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Singapore stock market and companies daily report (Olam Int’l, City Developments, SingTel) (May 15, 2014)

May 15, 2014, Thursday, 05:39 GMT | 00:39 EST | 09:09 IST | 11:39 SGT
Contributed by Shares Investment

- Olam International registered a modest 2.5 percent growth in revenue to $4.8 billion for the third quarter ended 31 March 2014, underpinned by higher contributions at its Confectionery and Beverage Ingredients and Food Staples and Packaged Foods segments. Due to a change in classification, investment in one of its associate companies has been re-classified into an available for sale financial asset which made the company recognise a $271 million in exceptional gains. Subsequently, earnings jumped 265.1 percent to $396.1 million.

- SingTel posted a 7.9 percent year-on-year dip in revenue to $4.1 billion in 4Q14, due to the depreciation of the Australian dollar and lower Australian mobile service revenue and equipment sales. However, 4Q14 net profit registered a 3.5 percent year on year increase to $898 million, underpinned by lower net finance expense and exceptional losses in the prior year. SingTel’s earnings for FY14 rose 4.1 percent year-on-year to $3.7 billion and proposed a final ordinary dividend per share of $0.10, brining the total ordinary dividend per share for the year to $0.168.

- City Developments recorded a 5.4 percent year-on-year decline in revenue to $734.2 million in 1Q14. Consequently, gross profits fell 4.6 percent year-on-year to $354.8 million. Furthermore, due to lower other operating income as a result of the absence of gains recognised in 1Q13 in relation to the disposal of several strata units, net profits fell 13.1 percent year-on-year to $119.7 million in 1Q14.

- Croesus Retail Trust’s revenue came in 3.7 percent above forecast at 1.4 billion yen for the third quarter ended 31 March 2014, mainly due to better than expected tenant sales at Mallage Shobu. Coupled with lower operating expenses arising from lower than expected property management expenses and utility expenses, income for distribution came in 7.4 percent better than forecast at 619.8 million yen. The company has subsequently declared a distribution per unit of $0.0176.

- First Resources registered a 1.9 percent gain in revenue to US$177.9 million for the first quarter ended 31 March 2014, mainly due to higher sales volumes from the Refinery and Processing segment. However, a 48.3 percent spike in cost of sales caused earnings to fall 29.2 percent to US$45 million.

- Swiber Holdings posted a 35.6 percent drop in revenue to US$199.5 million for the first quarter ended 31 March 2014, as projects which were awarded recently have yet to commence while bulk of the contribution from ongoing projects were recorded in FY13. Helped by a more than 14 times increase in other operating income due to a $95.1 million disposal of its subsidiaries, earnings jumped 139.3 percent to US$48 million.

- KrisEnergy recognised a 5.7 percent gain in revenue to US$21.2 million for the quarter ended 31 March 2014, as a result of higher sales volume of gas. Expansions in general and administrative expenses, other operating expenses and finance costs caused the company to sink into losses of US$18 million.

- CWT registered record revenue in 1Q14 of $4.5 billion, a 206.9 percent increase from its previous corresponding quarter, underpinned by higher volume from CWT’s commodity marketing business. Consequently, gross profit recorded a 21.1 percent year-on-year increase to $86.2 million in 1Q14, attributed by higher profits from its financial services, warehousing and logistics services. CWT’s net profit rose 29.7 percent year-on-year to $35 million in 1Q14.

- Golden Agri-Resources recorded a 33.8 percent year-on-year increase in revenue to US$1.9 billion in 1Q14, underpinned by higher sales volume from its palm and laurics segment as well as higher international crude palm oil prices. Consequently, gross profit rose 9.1  percent year-on-year to $389.5 million in 1Q14. However, net profit fell 8 percent to US$103.9 million in 1Q14, due to lower, gorss margin, relatively higher selling expenses and financial expenses.

- Neptune Orient Lines reported a 3.9 percent year-on-year dip in revenue to US$2.3 billion in 1Q14, due to oversupply in container shipping capacity, lowering liner freight rates. Consequently, gross profit declined 5 percent year-on-year to $109.6 million. NOL posted a net loss of US$97.9 million in 1Q14 as compared to a net profit of US$75.5 million in 1Q13, mainly due to one-time gain from disposal of NOL’s building in 1Q13.