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Reports Singapore

Singapore stock market and companies daily report (Sembcorp Marine, ST Engrg, Tiger Airways) (May 05, 2014)

May 5, 2014, Monday, 04:38 GMT | 23:38 EST | 09:08 IST | 11:38 SGT
Contributed by Shares Investment

- Sembcorp Marine’s 1Q14 turnover rose 27.2 percent to $1.3 billion, underpinned by higher revenue recognised for rig building and offshore and conversion projects. However, a lower gross profit margin (1Q14: 12.8 percent, 1Q13: 14.8 percent) eroded profitability as net profit grew 3.1 percent to $122.5 million.

- Singapore Technologies Engineering has bagged a $100 million contract from SMRT Buses to supply 40 MAN A24 articulated buses and 332 MAN A22 12-metre buses. The buses are expected to be delivered from 2H14 to end-2016.

- DeClout announced to acquire Verity Solutions for $3.5 million. Verity provides hardware maintenance and professional services offerings for enterprise data centres. Its customer base includes companies from the banking, insurance and telecommunication industries.

- Fuxing China Group registered Rmb107.2 million in revenue for the first quarter ended 31 March, down 24.2 percent, due to lower quantity sold in its zipper segment as the firm raised prices to boost profitability. The price increase led to a 4 percentage point improvement in gross profit margin to 11.3 percent. Consequently, net loss narrowed 44.2 percent to Rmb6.1 million.

- Gallant Venture posted $526.2 million in revenue for the three months ended 31 March, a 12-fold jump, underpinned by contributions from PT Indomobil Sukses Internasional which was acquired in 2Q13. Although gross profit margin fell 1.5 percentage points to 13 percent and overall expenses increased, as a result of the acquisition, losses for the period narrowed 11.8 percent to $2.9 million.

- Rickmers Maritime’s 1Q14 revenue dipped 4.5 percent to US$33.9 million due to lower fleet utilisation and reduced charter rates on redelivered vessels. Coupled with higher vessel operating expenses, net profit eased 8.3 percent to US$9.8 million.

- Sim Lian Group secured a contract from the Housing and Development Board for proposed building works at Jurong West with a 36-month duration. The project, worth $88 million, involves the construction of five residential blocks housing 528 units, one multi-storey carpark and other communal facilities.

- Tiger Airways Holdings reported a 15.3 percent decline in revenue for the year ended 31 March to $734 million, attributed to the exclusion of Tigerair Australia as the airline ceased to be a subsidiary on 8 July 2013. Additionally, a weaker yield, lower load factor, impairment loss and share of losses of associates and joint ventures dragged bottom line deeper into the red with a $223 million loss. In 4Q14, Tiger Airways’ turnover fell 32.7 percent to $161.9 million while losses widened six-folds to $95.5 million.

- Uni-Asia Holdings has acquired a 69.6 percent-stake in United Wise Capital Investment. United Wise holds a 19.2 percent-interest in a consortium which has won a tender for a land bid in Hong Kong. The land will be developed into a commercial building.

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