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Reports Singapore

Singapore stock market and companies daily report (Singapore Post, StarHub, Wee Hur Hldgs) (August 06, 2014)

August 6, 2014, Wednesday, 05:45 GMT | 00:45 EST | 09:15 IST | 11:45 SGT
Contributed by Shares Investment

ComfortDelGro Corporation’s subsidiary, ComfortDelGro Cabcharge (CDC), has acquired assets which includes three depots and a fleet of 101 buses and coaches of the Blue Mountains Bus Company (BMBC) for a consideration $30.8 million. BMBC currently operates an Outer Metropolitan Bus Services contract in the Blue Mountains region, which joins the Western fringe of metropolitan Sydney. The acquisition will enable CDC to expand its bus operations in New South Wales, where it already operates around 1,000 buses.

Noble Group’s subsidiary, Noble Jade B.V, acquired a 70 percent stake in Danube Shipping-Stevedoring Company (DSSC) for a consideration of US$21.7 million, a figure lower than its fair value of US$23.6 million. DSSC is incorporated in Ukraine and owns land and loading facilities in the port of Mykolaiv that can be used for the transshipment of agriculture commodities. This acquisition will be the first phase of an origination platform and pipeline that will supply the group with up to 3 million metric tonnes of grains and oilseeds per annum.

Perennial China Retail Trust registered revenue of $4.5 million in 2Q14 while net property income stood at $0.8 million compared to a net property expenses of $1 million from a year ago. Profit for the period attributable to unitholders jumped more than four-fold to $11.3 million on the back of a $6 million net gain in fair value of investment properties. Distributable income inched up 0.4 percent to $10.9 million. Distribution per unit remained unchanged at $0.019 in 1H14.

Singapore Post’s 1Q15 revenue climbed 4.8 percent year-on-year to$210.9 million, underpinned by growth in ecommerce related activities, offset by declines in the traditional postal business. Miscellaneous income of $6.3 million compared to $0.3 million in 1Q14 was registered, due to a $4.2 million gain on sale of property, plant and equipment and foreign exchange gain. Though the increase in turnover and other income was partially offset by an increase in total expenses, earnings still rose 5.1 percent to $39.2 million.

StarHub reported a 1.8 percent decline in revenue to $576.4 million in 2Q14, as a result of lower service revenue, mainly from the broadband business, which contracted 17.2 percent year-on-year. Coupled with a lower other income and with expenses relatively flat, net profit for the quarter fell 6.3 percent to $94.3 million. For the six-month period, revenue and net profit decreased 1.6 percent and 6.9 percent respectively, to $1.1 billion and $178.5 million.

The Hour Glass reported a marginal 1.5 percent increase in revenue to $157 million in 1Q15. Gross margin was lower at 20.7 percent compared to 21.6 percent in 1Q14, due to a more competitive retail environment. Operating expenses were higher resulting from rental and depreciation expenses. Subsequently, net profit contracted 5 percent to $8.4 million in 1Q15.

United Engineers’ indirect subsidiary MFS Technology has agreed to the divestment its assets and liabilities, including its entire issued share capital of MFS Technology (S) to Novo Tellus PE Fund 1 Navis Asia VII for an aggregate cash consideration of $124.2 million. Upon completion of the proposed divestment, MFS Technology will no longer be subsidiaries of the group.

Wee Hur Holdings’ subsidiary, Wee Hur International, entered into a joint venture agreement under which it has proposed to acquire the entire stake in a mixed-use development project, which is currently under development, in Jiangsu Province, China for a consideration of Rmb 27.3 million. The company has also announced a joint venture agreement in connection with a proposed submission of a tender for a mixed-used development project in Jiangsu Province.

Yangzijiang Shipbuilding (Holdings) recorded its strongest quarterly net profit of Rmb1.2 billion in 2Q14, a 52.3 percent year-on-year increase. The increased earnings come on the back of a more than four-fold surge in other income to Rmb215 million, mainly due to a one off realization of Rmb130 million interest income from the release of restricted cash deposit. On the other hand, revenue for the quarter slid 3.4 percent to Rmb4.3 billion as lesser vessels were delivered year-on-year.