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Reports Singapore

Singapore stock market and companies daily report (Hutchison Port Holdings Trust, Aspial Corp, F&N) (April 29, 2014)

April 29, 2014, Tuesday, 05:04 GMT | 00:04 EST | 08:34 IST | 11:04 SGT
Contributed by Shares Investment

- Hutchison Port Holdings Trust registered revenue and other income of HK$2.9 billion, a 2.7 percent increase, due to higher average revenue per twenty-foot equivalent unit for Hong Kong as a result of favourable throughput mix of containers from liners for 1Q14. A net gain of from the disposal of Hutchison’s stake in Asia Container Terminals helped lower total operating expenses by 5.1 percent to HK$1.9 billion. Consequently, net profit for the quarter jumped 47 percent to HK$0.6 billion.

- Far East Hospitality Trust recorded a 9.1 percent year-on-year growth in gross revenue to $30.7 million for the quarter ended 31 March, underpinned by contributions from the recently acquired Rendezvous Hotel Singapore. Income available for distribution increased 4.5 percent to $23.1 million. The trust has declared a $0.013 distribution per unit for the quarter.

- Aspial Corporation has acquired a property located in downtown Melbourne for A$26.8 million. The freehold low-rise building sits on a land measuring 1,295 square metres. The property has an active planning permit for a new 49-story tower comprising of residential apartments, serviced residence and retail shops.

- EMS Energy has agreed to purchase International Offshore Equipments, a Singapore-based manufacturer of marine and offshore deck machineries, for $0.8 million. The acquisition will be funded via an issuance of 13 million new EMS shares, at $0.0614 apiece, representing 1.7 percent of the EMS’ enlarged share capital.

- Fraser and Neave acquired a 70-percent stake in Yoke Food Industries for RM54.6 million ($21 million). Yoke engages in the manufacturing, marketing, distributing and exporting of beverages under brands such as Day Day, SoSoy and Juice Secret.

- Midas Holdings’ subsidiary, Jilin Midas Aluminium Industries Co has secured Rmb146 million worth of contracts to supply Changchun Railway Vehicle Co high-speed train car body components. Slated for delivery in 2014, the contract is Jilin’s second set of order wins for high speed train car body components this year.

- OKP Holdings’ subsidiary, Eng Lam Contractors Co has secured a $19.2 million contract to implement drainage improvement projects at several locations in Singapore. The contract, awarded by Public Utilities Board, commences on 30 April and is due for completion by 4Q16.

- Vard Holdings recorded NOK2.7 billion in revenue for the three months ended 31 March, down 2.7 percent, as it delivered four vessels during the period, compared to five vessels a year earlier. Coupled with higher salaries and related costs, other operating expenses and financial costs, net profit declined 51.1 percent to NOK92 million.

- Weiye Holdings’ 1Q14 turnover close to tripled to Rmb184 million, underpinned by stronger property development sales and contribution from housing construction revenue related to the building of settlement houses. However, gross profit margin for the period fell to 28 percent, from 1Q13’s 58.5 percent, due to sales of lower margin properties and units in its equipment business. Weiye’s bottom line slumped 86.7 percent to Rmb9 million in absence of Rmb77.4 million in other income arising from a disposal gain and negative goodwill provision. Excluding the other income, Weiye would have recorded a net loss in 1Q13 instead.