New York: 03:52 || London: 06:52 || Mumbai: 12:22 || Singapore: 14:52

Reports Singapore

Singapore stock market and companies daily report (Amtek Engineering, Lantrovision, Tiong Woon Corp) (August 21, 2014)

August 21, 2014, Thursday, 05:36 GMT | 01:36 EST | 10:06 IST | 12:36 SGT
Contributed by Shares Investment

Amtek Engineering’s wholly-owned subsidiary, Amtek International, has agreed to the sale of all 52.3 million shares of Fischer Tech it currently holds for approximately $8.4 million, which translates to $0.16 per share. After the sale, the group no longer has any shareholding interest in Fischer Tech. Net proceeds of the sale will be used for general working capital, capital expenditure and investments of the group.

IPS Securex Holdings recorded a 31.2 percent jump in revenue to $12.4 million in FY14, underpinned by stronger contributions from both of its business segments. Gross profit margin improved to 48.2 percent from 42.4 percent in FY13 due mainly to the higher margins secured from the sales of security products. However, a more than two-fold increase in administrative expenses eroded profitability. Coupled with higher income tax expenses, earnings contracted 35.2 percent to $1.1 million in FY14.

Lantrovision (S) registered a 19.7 percent increase in revenue to $40.3 million in 4Q14, primarily attributable to more installation projects in Malaysia, China, and the Philippines. Coupled with a decrease in other operating expenses, net profit rose 29.6 percent to $3.1 million in 4Q14. For the six-month period, revenue and earnings grew 13.6 percent and 52.6 percent respectively, to $151.7 million and $13.9 million.

Singapore Windsor Holdings’ subsidiaries, Kunshan Lun Hsing Electronics Technology Co (LHE) and Lun Hsing Machinery Industry (Kunshan) Co (LHM) have entered into relocation agreements with the redevelopment office of Zhangpu Town, which includes the disposal of LHE’s and LHM’s separate interest in the land and factory premises at, Zhangpu Town, Kunshan City, Jiangsu Province for Rmb17.1 million and Rmb25.5 million respectively.

Tiong Woon Corporation Holding has reported a 17.6 percent decline in revenue to $165.3 million in FY14, on the back of weaker contributions from all four business segments. However, due to a gain of $3.2 million on disposal of its entire interest in its wholly-owned subsidiary, Tiong Woon Oil & Gas Services and sub-subsidiary PT TWC Bintan, coupled with lower income tax expense, net profit rose 25.3 percent to $22.1 million in FY14.