SIA, SilkAir to raise fuel surcharges

TRAVELLERS planning to fly with Singapore Airlines (SIA) or its regional arm SilkAir in the next few months should book soon, because fuel surcharges are about to go up.

Round-trip tickets issued on or after April 1 will cost up to US$8 (S$12) more for ultra long-haul flights to Canada and the United States.

Those flying to regional points like Kuala Lumpur, Bangkok, Jakarta and Manila will pay US$4 more for a round trip, when the fuel surcharge goes up from US$32.

All other passengers, including those flying to China, India and Europe will pay a surcharge of US$108 for a round trip, compared to US$104 now.

The increase is the result of a rise in the price of jet fuel over the past two months, SIA said in a statement yesterday.

A barrel of jet fuel now costs about US$76, compared with US$67 in January.

SIA and SilkAir cut fuel surcharges twice, late last year and in January, when the price of jet fuel fell.

The increase will bring the surcharge back up to pre-January levels, though SIA said it will continue to keep the surcharge under constant review.

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Airbus woes drag down parent's profits

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The Amsterdam-based company's net profit last year fell 94 per cent to 99 million euros (S$200 million) and it warned that Airbus would 'display another substantial loss in 2007'.

EADS lost 768 million euros in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales in the quarter, however, were up 11 per cent to 11.96 billion euros compared with 10.76 billion euros in 2005.

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Companies in brief

JARDINE STRATEGIC'S PROFIT UP 1% TO $2.2B

PROFITS at Jardine Strategic Holdings edged up 1 per cent to US$1.41 billion (S$2.16 billion) for the year ended Dec 31.

Revenue rose 46 per cent to US$12.85 billion as its property, retail and hotel management businesses grew strongly.

Earnings per share were flat at US$2.30. Net asset value per share was US$19.38, up from US$15.50. A dividend of 11.7 US cents per share has been proposed.

JARDINE MATHESON POSTS 8% INCOME GROWTH

JARDINE Matheson Holdings has recorded an 8 per cent increase in earnings to US$1.35 billion (S$2.07 billion).

Revenue for the year ended Dec 31 grew 36 per cent to US$16.28 billion.

Earnings per share were US$3.83, up from US$3.58. Net asset value per share was US$18.65, up from US$14.27. A dividend of 40 US cents per share has been proposed.

CDL BUYS CONDO IN WEST COAST FOR $132M

PROPERTY developer City Developments (CDL) is paying $131.5 million for Hong Leong Condominium in the West Coast.

About 370 new units can be built on the 956-year leasehold plot, which currently houses 180 units. Including a development charge of $23 million, the price for the condominium works out to $363 per sq ft per plot ratio.

OLAM BIDS UP TO $169M FOR AUSSIE COTTON FIRM

FARM produce distributor Olam International is attempting to take over an Australian cotton company for as much as A$142 million (S$168.5 million).

The locally listed company is offering to pay Queensland Cotton Holdings investors A$4.75 per share in cash, which would value the Australian firm at A$134 million. It will pay A$5.05 per share if it gets acceptances equivalent to at least 90 per cent of Queensland Cotton.

The offer has been unanimously recommended by Queensland Cotton's directors, all of whom intend to take up the offer.

HO BEE, IOI WIN SENTOSA PLOT WITH RECORD OFFER

PROPERTY developer Ho Bee Investment, together with Malaysian partner IOI Properties, has won the tender for a condominium site at Sentosa Cove with a record-breaking bid.

The two companies beat four other bids for the Seafront Collection site with a record offer of $1,361 per sq ft per plot ratio.

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More money for Ferguson

MANCHSTER United's manager Alex Ferguson has been told that he will be able to splash the cash this summer.

This, despite the club incurring massive debts following Malcolm Glazer's controversial takeover.

On Monday, United announced a multi-million pound, five-year deal with Spanish commercial giants Grupo 2002 to promote residential properties throughout the globe.

And Old Trafford's chief executive David Gill has confirmed the cash generated will help finance any major transfer-market moves in the summer.

Bayern Munich's Owen Hargreaves tops the list of potential signings.

'We will be pitching for players,' Gill said.

'We bought Michael Carrick and Tomasz Kuszczak last summer, and we will continue to invest in the team as necessary. The funds are there.'

He believes the club's illustrious history means they will always attract big-sponsorship deals, reported The Sun.

The Spain contract follows similar tie-ups with Air Asia, Budweiser, Audi and Kumho Tyres.

He said: 'The success of the team is a factor but it is not a case that we are getting all these new deals because we are doing well this season.

'We did one of the biggest shirt sponsorship deals in the history of football with AIG last year when we were out of the Champions League, chasing Chelsea in the league and had been knocked out of the FA Cup by Liverpool.

'It is not only about playing winning football. It is about the attractiveness of it.'

Champions League

Today

Chelsea v FC Porto

Live, Ch24, tomorrow, 3.30am

Liverpool v Barcelona

Live, Ch23, tomorrow, 3am

Lyon v Roma

Valencia v Inter Milan

Tomorrow

AC Milan v Celtic

Arsenal v PSV Eindhoven

Bayern Munich v Real Madrid

Live, Ch24, Thursday, 3.30am

Manchester United v Lille

Live, Ch23, Thursday, 3.30am