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Reports Singapore

Singapore stock market and companies daily report (City Developments, CapitaMall Trust, Metro Hldgs) (February 11, 2014)

February 11, 2014, Tuesday, 05:38 GMT | 00:38 EST | 11:08 IST | 13:38 SGT
Contributed by Shares Investment


City Developments via its subsidiary, Millennium & Copthorne Hotels (M&C), has agreed to acquire Novotel New York Times Square, a 34-storey four-star hotel development situated in the Manhattan theatre district, New York, for a purchase consideration of US$273.6 million. The property is expected to increase M&C’s share of the international travel market in New York, one of its three key gateway cities.
 
CapitaMall Trust proposed an offer to issue up to $200 million of seven-year retail bonds, yielding 3.08 percent per annum, where $150 million of them are planned to be allotted to retail investors and the remaining to institutions. Based on its financial statement as of 31 December 2013, the bond issuance would increase the company’s gearing ratio from 35.5 percent to 37.5 percent.
 
Metro Holdings recognised a 7.7 percent rise in revenue to $54.5 million for the quarter ended 31 December 2013 amid higher rental income from its property division, while general and administrative expenses expanded 40.9 percent to $9.2 million due to additional costs incurred from the acquisition of associates. Subsequently, earnings in 3Q14 soared 91.2 percent to $29.3 million. For the nine months period, despite revenue coming in flat at $144.6 million, earnings soared 26.3 percent to $63 million.
 
Soilbuild Construction bags $56.6 million design and build contract for the construction of a seven-storey ramp-up industrial building. Expected to be completed by 2Q15, the contract is scheduled to commence in February 2014 and will lift the company’s order book to $406.4 million to date.
 
Jason Holdings has been awarded nine contracts worth $11.7 million for the installation of timber flooring and decking as well as supply and delivery of stones and tiles for condominium developments and a mixed development, including a $4.7 million contract for Leedon Residences. The bulk of these contracts are expected to contribute to the firm’s FY14 performance with the balance to be completed in 2015 and beyond.
 
MTQ Corporation’s 3Q14 revenue more than doubled to $75.1 million, mainly due to contributions from its newly acquired subsidiary. As a result of the stellar performance, the company was able to reverse losses and recognise a net profit of $6.4 million for the quarter. For the nine months period, the company saw a 103.8 percent jump in revenue to $234.4 million, leading to a larger than two-fold increase in bottom line to $18.4 million.
 
Sysma Holdings through its subsidiary, Sysma Construction, has been awarded a contract worth $13.1 million to construct a detached house located at Third Avenue within the Bukit Timah district. The contract shall commence in February 2014 and is expected to be completed in December 2015.