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Reports Singapore

Singapore stock market and companies daily report (CapitaMall Trust, Mapletree Industrial Trust, Suntec REIT) (July 23, 2014)

July 23, 2014, Wednesday, 04:42 GMT | 00:42 EST | 09:12 IST | 11:42 SGT
Contributed by Shares Investment


CapitaMall Trust’s revenue grew 2.5 percent year-on-year to $164.3 million in 2Q14, underpinned by higher rental achieved due to asset enhancement initiative and on new and renewed leases and staggered rental. Consequently, net property income increased 4.4 percent to $114 million as a result of lower property tax maintenance and utilities expenses. Therefore, distribution per unit was a 6.3 percent year-on-year higher at $0.0269 in 2Q14.

COSCO Corporation announced that shipyards, which are subsidiaries of its 51 percent owned subsidiary COSCO Shipyard Group, have secured contracts worth approximately US$300 million. The contracts entail the construction of one accommodation barge and seven bulk carriers with the earliest delivery scheduled in 4Q15.

Ezion Holdings has sold its entire shareholding in Ezion Offshore Logistics Hub and Teras Australia to AusGroup for a consideration of $55 million with $14 million paid in cash and the rest paid with new fully paid up ordinary shares of AusGroup representing a 17.8 percent stake in AusGroup. The sale will allow Ezion to continue its focus on investment in service rigs to meet the strong demand for such service rigs.

Frasers Centrepoint Trust reported 3Q14 revenue of $41.2 million, up 3.1 percent year-on-year underpinned by improvement in revenue generated from Causeway Point and the addition of Changi City Point (CCP). In tandem, net property income grew 2.4 percent year-on-year to $29.1 million. Therefore, distribution per unit increased 6 percent year-on-year to $0.03022 in 3Q14.

Global Logistics Properties (GLP) has sealed a new lease agreement totaling 15,000 square meters with a leading multi-channel retailer in China. This is a new customer relationship for GLP and the facility will be used by the client to meet increasing demand for products sold through its leading e-commerce and TV shopping platforms in Midwestern China.

Keppel Telecommunications & Transport’s 2Q14 revenue jumped 27 percent mainly attributable to higher income from its datacentre and logistics divisions. However, due to an increase in operating expenses from the inclusion of unrealised hedging loss and higher interest expenses, earnings slipped 12.8 percent to $14.3 million in 2Q14. Similarly, net profit for 1H14 shrunk 5.3 percent to $29.7 million caused by increases in operating expenses as well as interest and tax expenses.

Mapletree Industrial Trust revenue grew 4.4 percent year-on-year to $78.4 million in 1Q15, underpinned by higher rental rates secured for leases across all the property segments except Business Park Buildings. Consequently, due to lower operation and maintenance expenses offset partially by higher marketing expenses and property taxes, net property income recorded an overall increase of 8 percent year on year to $56.7 million. Therefore, distribution per unit increased 3.3 percent year-on-year to $0.0251 in 1Q15.

SATS reported a moderate improvement in revenue by 0.2 percent to $435.2 million in 1Q15, due to increased income from gateway services, partially offset by a drop in turnover from the food solutions segment. However, net profit decreased 6.3 percent to $43.3 million in 1Q15, underpinned by a rise in group expenditures, mainly due to higher staff costs as well as company premises and utilities expenses.

Sino Construction has acquired a 52 percent stake in JEMS Exploration for a consideration of US$20 million. JEMS Exploration is a company that is in the business of the exploration, mining and production of coal in Queensland, Australia. The rational of the acquisition is part of Sino Construction’s strategy to diversify its existing business and explore different investment opportunities.

Suntec Real Estate Investment Trust posted a 45.1 percent increase in gross revenue to $68.1 million in 2Q14, mainly due to the opening of Suntec Singapore Convention & Exhibition Centre following the completion of the asset enhancement works. Consequently, total amount available for distribution grew 11.3 percent to $56.6 million, with distribution per unit rising slightly by 0.8 percent to $0.02266.