-needed voice of conscience on the global stage today”.

Meloni was unable to attend the 47th ASEAN Summit, held from Oct 26 to 28 at the Kuala Lumpur Convention Centre (KLCC), due to urgent commitments in Rome, including drafting and passing budget-related legislation and participating in ongoing discussions at the European Union (EU) level.

“I assured Meloni that Malaysia fully understands the domestic priorities and commitments that demand her full attention at this time,” Anwar added.

According to a Reuters report on Oct 13, Eni’s global natural resources CEO Guido Brusco said the company plans to launch its gas joint venture (JV) with Petronas next year.

The venture will develop gas assets in Malaysia and Indonesia, initially producing 300,000 barrels per day of oil equivalent (boe), with plans to expand to 500,000 boe. The gas will supply both the local market and exports to Asia.

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CAPITAL A Bhd said all conditions for the disposal of its airline business to AirAsia X Bhd (AAX) have been met, with the sale and purchase agreements now unconditional.

Group CEO Tan Sri Tony Fernandes (picture) said the development marks the “final chapter” of its aviation restructuring and the beginning of Capital A’s next phase as a multi-platform travel and digital group.

The milestone follows the fulfilment of all outstanding requirements, including stakeholder consent letters and RM1 billion in private placement commitments for AAX.

A key regulatory exemption in Thailand was also resolved on Oct 17, 2025.

With the agreements now unconditional, Capital A will proceed with its capital reduction and distribution, allotment and listing of AAX shares, and other procedural steps, all expected to be completed by December, followed by its Practice Note 17 (PN17) uplift application.

Fernandes said the restructuring will result in two focused entities — the AirAsia Group, consolidating seven short- and medium-haul airlines under one regional network, and Capital A, which will expand its five non-aviation businesses: Asia Digital Engineering (ADE), Teleport, AirAsia MOVE, Santan, and AirAsia NEXT.

“We will begin our next journey with the two distinct companies… We are back to growing this airline in a cash-positive way,” Fernandes said. — TMR

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MUDAJAYA Group Bhd has proposed to dispose of four parcels of freehold land in Ijok, Selangor, with a combined area of about eight hectares, for a total consideration of RM36.8 million.

In a filing with Bursa Malaysia, the group said its wholly-owned subsidiary Mudajaya Corporation Bhd had entered into a sale and purchase agreement with Serba Wangi (KL) Sdn Bhd for the disposal.

The land parcels, located along Bukit Badong Road in Mukim Ijok, comprise a mix of industrial and agricultural lots, some designated for light industrial use and others zoned for oil palm cultivation.

Mudajaya said the disposal is part of its strategy to monetise non-core assets and strengthen its cash position to meet working capital and operational needs.

The properties were originally acquired between 1997 and 2012 at a total cost of about RM9.6 million.

Net proceeds will be used to fund working capital and investments aligned with the group’s long-term plans. — TMR

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