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Reports Singapore

Singapore stock market and companies daily report (Great Eastern Hldgs, SIA, SMRT) (July 31, 2014)

July 31, 2014, Thursday, 07:24 GMT | 02:24 EST | 11:54 IST | 14:24 SGT
Contributed by Shares Investment

Artivision Technologies posted a multiple-fold gain in revenue to $2 million for the first quarter ended 30 June 2014, underpinned by contribution from a newly acquired subsidiary, Colibri Assembly (Thailand) Co. Certain items of expenses went up mainly due to the consolidation of Colibri’s expenses into the company’s. Nonetheless, losses shrank 39.5 percent to $0.8 million.

Baker Technology’s 2Q14 revenue fell 19.7 percent year-on-year to $17.8 million, attributable to lower revenue recognition for existing projects. Coupled with higher administrative expenses, foreign exchange loss and the absence of a gain on disposal of associate of $8.9 million recorded in 2Q13, net profit for the quarter slid 91.6 percent to $1 million. For 1H14, revenue shrunk 23.1 percent to $36.3 million while earnings dropped 81.4 percent to $2.7 million.

Ezion Holdings reported a 37.8 percent year-on-year increase in revenue to US$92.6 million in 2Q14, mainly due to chartering contribution for the deployment of additional units of the group’s service rigs. As the rise in turnover outpaced the increase in costs and expenses, net profit grew 25.2 percent to US$45.4 million in 2Q14. For the six-month period, revenue surged 53.3 percent to US$187.1 million while earnings expanded 10 percent to US$90.6 million.

Fragrance Group has registered a 6.7 percent growth in revenue to $146.2 million in 2Q14, bolstered by higher income in both the property development and property investment segments. However, cost of sales expanded by 30.9 percent, outpacing the increase in turnover and coupled with the increase in other operating expenses, partially offset by the positive other operating income recognised, earnings dipped 17.2 percent to $28.1 million. On the other hand, net profit for 1H14 rose marginally by 1.5 percent to $52.4 million in tandem with a 10.4 percent increase in revenue to $257.7 million.

Great Eastern Holdings’ net profit for the second quarter ended 30 June 2014 soared multiples folds to $244.6 million, which was mainly as a result of an increase in contribution from the company’s core insurance business segment. The increase was mainly attributable to unrealised mark-to-market gains in the Singapore Non-participating Fund. For the six-month period, net profit grew 110.6 percent to $476.2 million.

Global Premium Hotels recorded 5.6 percent decline revenue to $14.5 million in 2Q14, on the back of lower hotel room income caused by the temporary closure of Fragrance Hotel – Pearl to carry out asset enhancement works and the closure of Fragrance Hotel – Elegance due to cessation of tenancy agreement. Rental income has also fallen due to lower recognition of rental income mainly from three commercial units within the hotels. Coupled with the increases in administrative expenses and finance costs, net profit contracted 22.2 percent to $3.8 million in 2Q14.

OUE Commercial Real Estate Investment Trust’s registered a revenue of $18.7 million for the first quarter ended 30 June 2014, which was in line with forecast. Compared to forecast, property operating expenses were lower by 13.3 percent mainly due to a reduction in maintenance and utilities costs. Consequently, distribution to unitholders surpassed estimates by 5.5% at $12.5 million. Distribution per unit for the quarter is 5.1 percent higher than expected at $0.0143.

Singapore Airlines’ revenue dropped 4.1 percent to $3.7 billion for the first quarter ended 30 June 2014, mainly attributable to lower yields arising from more intense competition and unforeseen events that has adversely impacted key Asian markets which the company is operating in. Despite the fall in overall expenses underpinned by lower fuel expense, earnings fell 71.4 percent to $34.8 million as the airline recorded lower share of profits of joint venture companies and higher share of losses of associated companies.

SMRT Corporation registered a 4.3 percent growth in revenue to $297.1 million for the first quarter ended 30 June 2014, bolstered by better performance across the board excluding LRT, Engineering Services and Other Services segments. Total expenses expanded 3.1 percent to $280.6 million in tandem with higher staff cost and depreciation expenses incurred for the period. Nevertheless, net profit soared 36.8 percent to $22.4 million.

TEE International’s 49 percent-owned Global Environment Technology Co (GET), has inked a deal with the Bangkok Metropolitan Administration to operate and maintain Bangkok’s first underground wastewater treatment plant in Bang Sue. Under the contract, GET will provide a total outsourcing solution to support the operations of the plant, which is capable of treating a maximum of 300 million litres of municipal waste per day.

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