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Reports Singapore

Singapore stock market and companies daily report (Del Monte Pac, Low Keng Huat, TTJ Hldgs) (June 13, 2014)

June 13, 2014, Friday, 05:54 GMT | 01:54 EST | 10:24 IST | 12:54 SGT
Contributed by Shares Investment

- Del Monte Pacific reported a net loss of US$42.8 million for the January to April period due to one-off acquisition expenses incurred for Del Monte Food, Incorporated (DMFI) and is in the process of aligning its financial year with DMFI. This was despite the sales of US$379.2 million with US$292.9 million contributed by DMFI. However, the company expects higher earnings in FY15 with growth plans across its key markets.

- Joyas International Holdings’ wholly owned subsidiary Joyas Group entered into a disposal agreement for a property located in Hong Kong for HK$11.8 million which will yield estimated gains of HK$5.9 million. The proposed disposal is expected to increase earnings per share by approximately eight folds upon completion on a proforma basis.

- LCD Global Investments entered into a franchise agreement with The Ascott for its serviced residence in Vientiane, Laos, to join Ascott’s portfolio of worldwide serviced residences. Under the agreement, LCD’s Parkway Suites will be re-branded as Somerset Vientiane where it will be managed by Ascott for the first two years before transitioning to a franchise agreement.

- Low Keng Huat (Singapore) saw a 36.4 percent advance in revenue for the first quarter ended 30 April 2014, bolstered by construction activity at Jurong Town Hall Road during the period. Despite the stellar performance, earnings for the quarter were down 4.2 percent to $14.6 million which was dragged back by a multi-fold increase in cost of sales.

- Mermaid Maritime’s subsea unit has been awarded a call off contract with an estimated value of US$19 million for subsea remotely operated vehicle services. Services will be provided to Thailand’s major upstream oil and gas operators for an initial period of two years.

- TTJ Holdings’ revenue soared 38.6 percent for the third quarter ended 30 April 2014, in tandem with contributions from major projects in the company’s structural steel business. Coupled with a $0.3 million decline in administrative expenses, earnings for the quarter jumped 120.4 percent. For the nine-month period, revenue grew 7.3 percent to $107.2 million, while earnings gained 58.7 percent to $16.1 million.