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Singapore stock market and companies daily report (GLP, JES Int’l, OKP Hldgs) (May 23, 2014)

May 23, 2014, Friday, 05:59 GMT | 00:59 EST | 09:29 IST | 11:59 SGT
Contributed by Shares Investment

- Global Logistic Properties recorded a 20.2 percent year-on-year increase in revenue to US$150.4 million in 4Q14 attributed to the completion and stabilisation of development projects in China with increasing rents and growth in GLP’s fund management platform. However, due to higher finance cost, net profit fell 28.6 percent to US$160 million in 4Q14. Overall, net profit for FY14 inched up slightly by 0.1 percent to US$685.2 million.

- JES International Holdings clinched a contract for the construction of six Ultramax bulk carriers and five options each for the construction of six additional vessels of the same type. If all five options are exercised, the group is expected to deliver another 30 Ultramax bulk carriers and the aggregate value of the contract is worth US$974 million. The delivery of the six vessels under the contract is expected to take place from 2015 onwards.

- OKP Holdings has been awarded with a $50.6 million contract from the Public Utilities Board to construct Stamford Diversion Canal which is located in Tanglin and Kim Seng. The project involves the construction of a canal underneath the road and road-raising works at the designated areas. Expected to be completed 42 months after the project commencement date of 18 June 2014, the latest contract win will lift OKP’s net construction order book to $240.2 million and extending it till 2017.

- KS Energy inked three contract extensions worth more than US$60 million for the provision of drilling services and charter of the company’s three drilling rigs.

- Hiap Tong registered a 18.7 percent increase in revenue to $45.7 million for FY14, underpinned by higher leasing income. However, as a result of higher cost of sales, gross profit fell 1.4 percent to $13.3 million in FY14. Consequently, net profit fell 17 percent to $3.9 million in this year.