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Reports Singapore

Singapore stock market and companies daily report (ComfortDelGro, SATS, Super Group) (May 14, 2014)

May 14, 2014, Wednesday, 05:24 GMT | 00:24 EST | 08:54 IST | 11:24 SGT
Contributed by Shares Investment

- ComfortDelGro Corporation reported a 9.2 percent year-on-year growth in revenue to $950.8 million in 1Q14, underpinned by positive currency translation effects and growth in all business segments except for the car rental and leasing business as well as automotive engineering services. Consequently, net profit rose 9.7 percent year-on-year to $63.3 million.

- Cordlife Group posted $11.8 million in revenue for the quarter ended 31 March, up 64 percent from 3Q13, underpinned by increased client deliveries in the Philippines, India and Indonesia. However, higher overall expenses related to the three countries eroded profitability as bottom line rose by a smaller margin of 24.4 percent to $1.5 million. For the nine-month period, turnover and earnings grew 40.7 percent and 49.3 percent to $35.3 million and $14.4 million respectively.

- Dyna-Mac Holdings secured new fabrication orders, worth $50 million, with works expected to commence in 2Q14. The orders, obtained from two repeat clients, involve eight units of topside modules and three units of structural blocks.

- Hwa Hong Corporation agreed to assume a 50-percent stake in five retail shop units in London. The net acquisition consideration of the properties, measuring a total floor area of approximately 14,399 square feet, is £10.3 million ($21.5 million). Hwa Hong is paying £2.8 million ($5.9 million) for its share.

- PACC Offshore Services Holdings bagged a US$80.5 million charter contract for its accommodation vessel to support Petrobras’ oil and gas production activities in the Campos Basin. The contract, commencing in December, will last for one year, with an extension option for another year. If the option is exercised, the total contract value will be in excess of US$144 million.

- Raffles Education Corporation’s joint venture (JV), Value Vantage, is disposing its entire interest in Value Vantage (Hangzhou) Co, to Shanghai Jin Hui Investment and Management Co for Rmb850 million. Based on Raffles’ financial statements ended 31 December 2013, the book value of the interest held was worth about $40.7 million and the net tangible asset value was approximately $26.5 million.

- SATS announced that it has agreed not to proceed with the acquisition of Singapore Cruise Centre and to terminate the sales and purchase agreement due to market developments in Asia.

- Super Group posted a 5.8 percent year-on-year decline in turnover to $124.6 million for the three months ended 31 March, mainly due to slower branded consumer and food ingredients sales. Coupled with higher overall expenses, 1Q14 net profit fell 19.5 percent year-on-year to $17.8 million.

- Technics Oil and Gas’s JV has secured a letter of award to set up a gas processing facility with two years of operations and maintenance in South Asia worth $166 million.

- Vibrant Group’s JV, Master Real Estate, has acquired a resettlement housing development site in Jiangyin, China, for Rmb75.4 million. The site, with a guaranteed buy-back upon project completion clause, will house residential developments.