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Reports Singapore

Singapore stock market and companies daily report (Halcyon Agri, SBS Transit, ST Engineering) (August 13, 2014)

August 13, 2014, Wednesday, 05:50 GMT | 00:50 EST | 09:20 IST | 11:50 SGT
Contributed by Shares Investment


Bumitama Agri recorded a 48.7 percent spike in revenue to IDR1.5 trillion in 2Q14, attributable to an increase in selling price and overall increases in aggregate sales volume of crude palm oil and palm kernel. Coupled with an increase in interest income, partially offset by higher selling expenses, finance cost and foreign exchange loss, net profit surged 89.6 percent to IDR293.3 billion. For the six-month period, revenue and net profit rose 51.9 percent and 96.3 percent respectively, to IDR2.8 trillion and IDR601.2 billion.

COSCO Corporation (Singapore) announced that its indirectly owned subsidiary, COSCO (Dalian) Shipyard Co, has secured contracts worth over US$470 million excluding owner furnished equipment from Maersk Supply Service AS, to build four subsea supply vessels with the options for two additional vessels. The vessels are expected to be delivered in 4Q16 and 1H17 respectively.

Halcyon Agri Corporation and its subsidiary, Hevea Global, have signed a memorandum of agreement to acquire the entire stake in New Continent Enterprises (NCE). The management is of the view that NCE’s business as established and globally renowned rubber distributor and dealer is highly complementary to the group’s business. The consideration for the acquisition will be 118 percent of the net book value of NCE, with total consideration estimated to be approximately US$30 million.

Informatics Education reported a 37.9 percent drop in revenue to $3.8 million in 1Q15, mainly due to lower students enrolled in its Singapore and UK operations. As expenses remained relative unchanged, the lower turnover caused the group to slip into the red with net loss of $2.2 million in 1Q15.

SBS Transit registered a 12.3 percent jump in revenue to $235.1 million in 2Q14, due to higher income from both the bus and rail businesses. The rise in turnover outperformed the increase in total operating expenses and subsequently, net profit surged 57.2 percent to $5 million in 2Q14. For the six-month period, revenue and net profit increased 10.6 percent and 38.1 percent respectively, to $458 million and $8.3 million.

Singapore Technologies Engineering’s 2Q14 revenue declined marginally by 0.7 percent to $1.6 billion, on the back of lower income from its land systems sector, offset by higher incomes from the aerospace, electronics and marine sectors. Increases in cost of sales and total expenses and decreased finance income, partially compensated by lower finance costs, resulted in earnings falling 10 percent to $133.2 million in 2Q14. For 1H14, revenue was relatively flat at $3.1 billion while net profit shrunk 4.1 percent to $270.4 million.

SMJ International Holdings recorded a 20.1 percent fall in revenue to $8.7 million in 1H14, mainly due to slowing down of contract sales, as Singapore’s construction sector grew at a slower rate due to a slowdown in private sector construction activities in the 2Q14. Coupled with increases in employee compensation and other operating expenses that included the initial public expenses of $0.4 million, offset by a decrease in purchase of inventories, net profit declined 59.4 percent to $0.7 million.

Weiye Holdings has reported a 13.4 percent contraction in total revenue to Rmb233.2 million in 2Q14, mainly due to decreased turnover from the group’s property development and equipment businesses. In addition to increases in administrative and non-operating expenses, partially offset by a drop in taxation, net profit fell 35.7 percent to Rmb21.6 million. In contrast, 1H14’s revenue rose 25.1 percent to Rmb417.2 million, due to contribution from its housing construction business. However, the rise in costs of sales outpaced the increase in turnover and consequently, net profit slumped 69.7 percent to Rmb30.6 million in 1H14.

Ying Li International Real Estate’s revenue more than doubled to Rmb246.3 million in 2Q14, mainly due to revenue recognition upon the handover of residential units in Blocks 2 and the remaining units in Block 3 of the Ying Li International Plaza project in the quarter. Coupled with a decrease in administrative expenses, partially offset by increases in finance costs and selling expenses, earnings returned to the black with Rmb14 million recorded. Similarly, 1H14’s revenue rose more than two-fold to Rmb526 million and net profit of Rmb47.7 million was reported.