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Agility (AGLTY), a leading global logistics provider, announced its first quarter financial results for 2012. The company reported a net profit of KD7.1m for the first quarter of 2012, and Earnings Per Share (EPS) of 7.1 fils. Revenues and EBITDA stand at KD321.8m and KD16.1m respectively.

“2011 was the first year that we began reporting our numbers excluding defense and government contracts. Relative to this baseline, 2012 has started off on the right track,” said Tarek Sultan, Agility’s Chairman and Managing Director.

“EBITDA adjusted for one-off impacts show a 41% improvement relative to the same period last year.”

“We are pushing forward with the initiatives already started last year – reinvigorating our focus on our customers, from global accounts to our SME business, continuing to push ahead with transforming our business and improving productivity through technology, completing some “fixes” to non-performing entities, and maintaining financial discipline, cost and cash management throughout the business,” said Sultan.

Agility’s Core Business: Global Integrated Logistics

Revenues in Agility’s core Global Integrated Logistics (GIL) business increased by 1% in Q1 of 2012 relative to the same quarter last year. GIL’s strategy is focused on growth through product and sales strategy, transformation to drive productivity gains and customer service improvements in the business, and financial discipline with careful management of cost, cash, and working capital.

GIL continues to be the main driver behind Agility’s growth, and is differentiated by its leading position in emerging markets in the Middle East, Asia, Eastern Europe, and increasingly Latin America and Africa.

Infrastructure Performance

Agility’s Infrastructure group contributed KD47.6m to total revenue in Q1 of 2012. Agility’s Real Estate business remains the main contributor to revenues of the Infrastructure group, growing 14% in Q1 of 2012 relative to Q1 of 2011. Other Agility Infrastructure businesses have also shown continued growth compared to last year.

Recapping Financial Performance

· Net profit is KD7.1m in the first quarter of 2012, as compared to KD7.7m for Q1 2011. This results in Earnings Per Share of 7.1 fils for this quarter, compared to an EPS of 7.7 fils in Q1 2011.

· EBITDA stands at KD16.1m for the first quarter of 2012. Adjusting for one off impacts, EBITDA grew by 41% from KD10.9m to KD15.4m.

· Staff costs decreased by 9% and total SG&A decreased by 2.6%, compared to Q1 2011.

· Agility’s revenue in the first quarter of 2012 stands at KD321.8m, a 1% increase over Q1 of 2011.

· Agility Global Integrated Logistics (GIL) revenue in Q1 of 2012 stands at KD278.4m, a 1% increase from same period last year.

· Agility’s Infrastructure group contributed KD47.6m to total revenue in Q1 of 2012.

· Operating cash flow stands at KD21m and free cash flow of KD15m.

“We have worked hard to restructure the business in the last two years, and as a result, we are today a strong and stable company – more streamlined, efficient, and competitive. Although we still have work ahead to complete the turnaround in our commercial business, I am confident that we are focusing on the right priorities. I also believe in the company’s workforce – they have been a critical part of our success, and are foundational to our future,” said Tarek Sultan.

* Has struggled with UK unit losses

* UK unit valued at A$550 million in IAG’s books

* A sale could fetch less than half of book value-analyst

* IAG hires Evercore Partners to help with review

* Shares rise as much as 2.7 pct

SYDNEY, May 17 (Reuters) – Insurance Australia Group
flagged a possible sale of its loss-making UK business
valued at A$550 million ($546.87 million)in its books after
years of struggle with the business, sending its shares up as
much as 2.7 percent.

Australia’s top car and home insurer, which is focusing on
Asia for growth, said on Thursday it is undertaking a review of
the UK operations that contributes 7 percent of its gross
written premium.

An update on the review will be announced in August and
could result in the sale of all or part of the business, the
company said in a statement.

An IAG spokesman said Evercore Partners has been hired to
help with the strategic review.

Analysts said it would be an uphill task for IAG to complete
an outright sale without taking a hit, with the UK economy
slipping into a double-dip recession.

“I would say if they got half that (book value) it would be
a good outcome and it will all depend on what sort of guarantees
they put around future liabilities,” said Ross Curran, analyst
at Commonwealth Bank of Australia.

“It’s very difficult to see anyone who would be interested
in it. The problem is that there aren’t any ready buyers around
for UK motor risk.”

A review of IAG’s disclosures show the UK business had a net
tangible value of A$250 million with goodwill and intangible
making up around A$300 million.

NOT ALONE WITH UK TROUBLE

IAG’s troubles in UK mirror that of top Australian lender
National Australia Bank, which has struggled with its
UK operations valued at around $5 billion.

The bank undertook a review earlier this year and decided to
shrink its UK operations after the review failed to attract any
takeover offer.

“One of our key strategic priorities is to return the UK to
profitability,” IAG Chief Executive Mike Wilkins said in a
statement

“Given the progress towards that goal in the opening half of
the current financial year, we believe the time is right to
consider our longer term plans for the business, and the best
way to maximise shareholder value.”

IAG’s British business cut its losses to A$5 million ($5
million) in the half-year to December 31, from a loss of A$121
million in the previous corresponding period. IAG has spent
about A$1.7 billion since 2006 to expand in the UK but has taken
multiple charges to cover additional claims.

It has so far ruled out an exit from the market, which it
serves through Equity Red Star, Britain’s fifth-largest motor
insurer, and insurance brokers Barnett & Barnett.

IAG, which wants to double gross written premium
contribution from its Asian business to 10 percent by 2016, is
investing in businesses in Malaysia, Vietnam, India and China
and is looking for opportunities in Indonesia.

IAG shares were trading 2.4 percent higher at A$3.42 on
Thursday. The broader market was 0.2 percent higher.

Story By: by The Associated Press

Homebuilders reported improving sales and higher traffic from prospective buyers this month. A gauge measuring confidence in sales over the next six months also rose.

Confidence among U.S. builders rose to the highest level in five years in May, a hopeful sign that modest improvement in the housing market will pick up.

The National Association of Home Builders/Wells Fargo builder sentiment index rose to 29 in May. That’s the highest reading since May 2007 and up from a downwardly revised reading of 24 in April.

The index rose for six straight months before falling in April.

Still, any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached hit that level since April 2006, the peak of the housing boom.

Homebuilders reported improving sales and higher traffic from prospective buyers. A gauge measuring confidence in sales over the next six months also rose, to 34 from 31.

The improved outlook follows other recent signs that the depressed housing market is slowly improving.

In March, builders requested the highest number of permits to build new homes and apartments in 3 ½ years. And the number of people who signed contracts to buy homes rose in March to the highest level in nearly two years.

Mortgage rates have fallen to record lows and hiring has picked up, making it easier for more Americans to buy homes. Still, many would-be buyers are having difficulty qualifying for home loans or can’t afford larger down payments required by banks.

Don’t ever underestimate Dan Henderson.

The 41-year-old former Pride and Strikeforce champion continues to defy the odds that age stacks up against a guy. He’s lost just once in the last four years. He moved up to heavyweight and knocked out Fedor Emelianenko. His most recent fight, a unanimous decision win over former UFC light heavyweight champion Mauricio Rua last November, was the fight of the year.

So when Henderson stepped to the front of the line of challengers for current champ Jon Jones’s belt, who was the fool who said "Hendo" is less equipped to give "Bones" trouble than was recently vanquished Rashad Evans? Who made the imprudent proclamation that neither Hendo nor any other light heavy "can touch Jon Jones"?

That fool was I.

My excuse: Jones has a way of making you do what you don’t want to do. The wunderkind champion turned aggressive tough guys like Rashad and "Rampage" Jackson into immobilized statue versions of themselves. In my case, the 24-year-old’s wondrous invulnerability made me take Old Man Dan lightly.

I recognize the folly of that, but even now that the UFC has made official the fight everyone knew was coming — Jones vs. Henderson was announced a week ago, slated for Sept. 1 in Las Vegas — I have to admit that I’m still firmly convinced that Jones will walk out of the cage that night in possession of the championship belt. I still think "Bones" will overwhelm "Hendo." I really do.

But given all that Henderson has done and still is doing in mixed martial arts, I feel compelled to give voice to those who have written to me to make a case for Henderson. So let’s dip into the mailbag …

You wrote that Dan Henderson lacks the skill set that Rashad Evans possesses to give Jon Jones trouble. That made me pause to consider whether my eyes were playing tricks on me. So I read that part of your story again, and while scratching my head, all I could think was: What?? Henderson’s striking abilities are outlandish. "Hendo" has fists created from cinder blocks, a chin to match, and his accuracy is pinpoint. Not to mention he’s a Greco-Roman wrestling Hall of Famer. Dan is more potent than Rashad and he possesses more experience.
–Nelson, Lancaster City, Pa.

To say Henderson doesn’t have anything to offer does not reflect what he is capable of. Honestly, if anyone can pull off an upset and beat Jones, it’s Hendo. He’s beaten middleweights, light heavyweights and heavyweights. Granted, he’s 41 and maybe a bit slower, but if that H-Bomb lands, it’s goodnight Bones!
–Herb, Sunapee, N.H.

I don’t believe I ever said Henderson has nothing to offer, Herb. I merely questioned whether any light heavyweight has what it takes to give Jones trouble, and I stand by that, even while recognizing that Henderson is as dangerous a fighter as he’s faced. I do agree with you and Nelson about Henderson’s punching power, but I have my doubts that Hendo will get close enough to land a difference-making shot. Unless he listens to this next reader/strategist:

Sure, Rashad is younger than Dan, quicker than Dan and has a better gas tank. And he might be a better wrestler. But Rashad, like "Rampage" before him, fought a fight that played right into Jones’ strengths. Henderson isn’t going to do that. Dan is going to move forward, which I believe is the way to beat Jones. If you make him fight defensively, you have a shot.
–Trevor, London, Ontario

That’s clearly the strategy for fighting Jones. Henderson has said so himself. But c’mon, Trevor, don’t you remember Rashad saying the same thing before last month’s fight? And so did Rampage before he took his shot. A couple of other ex-champs, Lyoto Machida and "Shogun" Rua, also likely had "put pressure on him" in their game plans. Then each one of these guys stepped into the cage with Jones, and that airbus wingspan kept them all at a safe distance. Maybe Henderson will do what those before him could not. Maybe his grit, will and experience will get him within striking distance. I hope so, because I’d like to see a competitive fight. But I’m not expecting that to happen. I’m not expecting the fight to end well for Hendo.

I mean, Jones is so good that I did the unimaginable a couple of weeks ago and moved him past Anderson Silva into the No. 1 spot in the SI.com pound-for-pound rankings. Which, naturally, prompted e-mails.

Remarkably, not every correspondent was outraged. Sure, I received long missives listing the career accomplishments of "The Spider," which of course dwarf Jones’ resume. (To which I say, once again: A pound-for-pound ranking is not a lifetime achievement award. It is a subjective assessment of the here and now.) I heard from those who believe Jones doesn’t warrant the top spot after beating a long line of fighters who are not his equal as physical specimens. (My counter: If you can make weight, you can compete in the division.) I even had someone accuse me of making the rankings while smoking crack.

However, I also received some notes of agreement, such as these:

Good call. Anderson Silva and Georges St-Pierre are my two favorite fighters, but Jon Jones is winning me over so fast it’s not funny. Although "The Spider" has longevity on his side, I think you summed it up best by saying this is not a lifetime achievement award.
–Scott, Charlotte, N.C.

Jones has been the most impressive fighter in the world over the last year and a half or so, beating the likes of Shogun, Rampage, Machida and Evans. Over that same span, Silva has one victory, over Yushin Okami.
–Brian, Marysville, Calif.

Oddly enough, reading these two notes written in support of my ranking makes me want to defend Anderson Silva. That’s one of the problems with rankings: In making our case, we build up the fighter we believe belongs at the top of the heap, and we point out the warts that mar all of the other candidates. Well, there are no warts on Silva … or, for that matter, on Georges St-Pierre, either. They’re the sport’s crème de la crème. I just happen to believe Jon Jones has risen above them. But I certainly wouldn’t go as far as this reader:

Why is Anderson Silva scared of Jon Jones? I think Silva’s recent declaration that he would not fight at 205 pounds is due to the dominance of Jones and Silva’s realization that there is now someone who could be more unconventional than him. After having moved up to light heavyweight to face a pedestrian fighter in James Irvin and the game but predictable Forrest Griffin, and really not having serious competition at 185, why won’t "The Spider" move up and prove that he really is the pound-for-pound best in the world?
–Tony, Dallas

That Anderson Silva chooses to remain at middleweight is no more an indication that he’s scared of Jones than GSP staying at welterweight shows that he’s afraid of Silva. And the pound-for-pound issue centers on what fighters do in their weight class, not on whether or not they opt to fight in other divisions. While I’d love to see Jones vs. Silva and Silva vs. St-Pierre — as well as Jones vs. Junior dos Santos, Jose Aldo vs. Frankie Edgar and any number of other superfights — I’m not going to hold it against an athlete when he chooses to fight guys his own size. I certainly don’t attribute that to fear.

Speaking of which …

To call Jones pulling guard with 10 seconds left against Rashad Evans anything more than a sissy move is outrageous. I get it: Rashad didn’t look like he was even in the fight in the last three rounds. Jones is great. He won convincingly. But pulling guard did not show me his greatness or show respect to BJJ practitioners. If he wasn’t afraid, like he says, then why not do it a few rounds earlier or even at the start of the fifth? Face it, that move was [lame].
–Hilario, San Benito, Texas

I wasn’t offended by Jones pulling guard, though I thought it was odd. Rather than an indication of fear, I saw it more as a sign that Jones can do whatever he wants to whenever he wants to. He’s that much in control in the octagon.

Moving on, I have to share the following note I received after I apologized for stating, in my Jones-Evans prefight analysis, that Jones’ 84½ inch wingspan, fingertip to fingertip, gave him a 9½-inch advantage over Evans. A reader quickly pointed out to me that I should have cut that advantage in half, since a fighter’s true reach is just from his torso to the end of his fist. That logic made sense to me, and I published a brief correction. But since then I’ve heard from a few other readers, one of whom went into great detail about the variables involved in assessing a reach advantage. At the risk of veering into esoteric mathematical territory, I think this is worth sharing:

You were correct when you stated that Jones would have a 9½-inch reach advantage. That is the proper way to phrase the measurement, because it is the only pure measurement you can give.

Just as fighters don’t fight with their arms extended to their sides, neither do they stand with their shoulders parallel to each other with their arms extended directly forward. They stand with one shoulder out in front of their other. So the actual reach is less than 9½ inches but more than the 4¾ inches your reader cited in correcting you. For Jones and Evans, it was probably closer to a 7-inch effective reach advantage. But there is no way to know for sure.

There is a natural variance inherent in the reach measurement. We measure from fingertip to fingertip, yet your fingers aren’t extended when you punch. So you could have long fingers and short arms, and that would skew the effective measurement and indicate an advantage that is not real. Likewise, you could have short fingers and long arms and have more of an advantage than the measurement makes it seem.

Then, in some fights, you have the righty vs. lefty variable, which can distort the perceived/actual advantage/disadvantage as well.

You also have to factor in a fighter’s natural stance and punching motion. For example, let’s assume Shane Carwin and Junior dos Santos have the same fingertip-to-fingertip measurement. But dos Santos extends on his punches much more than Carwin does. Carwin’s punches are shorter, much more compact. This variable would also change their effective reach measurements.

There is no way, with different arm lengths and stances, to be 100 percent precise with a reach advantage analysis. So the boxing world, and now MMA, has to settle for the standard fingertip-to-fingertip measurement, and it’s up to the spectator to understand the math and the possible variables that factor into the real advantage.
–Vincent, Dallas

Thanks, Vincent. I’d show my appreciation by shaking your hand, but I’m not sure I can reach from here.

Questions? Comments? To reach Jeff Wagenheim or contribute to the next SI.com MMA mailbag, click on the e-mail link at the top of the page.

Dubai: The Business Bay canal will be completed and connected to the sea as the Dubai Municipality takes up the project that is expected to be finished within two years.

Announcing the ‘completion of Business Bay canal and its connection to the sea’ project, estimated to cost about Dh150 million-Dh200 million, Hussain Nasser Lootah, Director General of the municipality, said: "It is a very challenging project but we are hoping to add value to the site and bring something that is unique to Dubai."

The first phase involves connecting the Business Bay canal with the sea through a pipeline. The canal, on the side adjacent to Shaikh Zayed Road, will be connected to the sea using the micro tunnelling technique.

Following this, the canal waterway will be completed by connecting the existing lagoons.

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