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Reports Singapore

Singapore stock market and companies daily report (Goodland Group, IEV Hldgs, SPH) (January 15, 2014)

January 15, 2014, Wednesday, 06:07 GMT | 01:07 EST | 11:37 IST | 14:07 SGT
Contributed by Shares Investment

Goodland To Acquire Land In Perak, Malaysia
- Goodland Group has proposed the purchase of property developer and investment holding firm, Citrine Assets, for $62.7 million.
- Citrine Assets owns 70 percent of T-City (Ipoh), a legal and beneficial owner of certain properties in Perak, Malaysia with a total land area of 8.9 million square feet (sqf). The unexpired tenure of each property is approximately 98 years.
- However, Goodland will only buy a portion of T-City’s properties, amounting to a total land area of 2.2 million sqf, slated for commercial and residential development as they are in line with the Goodland’s strategy. The remaining land, slated for other developments, such as hospitality and theme park, are not part of Goodland’s interest to invest or develop for the time being.
Significance: Based on Malaysian property valuer, JB Jurunilai Bersekutu, the land slated for commercial and residential development is estimated to be worth RM547.8 million ($210.7 million).
IEV Wins RM50m Decommissioning And Towage Contract
- Through its 49 percent owned associate, IEV (Malaysia), IEV Holdings has been awarded a contract for the decommissioning and towage of a floating production storage offloading from offshore Terengganu in Malaysia worth approximately RM50 million.
- The project, secured from a Malaysian based oil and gas exploration and production services firm, is scheduled to commence in January 2014 and is expected to be completed within two months.
- IEV will carry out the project with EMAS-AMC, a leading global offshore service provider equipped with a fleet of young and advanced DP subsea construction and installation vessels, to support the offshore decommissioning phase.
Significance: At RM50 million, the project represents 15.8 percent of IEV’s FY12 total turnover.
SPH 1Q14 Earnings Down 6.6%
- For the quarter ended 30 November 2013, Singapore Press Holdings’ (SPH) turnover rose 2 percent to $328.5 million, from $322.1 million, credit to its property segment in the form of higher rental income from Paragon and The Clementi Mall.
- The increase helped mitigate a 1.4 percent hike in overall expenses, from $212 million to $215.1 million, leading recurring earnings of the media and property business to gain 2.2 percent to $116.9 million.
- However, excluding contributions from non-controlling interests – $8.9 million in 1Q14 compared to $1.1 million a year earlier – net profit attributable to SPH’s shareholders narrowed 6.6 percent, from $95.1 million, to $88.8 million.
Significance: In the face of an ever-changing media landscape and consumer behaviour, SPH continues to evaluate and chase new growth opportunities whilst striving to revitalise its core media business.