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Reports Singapore

Singapore stock market and companies daily report (Ascott REIT, Frasers Comm Trust, M1) (July 22, 2014)

July 22, 2014, Tuesday, 04:29 GMT | 23:29 EST | 08:59 IST | 11:29 SGT
Contributed by Shares Investment


800 Super Holdings’ subsidiary, 800 Super Waste Management has been awarded a $204.9 million contract by the National Environmental Agency to provide integrated public cleaning services for the South-West region of Singapore. The contract is for a period of seven years from 1 September 2014, with an option for an extension for another one year.

Ascott Residence Trust’s revenue increased 13.8 percent to $88.1 million in 2Q14 largely due to contributions of $9.4 million from new properties acquired in 2013 and 2014, as well as stronger contribution from existing properties. Consequently, net profit grew 20.3 percent to $52.4 million and total amount distributable to unitholders rose 8.3 percent to $33.5 million. Distribution per unit dropped 10.6 percent to $0.0219, accounting for the effects from the rights issue in December 2013 and excluding one-off items of approximately $4 million.

Cache Logistics Trust posted a 1.7 percent increase in gross revenue to $20.8 million in 2Q14. Property expenses expanded 38.7 percent to $1.2 million for the quarter as expenses in 2Q13 were lower due to a one-off reversal of expenses. Subsequently, net property income remained flat while income available for distribution rose 0.5 percent to $16.7 million and distribution per unit remained unchanged at $0.02147 in 2Q14.

Frasers Commercial Trust registered a 1.1 percent moderate decrease in gross revenue to $29.6 million for 3Q14, due to the effects of the weakening Australian dollar on the income from Australian properties and higher repair and maintenance expenses for Caroline Chisholm Centre. Distribution to unitholders for the quarter gained 2.9 percent to $14.8 million, with a distribution per unit of $0.0219 for 3Q14.

Keppel Infrastructure Trust has reported 2 percent decline in revenue in 2Q14 due to lower finance income. Coupled with higher operations and maintenance costs, net profit fell 13.4 percent to $3.3 million in 2Q14. Distribution per unit for 1H14 remained unchanged year-on-year at $0.0313, despite a 3.1 percent decrease in earnings for 1H14.

Mapletree Logistics Trust’s (MLT) gross revenue for 1Q15 rose 7.4 percent to $81 million, mainly due to contribution from Mapletree Benoi Logistics Hub, positive rental reversions in Singapore and Hong Kong, additional revenue from a Korea property and higher income from four Japan properties. Subsequently, total amount distributable to unitholders rose 6 percent to $46.6 million while distribution to per unit grew 5.6 percent to $0.019. In a separate filing, MLT announced its intentions to acquire Mapletree Zhengzhou Logistics Park in Henan, China for Rmb205.6 million ($41.4 million) from Mapletree Investments.

M1 registered a 2 percent year-on-year decrease in revenue to $239.7 million in 2Q14, mainly due to lower handset sales. However, due to a 6 percent decrease in operating expenses attributable to lower cost of sales, 2Q14 net profit rose 12.1 percent to $43.9 million. Earnings for 1H14 grew 8.2 percent to $86.7 million in tandem.

Technics Oil & Gas has inked a new leasing contract worth $17.3 million, involving a five years leasing and maintenance contract for five units of gas compressor equipment as well as a one year plant maintenance contract in Indonesia.

TEE Land’s revenue declined 44 percent year-on-year to $8.6 million in 4Q14, underpinned by lower progressive income recognised for 91 Marshall and 448@East Coast. However, net profit for the quarter jumped more than seven folds to $5.6 million on the back of a substantial increase in other operating income from revaluation of investment property and recognition of sales option deposit forfeited, as well as a higher share of results of associates. In tandem with the significant improvement in net profit for 4Q14, FY14 earnings increased more than five folds to $11.3 million.

Vard Holdings has reported revenue of NOK2.9 billion for 2Q14 in line with the corresponding period a year ago, with a slight 0.1 percent decline. Profitability of the group has recovered, with operating margin improving to 4.8 percent compared to 0.7 percent in 2Q13 and consequently, Vard returned to the black with net profit of NOK140 million. Following five new vessel contracts wins, Vard recorded order intakes of NOK2.7 billion in 2Q14 and on the back of seven vessel deliveries, its order book stands at NOK21.6 billion at the end of 1H14.

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