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Reports Singapore

Singapore stock market and companies daily report (SIA, ST Engrg, Wilmar) (May 09, 2014)

May 9, 2014, Friday, 04:46 GMT | 00:46 EST | 09:16 IST | 11:46 SGT
Contributed by Shares Investment

- Singapore Airlines (SIA) recorded $3,628.4 million in revenue for 4Q14, down 1.1 percent from $3,666.8 million a year earlier, attributable to lower passenger and cargo carriage as well as weaker yield. This led to a widening of operating losses by 36.4 percent to $60.3 million. Although a $31.6 million gain from the sale of SIA’s stake in Virgin Atlantic ensured that the firm remained in the black, its net profit narrowed 60.5 percent, from $68.3 million in 4Q13, to $27 million.

- Singapore Technologies Engineering’s 1Q14 turnover remained relatively unchanged at $1,551.8 million as better performance from its marine segment, due to higher shipbuilding activities, was offset by weaker revenue from its electronics sector. Nonetheless, a surge in other income and share of results of associates and jointly controlled entities lifted net profit by 2.4 percent to $137.2 million.

- Wilmar International’s 1Q14 revenue remained flattish at US$10.3 billion, a 0.7 percent year-on-year increase, as a result of lower average selling prices of sugar and consumer pack oils partially offsetting palm price gains. However, net profit dipped 48.7 percent year-on-year to US$161.8 million, due to higher losses in non-operating items attributed mainly to the appreciation of the US dollar against most of its operating currencies.

- Fortune Real Estate Investment Trust posted HK$403.9 million in total revenue for the three months ended 31 March, a 34 percent year-on-year rise, underpinned by strong rental reversions, returns from completed asset enhancement initiatives and income contribution from the recently acquired Fortune Kingswood. As a result, net property income and income available for distribution jumped 32.7 percent and 26.5 percent to HK$289.2 million and HK$193.9 million respectively.

- OUE Commercial Real Estate Investment Trust reported $13.8 million and $10.3 million in gross revenue and net property income in its maiden financial results, which exceeded forecast by 1 percent and 1.4 percent respectively. Consequently, its distributable income came in at $8.6 million, $0.3 million or 3.6 percent above forecast. The trust declared distribution per unit of $0.01.

- Advanced Integrated Manufacturing Corp’s subsidiary, Advanced Manufacturing Corporation (Penang), has been awarded a knitting programme project from Honeywell International, worth approximately US$2.5 million per annum. The transition activity in relation to the project will commence in June and is expected to complete by the second week of July.

- ARA Asset Management has launched a new development fund. The ARA Summit Development Fund I aims to invest in real estate development projects and projects with value enhancement potential in Australia and South East Asia. Straits Real Estate is the lead and anchor investor with a capital commitment of US$80 million.

- COSCO Corporation (Singapore) has bagged a US$184 million contract to build a jackup drilling rig. The rig, secured from Derwent Ocean, is scheduled for delivery in 3Q16.

- Hyflux reported a 29.1 percent year-on-year decline in revenue to $88.3 million in 1Q14, which reflected the timing of projects commencement in FY14. Gross profits remained flattish at $52.4 million, a 4.6 percent year-on-year increase. However, the group achieved a net profit of $37.9 million, a four-fold rise from $8 million in 1Q13, underpinned by disposals of its investments in Hyflux Marmon Development and Marmon Hyflux Investments.

- Intraco proposed to acquire a 70-percent stake in a group of companies engaged in fire proofing contracting works and manufacturing as well as installation of fire protection system. The deal, worth $16.6 million, is in line with the firm’s aim to develop stable and diversified streams of income.