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Reports Singapore

Singapore stock market and companies daily report (Ecowise, Oceanus, QT Vascular) (June 16, 2014)

June 16, 2014, Monday, 05:02 GMT | 00:02 EST | 08:32 IST | 11:02 SGT
Contributed by Shares Investment

Ecowise posted a 2.8 percent year on year dip in revenue to $17.7 million in 2Q14, underpinned by lower revenue recorded by the Resource Recovery segment. Consequently, gross profit fell 3 percent year on year to $3.8 million. Coupled with higher administrative expenses and other charges, the group reported a net loss of $0.1 million in 2Q14 as compared to a net profit of $0.3 million in 2Q13.

Oceanus Group recorded a 99.2 percent dip in revenue to Rmb0.1 million in 1Q14 underpinned by the impact of frugality measures imposed by the China government, resulting in falling abalone prices. However, due to lower direct production cost, depreciation and finance cost net loss dipped 62.1 percent year-on-year to Rmb17.1 million in 1Q14 as compared to Rmb45.2 million in 1Q13.

QT Vascular recorded a 339.8 percent year-on-year increase in quarterly revenue to US$2.8 million in 1Q14 mainly attributable increased in sales of its Chocolate PTA Balloon Catheter. However, losses widened by 128.4 percent due to increase in costs and expenses related to its initial public offering exercise, coupled with fair value loss on financial instruments. On hindsight, the company recently obtained clearance from the United States Food and Drug Administration to market the Chocolate PTCA Balloon Catheter creating additional market opportunities to tap on.

Sim Lian Group was awarded with a contract worth $87.8 million by the Housing and Development Board for proposed building works in Seng Kang. The contract period is 27.5 months and is not expected to have material effect on the earnings per share for the company for FY14.

Transcorp Holdings reported revenue of $11.4 million in 1H14 as compared to $0.3 million in 1H13. The increase was attributed to a one-off gain for the disposal of subsidiaries namely Transview Golf (Malaysia), Nippon Golf , Transview Lifestyle and the golf business of Transview Golf (Singapore). Consequently, the group reported a gross profit of $11.3 million in 1H14 as compared to $0.1 million in 1H13. Net profit was at $10.6 million in 1H14 as compared to a loss of $0.9 million in 1H13, underpinned by falling staff cost and other operating expenses.

Xpress Holdings’ third quarter revenue fell 22.6 percent to $4.9 million due to the shift towards small volume printing and challenging conditions in the printing industry while profit slipped by 72 percent to $0.2 million after deduction of changes in inventories even as overall costs decreased. As the printing industry undergoes major structural changes and credit condition tightens in China, the company expects business conditions to remain difficult and challenging.

Yoma Strategic Holdings has decided to proceed with the purchase of 80 percent interest in Meeyahta International Hotel which will execute a landmark development by acquiring the 10-acre site in downtown Yangon with remaining lease terms between 24 years to 26 years for US$43.2 million. An additional amount of US$38.1 million will be paid if a new master lease amounting to 70 years, for the site is issued. Initial payment will be funded via a 1-for-8 rights issue at $0.38/rights share. The Landmark Development will further cement the company’s position as one of the top real estate developers in Myanmar.