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Reports Singapore

Singapore stock market and companies daily report (Noble, Keppel REIT, Ascendas Hospitality Trust) (May 16, 2014)

May 16, 2014, Friday, 05:20 GMT | 00:20 EST | 09:50 IST | 12:20 SGT
Contributed by Shares Investment


- Noble Group posted US$18 billion in revenue for the three months ended 31 March, down 7.3 percent from US$19.4 billion, attributable to lower metals, minerals and ores tonnage transacted during the period. However, a rise in operating income margin, mainly driven by record levels attained for premiums in aluminium, lifted profitability as Noble’s bottom line more than tripled to US$152.3 million.

- Ascendas Hospitality Trust’s 4Q14 gross revenue jumped 9.7 percent to hit $52.9 million, underpinned by higher average occupancy rate and daily rate for its hotels in Australia as well as additional revenue of $5 million from the acquisition of Park Hotel Clarke Quay in June 2013. However, in absence of an $18 million gain via negative goodwill related to acquisitions recorded in 4Q13, distributable income tumbled 7.5 percent to $12.5 million. Ascendas declared distributions of $0.0121 per unit for the quarter.

- First Ship Lease Trust’s turnover for the quarter ended 31 March fell 2.7 percent to US$22.4 million due to pre-mature termination of two bareboat charter leases and under-utilisation of two product tankers. However, in absence of a US$5.3 million impairment loss on available-for-sale financial assets, 1Q14’s net loss narrowed 29.9 percent to US$5 million.

- Keppel REIT has agreed to divest its 92.8-percent stake in Prudential Tower for $512 million, a 46.7 percent premium over its original purchase price of $349.1 million. Post divestment, Keppel REIT’s aggregate leverage, as at 31 December 2013, will decline 3.3 percentage points to 38.8 percent.

- China Environment bagged eight contracts worth Rmb166.8 million to supply electrostatic precipitators and hybrid dust collectors to six customers in China.

- Joyas International agreed to sell its interest of the 19th floor and a car parking space in Harrison Court V, Kowloon, Hong Kong, for HK$12 million. Based on the property’s net book value of HK$3.9 million, Joyas stands to gain HK$8.1 million.

- Logistics Holdings secured a $72 million contract from the Housing and Development Board (HDB). The project involves constructing four blocks of HDB flats as well as its accompanying facilities along Yishun Avenue 1.

- Otto Marine reported a 42.6 percent year-on-year decline in revenue to US$77.2 million in 1Q14 as a result of the absence of the sale of a substantially completed vessel in 1Q13 and lower utilisation of its ships due to the docking of several vessels for survey. Consequently, Otto Marine posted a net loss of US$14.4 million in 1Q14 as compared to a net profit of US$0.3 million in 1Q13.

- TEE Land’s subsidiary, TEE Hospitality has established a of 90:10 joint venture company (JV), JPJ Properties, with Peter & Jan Clark (Levey Street), with paid up capital of A$100 million. The JV has agreed to acquire a three-star hotel located in Sydney, Australia, for A$23.9 million.

- Vallianz Holdings was awarded a US$82 million contract by a major offshore construction company for the provision of charter and ship management services in Latin America. This brings Vallianz’s current order book to a new record of US$524 million.