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Reports Singapore

Singapore stock market and companies daily report (SingPost, SATS, Maxi-Cash) (February 20, 2014)

February 20, 2014, Thursday, 05:39 GMT | 00:39 EST | 10:09 IST | 12:39 SGT
Contributed by Shares Investment

-  Singapore Post received a downgrade on its credit rating from “A+” to “A”. Even though SingPost’s transformation initiatives are yielding results, at the same time, the company continues to face revenue pressure at its core letters business, coupled with the weakening of profit margins and financial metrics which were beyond the projections of Standard & Poor’s Rating Services.

-  Maxi-Cash Financial Services Corporation recorded a 3.4 percent dip in revenue to $28 million for the quarter ended 31 December 2013 in tandem with lower contribution from trading of pre-owned jewellery and watches. Profit for the quarter declined 74.3 percent to $0.3 million as the company recognised an operating loss of $0.2 million. For the full year, revenue moved up 12.5 percent to $113.1 million, while earnings declined 46.7 percent to $2.2 million.

-  SATS acquired 41.65 percent of Cardig Aero Services (CAS), a gateway and food service provider for 17 airports and 23 cities in Indonesia, for a purchase consideration of IDR1,108 billion (approximately $118.3 million).  Expected to be completed by 20 February 2014, the company views the latest acquisition as a compelling fit with its core business, adding scale to its existing partnership with Jasa Angkasa Semesta, a subsidiary under CAS, and establishing a stronghold in its operations within Indonesia.

-  Sing Holdings recognised no revenue for the quarter ended 31 December 2013 as the company has neither launched its other development properties for sale nor sell any trading properties, leading the company to slump into losses of $0.5 million. For the full year, revenue dropped 21.9 percent to $226.8 million and earnings fell 29.9 percent to $28.9 million.