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Reports » Singapore

Singapore stock market and companies daily report (CSE, Duty Free Int’l, Ezion Hldgs) (July 15, 2014)

July 15, 2014, Tuesday, 04:05 GMT | 23:05 EST | 07:35 IST | 10:05 SGT
Contributed by Shares Investment


CSE Global’s wholly-owned Australian subsidiary, CSE-Comsource Pty has secured an initial three year term contract for the provision of telecommunications and CCTV equipment support services. On the other hand, CSE’s US-based unit, CSE W-Industries, Inc. has clinched an order for a chemical injection system for a deepwater floating production facility in the Gulf of Mexico. The total value of these two projects is approximately $27 million.

Duty Free International registered a 5.7 percent year-on-year increase in revenue to RM128.3 million for 1Q14 on the back of a RM6.7 million increase from the trading of duty free goods and non-dutiable merchandise segment due to increase in demand and better selling prices for certain products. However, net profit dropped 90.6 percent to RM11.8 million in 1Q14 due to the absence of RM114.8 million in earnings from discontinued operations registered in 1Q13.

Ezion Holdings has sealed a US$122.6 million contract to provide a service rig over a 7 year period to an east European based national oil major in the North Sea by 2Q15. The company also announced that it has received a letter of intent for a US$156 million contract to provide a service rig for a 5 year period including extensions to a Southeast Asian based national oil company.

Miyoshi Precision has reported a 71.5 percent and 63.1 percent year-on-year decrease in revenue to $12.8 million and $56.8 million in 3Q14 and 9M14 respectively, mainly attributable to income from Giken Sakata (S) (Giken) not being consolidated from 2Q14 as Giken became an associate company of the Group following the completion of Giken’s placement and subscription of new shares. However, the company returned to the black with net profits of $3.8 million for 9M14 mainly due to the gain of $5.1 million from the sale of a property.

Noble Group has formed a joint venture, Harbour Energy, with EIG Global Energy Partners (EIG). Harbour Energy will own and operate upstream and midstream assets globally and will be managed by EIG, with Noble being its preferred offtake and marketing partner. Noble will make a capital investment of US$150 million and hold 75 percent stake in Harbour Energy. The move is in line with the company’s “asset light” strategy, moving away from the direct operations of energy assets.

Qian Hu Corporation reported a slight 0.6 percent year-on-year decrease in revenue to $21.1 million in 2Q14, underpinned by a substantial reduction in its plastic revenue. Consequently, as a result of a difference in sales mix in its accessories business, gross profits rose 6.8 percent year-on-year to $6.3 million. However due to an overall increase in expenses, 2Q14 net profits fell 37.3 percent to $89,000.

Sembcorp Industries has increased its stake in Thermal Powertech Corporation India (TPCI) from 49 percent to 65 percent. The incremental 16 percent stake amounted to an additional investment of INR4 billion made by the company and will make TPCI a subsidiary of the company. TPCI is developing a 1,320-megawatt coal-fired power plant located in India, with its first unit expected to begin operations in 4Q14.