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Reports Singapore

Singapore stock market and companies daily report (GLP, Noble Group, Figtree Hldgs) (February 24, 2014)

February 24, 2014, Monday, 06:31 GMT | 01:31 EST | 11:01 IST | 13:31 SGT
Contributed by Shares Investment

- Global Logistic Properties (GLP) established a strategic partnership with Sinotrans, China’s largest state-owned logistics company, to develop a national network of logistics facilities to meet fast-growing demand. The tie-up will enhance GLP’s access to strategic land holdings and strengthen its position as the top logistics solution provider in China.

- Noble Group turnover for the quarter ended 31 December 2013 came in relatively unchanged at US$24.4 billion as growth in its energy segment was weighed down by lower contributions from its agriculture and metals, minerals and ores (MMO) segments. However, improved operating income margins in its agriculture and MMO segments lifted operating income from supply chains up 14.2 percent to US$378 million. For the full year, revenue was up 4.1 percent to US$97.9 billion while net profit halved to US$243.5 million due to weaker margins in the earlier periods.

- Figtree Holdings’ top line spiked 69.9 percent to $101.8 million on the back of revenue recognised from the major projects with Tech-Link Storage Engineering and Seo Eng Joo Frozen Food. Coupled with an improved gross profit margin, attributable to better efficiency cost control, net profit recorded a twofold jump to $8.6 million.

- Kim Heng Offshore & Marine Holdings’ turnover for FY13 dipped 2.2 percent to $84.8 million as a result of lower income from its vessel sales and newbuild segment. However, a $4 million reversal of allowance for inventory obsolescence helped to trim the effect on bottom line as net profit narrowed 1.1 percent to $17.1 million.

- AsiaPhos’ revenue for the quarter ended 31 December 2013 almost tripled to $2.7 million, driven by higher sales of phosphate rocks and phosphate-based chemical products. However, a hike in general and administrative costs as well as a reversal of deferred tax asset of prior year tax losses led to a 24.1 percent expansion in losses to $1.2 million. For the full year, AsiaPhos sank into the red despite a 72.7 percent rise in turnover to $8.5 million.

- Pacific Healthcare Holdings raised its stakes in Pacific Healthcare Nursing Home and Pacific Eldercare and Nursing, currently at 15 percent each, by 20 percent each for $1.2 million. The management believes that the eldercare segment of the healthcare industry could play an integral part in the firm’s turnaround and expansion plans.

- Raffles Medical Group’s revenue for the quarter ended 31 December 2013 gained 6 percent to $88 million, underpinned by higher patient load and contributions from overseas operations. Combined with improved operating leverage and operational efficiencies, net profit more than doubled to $43.2 million. For FY13, the firm’s turnover and earnings grew 9.4 percent and 49.3 percent to $341 million and $84.9 million respectively.

- Sinjia Land proposed a joint venture (JV) with Real Time Engineering involved in procuring, assembling and installing fuel cell systems in commercial and other buildings for the generation of electricity and production of synthetic diesel in Singapore. The JV enables Sinjia to capitalise on the growing clean energy market and expand its engineering services into higher margin businesses.

- Swissco Holdings posted an 86.6 percent rise in revenue to $79.3 million for 4Q13, underpinned by completion and delivery of vessels under its maritime services segment. Coupled with gains related to the disposal of vessels, Swissco’s net profit more than doubled to $12.9 million. For FY13, top line recorded a 4.3 percent increase to $114.7 million while earnings jumped 41.5 percent to $23.2 million.

- ValueMax Group’s 4Q13 turnover declined 9.9 percent to $111.9 million due to lower contribution from retail and trading of pre-owned jewellery and gold business while its pawnbroking segment was hit by a fall in gold price. This led to a 37.8 percent fall in net profit to $1 million. For the 12-month period, revenue and bottom line slumped 30.6 percent and 34.8 percent to $353.1 million and $9.4 million respectively.