• Singapore stock market and companies daily report (Ellipsiz, Riverstone, Tigerair) (May 05, 2015)

    Ellipsiz doubled its net profit in 3Q15 to $1.2 million. The 123 percent jump in net profit happened despite a 22 percent drop in revenue to $25.6 million. For 9M15 however, the company’s net profit fell 42 percent to $4.7 million while revenue fell 21 percent to $85.1 million. The company states that the decline in revenue is attributable to the 45 percent drop in revenue of the distribution and services (DSS) business, after the divestment of facilities and communication activities.

    Nera Telecommunications
    reported a 33.8 percent drop in net profit as telecom sales fell and payment solutions margins shrank for 1Q15. Profit was $3 million, while revenue inched 3.6 percent to $42.1 million. Nera secured approximately $57.6 million due to significant orders received from the Telecommunications business. Nera believes that the growth in the network infrastructure products and services will continue as a result of rapid increase in internet traffic, web services, mobile data and security threats.

    Riverstone Holdings reported a 68.6 percent jump in net profit in 1Q15 as demand rose for its rubber gloves. Net profit stands at RM27 million ($10 million) for 1Q15 while revenue increased 44.8 percent to RM127.2 million, driven by the expanded annual production capacity to 4.2 billion gloves by end-2014. While its second expansion is underway for completion by end-2015, the company acknowledges the increasingly competitive landscape for the glove manufacturing sector and continues to remain cautious about fluctuations in commodity prices and US currency. The group stays optimistic about growth prospects.

    Sing Holdings warns that it will report a loss for 1Q15, attributable to higher sales and marketing expenses incurred for the group’s development properties, without corresponding revenue recognition from sales of units in Waterwoods, its Punggol executive condominium project from November 2013. Further details will be disclosed when the company announces its unaudited financial statements for the quarter.

    Tiger Airways posted a loss of $18.8 million for 4Q15. For FY15, losses accumulated to $264.2 million, its third consecutive financial year to record pre-tax losses. The group revised its aircraft depreciation policy following a review of its fleet plan, re-assessing the maintenance provisions for leased aircraft. Revenue inched five percent to $172.2 million. The group believes that surplus capacity remains in the industry, having downward pressure on yields, expecting to make headway in its turnaround effort by optimising fleet size and improving yields and loads. The group will also benefit progressively from lower oil prices as the proportion of older fuel hedging contracts undertaken before the fall in price decreases.

    Contributed by Shares Investment
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