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Reports Singapore

Singapore stock market and companies daily report (F&N, Guoccoleisure, Frasers Centrepoint) (May 12, 2014)

May 12, 2014, Monday, 05:32 GMT | 00:32 EST | 09:02 IST | 11:32 SGT
Contributed by Shares Investment


Fraser & Neave posted a 3.8 percent gain in revenue to $589.4 million for the second quarter ended 31 March 2014, boosted by better business performance across the board. Given the absence of contribution from its discontinued operations that was present in 2Q13 and pulled down further by a $17.7 million loss on distribution of discontinued operations, earnings sank 64.5 percent to $16.7 million. For the six-month period, revenue grew 4.4 percent to $1.2 billion, while earnings fell 96.5 percent to $173.5 million.

GuocoLeisure reported a 23.1 percent year-on-year increase in revenue to US$90.5 million in 3Q14, underpinned by higher revenue generated by the gaming, hotel and property development segment. This has led to net losses narrowing by 95.4 percent , from US$6.5 million in 3Q13 to US$0.3 million in 3Q14.

Frasers Centrepoint has fully acquired LaSalle 61 Philip Sub Trust, a unit trust incorporated in Australia. As well as a 100 percent stake of Ananke Holding, the master lessee of the LaSalle’s owned hotel known as Sofitel Sydnet Wentworth for a collective amount of $237.2 million.

Overseas Education’s revenue edged up 1.1 percent to $25.5 million for the first quarter ended 31 March 2014, mainly due to higher tuition fees. With all else remaining relatively flat, earnings grew 6.1 percent to $5.5 million.

Wee Hur Holdings’ revenue expanded 49.5 percent to $77.9 million for the first quarter ended 31 March 2014, underpinned by higher contributions from residential development projects. Along with an 11.9 percentage points jump in gross profit margin as residential development projects command higher gross profit margins, earnings was fourfold higher at $7.1 million.

Advanced Holdings registered a 19.5 percent rise in revenue to $22.1 million for the first quarter ended 31 March 2014. The stellar performance was due to an increase in sales to the petrochemicals and chemicals industry in China. Dragged down by higher distribution, marketing and administrative expenses as a result of more aggressive marketing efforts, and depreciation expense incurred as its new factories, earnings went north by 18.8 percent to $0.6 million.

TalkMed Group recorded a 13.5 percent year on year increase in revenue to $14.4 million, underpinned by increase in patient visits and revenue from patients requiring higher intensity care. Consequently, net profit increased by 24.6 percent to $9.2 billion, mainly due to higher revenue and lower operating expenses.

IFS Capital registered a 1.8 percent year on year decline in operating income to $8.6 million in 1Q14, due to lower net interest income, mitigated by higher net earned premium revenue and non interest income. Consequently, the group registered a 38 percent year-on-year dip in earnings to $870,000  underpinned by higher staff cost, higher net claims, higher allowances for net loan losses and impairment of investments.