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Reports Singapore

Singapore stock market and companies daily report (Midas Hldgs, SPH, Yangzijiang) (July 16, 2014)

July 16, 2014, Wednesday, 05:14 GMT | 01:14 EST | 09:44 IST | 12:14 SGT
Contributed by Shares Investment

First Real Estate Investment Trust’s gross revenue and net property income for 2Q14 rose 14.5 percent and 15.4 percent respectively, to $23 million and $22.7 million, mainly due to the contribution from Siloam Hospitals Purwakarta, Bali and TB Simatupang. Subsequently, total distribution amount to unitholders increased 13.6 percent year-on-year to $14.4 million while distribution per unit grew 8.1 percent to $0.02.

King Wan Corporation has secured five new mechanical and electrical contracts worth $25.5 million. The contracts involve the supply of a mix of plumbing, sanitary and gas installation services at five locations beginning in the second half of 2014 and are expected to be completed by 2017. The latest contracts will lift the company’s order book to $178 million.

Midas Holdings’ subsidiary, Jilin Midas Aluminum Industries Co. (Jilin Midas) has inked two new metro contracts worth Rmb52.2 million from CNR Changchun Railway Vehicles Co. The contracts entail the provision of aluminium alloy extrusion profiles used in the manufacture of metro train cars. With the two new contracts, total value of contracts the company has secured year-to-date is now valued at over Rmb589 million. On a separate filing, the firm’s chief executive officer, Patrick Chew, has been awarded the “Best Chief Executive Officer” award, for companies with $300 million to less than $1 billion in market capitalisation, at The Singapore Corporate Awards 2014.

Singapore Press Holdings has reported a 4.7 percent year-on-year decrease in revenue to $309.7 million for 3Q14 due to the decline in advertisement and circulation income, partially offset by higher turnover in the company’s other businesses. Consequently, 3Q14 net profit fell 52.2 percent to $89.6 million owing to the absence of a fair value gain on investment properties of $111.4 million in 3Q13. Similarly, 9M14 revenue and net profit slipped 1.3 percent and 27.5 percent respectively, to $917 million and $259.7 million.

Yangzijiang Shipbuilding Holdings has disposed its entire 50 percent stake Wujiang Jinke Yangzi Real Estate Development Co. and its entire interest in Jiangsu Leyuan Innovation International Trading Co. at par value of Rmb200 million and Rmb10 million respectively. Meanwhile, the group has subscribed for a 100 percent interest in Taixing Tongzhou Warehousing Co., whose core business is related to the provision of storage handling services for the shipyards of the group and has a paid-up capital of Rmb0.5 million.