Sun, 27 Feb 2000

Malaysia profits from Formula I

JAKARTA (JP): Malaysia earned 500 million ringgits from the Formula I race at the Sepang circuit in October 1999, Minister of Finance Daim Zainuddin said in Kuala Lumpur on Friday.

The prestigious race was broadcast by 750 TV stations in 260 countries and attracted 600 million viewers.

"About 65,000 guests attended the event in Sepang and they contributed 500 million ringgits in foreign exchange," he was quoted by Antara as saying.

Daim said more than 50 percent of the guests flew into the country aboard national carrier Malaysia Airlines and more than 70 percent of them stayed in international-standard hotels for more than one week.

"Obviously, staging a Formula I race is profitable," he said. (yan)