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Reports Singapore

Singapore stock market and companies daily report (CapitaCommercial Trust, China Gaoxian, GLP) (July 18, 2014)

July 18, 2014, Friday, 05:46 GMT | 00:46 EST | 09:16 IST | 11:46 SGT
Contributed by Shares Investment


Singapore’s non-oil domestic exports (NODX) slid for a second month in June, with a 4.6 percent year-on-year contraction, worse than economists’ forecast of a 2.7 percent drop. The dip was mainly attributable to 17.4 percent decrease in electronics exports, outweighing the 1.3 percent rise in non-electronics exports. As the country’s electronics exports continue to fall for a 23rd consecutive month and hopes for trade recovery in the second half grows dimmer, the only consolation comes from last month’s non-oil re-exports figures, which posted a 7.5 percent year-on-year jump.

CapitaCommercial Trust has reported a 3.2 percent year-on-year increase in gross revenue to $65.8 million in 2Q14, mainly due to higher revenue contribution from all properties except for One George Street. Consequently, distributable income increased 7.6 percent to $64.1 million on the back of lower interest expenses, higher net property income and higher distributable income from RCS Trust as well as release of tax-exempt income. This resulted in a 5.3 percent rise in distribution per unit to $0.0218 for 2Q14.

China Gaoxian Fibre Fabric Holdings’ subsidiary, Fujian New Huawei Fibre Dyeing Co. has incorporated Huzhou Huaxiang Properties Co. in China with a registered capital of Rmb10 million and will principally be engaged in real estate development and property management. The company’s other unit, Huaxiang (China) Premium Fibre Co. has agreed to acquire the entire stake in Changle Bole Trading Co. and Changle Guangda Trading Co., mainly engaged in the trading of textiles, construction, clothing and shoes materials, textile machinery, electrical appliances and daily necessities, for Rmb3 million each, equivalent to their net book values.

Global Logistic Properties (GLP) has signed two new lease agreements totalling 23,000 square meters with two leading third-party logistics providers in China. Sustained retail sales growth continues to drive demand for GLP’s properties in China and GLP believes its national network places it in a good position to capture the opportunities in the China logistics industry.