MAHB Earnings do a hard landing on the tarmac

MAHB seems to had poor Q4 earnings.. Quoted from The Star's article:

Quote:

Malaysia Airports Q4 earnings dn 19% to RM78m on impairments

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) earnings fell 19.3% to RM78.03mil in the fourth quarter ended Dec 31, 2012 from RM96.75mil a year ago due to impairment of investment in an associate company.

It announced on Wednesday its revenue rose 7.7% to RM1.328bil from RM813.20bil while earnings per share were 6.45 sen compared with 8.79 sen.

Unquote

So what's 'impairment of investment'? Well here's Investopedia's definition of 'impairment':

Investopedia explains 'Impairment'

1. This is usually reduced because of poorly estimated losses or gains. 

2. Impairment can be used in many contexts. Whatever the situation, impairment is bad for the company.

Simple definition: Impairment = Bad.. 

All they had to do was collect airport taxes from airline fares and run an extremely dull airport lacking in restaurants and services (See Changi Airport as comparison).. and they couldn't do a good job out of it? Well what do I know, I don't own an airport.. if I did, I'll put right smack in the middle of the city and organise music gigs there every weekend..

According to Wikipedia, MAHB's associate companies are Urusan Teknologi Wawasan Sdn. Bhd., Kuala Lumpur Aviation Fuelling System Sdn Bhd and Cambodia Airport Management Services Limited. I don't know what technology they are investing in, last time I checked aircrafts still need to be refueled.. but what are they doing in Cambodia?