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Reports Singapore

Singapore stock market and companies daily report (HPH Trust, PLife REIT, Vibrant Grp (March 14, 2014)

March 14, 2014, Friday, 07:25 GMT | 03:25 EST | 11:55 IST | 14:25 SGT
Contributed by Shares Investment


- Hutchinson Port Holdings Trust (HPH) has formed strategic partnerships with COSCO Pacific and China Shipping Terminal Development (Hong Kong) to merge all four berths located at the COSCO-HIT Terminals and the Asia Container Terminals into one contiguous 1,380 metre long berth for an aggregate consideration of HK$2.5 billion (approximately $403.4 million). Subsequently, HPH will recognise a gain of HK$125 million from the disposal of its 60 percent stake in Asia Container Terminals Holdings.

- Parkway Life Real Estate Investment Trust proposed to acquire two nursing homes and one extended-stay lodging facility for the elderly located in Japan at a purchase consideration of JPY3 billion (approximately $37.4 million) which is 5.3 percent below valuations. Expected to be completed by June 2014, the three properties will come with a fresh 15-year building lease agreement and are currently enjoying a healthy weighted average occupancy of 87 percent as at 31 January 2014.

- Vibrant Group posted a 12 percent increase in revenue to $48.3 million for the quarter ended 31 December 2013. This was mainly due to an increase in demand for freight and logistics business along with the completion of the company’s new chemical hub in Jurong Island. Profits saw a modest gain of 4.9 percent to $9.1 million. For the nine months, revenue moved up 6.5 percent to $138.5 million and earnings rose 6.5 percent to $24.1 million.

- IPCO International registered a 16.4 percent gain in revenue to $8.3 million for the quarter ended 31 December 2013, mainly due to better performance from its natural gas business in China on the back of increased gas consumption by industrial and household customers and new connection fees. Earnings soared 169 percent driven by a $30.8 million net gain on disposal. For the nine-month period, revenue moved up 24.6 percent to $24.2 million, while company sank into losses amid a $66.2 million fair value loss on financial assets.

- Lifebrandz’s revenue for the quarter ended 31 December 2013, slumped 6 percent to $6 million amid lesser crowd profiles and the stiffer competition from other clubs located at Clarke Quay and other locations. The poorer performance has led the company to slide deeper into losses. For the six-month period, revenue remained flat at $12.6 million and losses expanded 52.8 percent to $0.8 million.

- TT International via its subsidiary, Furniture & Furnishings (F&F), has obtained the master franchise agreement from Habitat, a French manufacturer in designer homeware and interior decoration. Under the agreement, F&F will open four stores in Singapore, Indonesia, Taiwan and Brunei between now and the end of 2015 as well as doubling the number of stores over the next two years. Subsequently, the scope of the master franchise stores will also be extended across the Asia-Pacific region.