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Reports Singapore

Singapore stock market and companies daily report (Ascendas India Trust, Keppel Corp, Mapletree Comm Trust) (July 25, 2014)

July 25, 2014, Friday, 03:40 GMT | 22:40 EST | 07:10 IST | 09:40 SGT
Contributed by Shares Investment


Advanced Holdings announced that it has received letter of awards totalling approximately $9 million to provide process equipment and analyser systems in the region. The projects are scheduled to be completed by first half of 2015 and will lift the company’s order book to approximately $80 million.

Ascendas India Trust recorded a 9 percent increase in total property income to INR1.5 billion in 1Q15, mainly due to rental income from Aviator and new leases signed at ITPC at higher rental rates. Consequently, net property income rose 10 percent to INR898.7 million while income available for distribution grew 8 percent to INR560.6 million. However, when converted to Singapore dollar terms, the increase in income was reduced due to the appreciation of the Singapore dollar and distribution per unit was $0.0115.

CDL Hospitality Trusts registered a 6.4 percent growth in gross revenue to $37.9 million in 2Q14, underpinned by higher income contribution from its Maldives resorts. However, net income dropped 4.7 percent to $22.6 million mainly due to the depreciation and amortisation expense rising from the acquisition of Jumeirah Dhevanafus. Consequently, total income available for distribution slid 7.7 percent to $27.1 million while distribution per stapled security shrunk 8.3 percent to $0.0277 in 2Q14.

Keppel Corporation registered a 3.3 percent increase in revenue to $3.2 billion in 2Q14, underpinned by stronger contributions from the offshore & marine division and Keppel Telecommunications & Transportation’s logistics business. Coupled with a decline in materials and subcontract costs, other operating and interest expenses, net profit grew 17.1 percent to $406 million. Similarly, there was a 5.8 percent increase in 1H14’s net profit to $744.7 million.

Mapletree Commercial Trust has reported a 6.6 percent year-on-year increase in gross revenue to $68.7 million in 1Q15, as a result of positive contributions from VivoCity, PSAB and Mapletree Anson. Coupled with a decrease in property operating expenses, net property income rose 9.7 percent to $51.7 million. Subsequently, income available for distribution expanded 12.9 percent to $41 million while distribution per unit grew 11.2 percent to $0.0195 in 1Q15.

MTQ Corporation reported an 18.7 percent year-on-year decline in revenue to $76.7 million in 1Q15, due to the absence of vessel campaign in the Neptune segment which had previously boosted income in1Q14, lower sales from the Oilfield Engineering businesses in Singapore and a quiet start from the Binder Group. In line with the decrease in turnover, which was partially offset by higher gross profit margins, net profit contracted 35.4 percent in 1Q15.

Soilbuild Construction Group has secured a contract by Housing & Development Board for the worth approximately, $168.4 million. The contract entails the construction of nine blocks of 13-storey residential buildings, one block of commercial building 2 blocks of multi-storey carpark/electrical substation/communal facilities and precinct pavilion in Yishun. The project, expected to commence in August 2014 brings the group’s latest order book to $676.9 million.

Texchem-Pack Holdings’ revenue rose 6.9 percent to RM 43.8 million in 2Q14, mainly due to higher sales achievement in the medical/life sciences business, consumer electrical and electronic as well as semiconductor segments. Net loss for the quarter decreased 6.8 percent to RM3.9 million on the back of decreasing distribution & other operating expenses, partially offset by higher administrative expenses and finance costs.

Top Global’s revenue for 2Q14 jumped 27.9 percent to $6 million, mainly attributable to the recognition of income from sale of development properties from Braddell and Bartley Projects. Due to a substantial decrease in marketing and distribution expenses from the absence of marketing costs which were incurred for the launching of Braddell and Bartley Project in 2013, the company returned to the black with net profit of $1.5 million in 2Q14.

Yoma Strategic Holdings’ revenue rose 13.9 percent to $17.3 million in 1Q15, mainly attributable to the group’s real estate division, arising from the sustained sales of land development rights and residences in key flagships projects. Coupled with a $6.4 million fair value gain on investment properties, partially offset by currency translation losses and higher expenses, 1Q15’s net profit increased more than 3-fold to $1.4 million.