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Reports Singapore

Singapore stock market and companies daily report (SingTel, SIA Engrg, Religare Health Trust) (February 13, 2014)

February 13, 2014, Thursday, 05:37 GMT | 00:37 EST | 10:07 IST | 12:37 SGT
Contributed by Shares Investment


- Singapore Telecommunications’ 3Q14 operating revenue fell 7.3 percent to $4.3 billion amid lower Australia mobile revenue and weaker Australian dollar. However, a 10.1 percent reduction in operating expenses, approximately $338.4 million, led to 5.5 percent increase in net profit for the quarter to $872.3 million. For the nine months period, operating revenue slid 7.2 percent to $12.7 billion while bottom line grew 4.3 percent to $2.8 billion.
 
- SIA Engineering Company inked a $350 million Services Agreement with SilkAir which covers a broad spectrum of maintenance, repair and overhaul (MRO) and fleet management services for SilkAir’s new fleet of B737NG aircraft. The MRO services portion of the agreement lasts for five years with a seven-year extension if agreed conditions are met while the fleet management services agreement lasts for 12 years.
 
- Religare Health Trust’s turnover for 3Q14 came in 22.5 percent higher at $26.9 million due to higher service fee and other income. Coupled with a $2 million foreign exchange gain, the trust’s total distributable income rose 30 percent to $12.2 million. For its 9M14, Religare’s distributable income expanded in excess of threefold to $35.3 million as revenue more than tripled to $81.3 million.
 
- 800 Super Holdings was awarded a $97.3 million contract by the National Environmental Agency to provide Integrated Public Cleaning Services for the north-west region of Singapore. The contract will last from 1 April 2014 to 31 March 2020 with an option for one year extension.
 
- Biosensors International Group’s 3Q14 top line climbed 1.4 percent to US$82.5 million, attributable to higher revenue from its interventional cardiology and cardiac diagnostic business segments. However, higher cost of sales and overall expenses weighed on the bottom line as net profit shrank 55.4 percent to US$11.1 million. For the nine months period, revenue and earnings narrowed 2.1 percent and 59.8 percent to US$242.2 million and US$34.5 million.
 
- Koh Brothers Group clinched a $98 million construction contract from the Housing Development Board for building and contingency works at Vine Grove @ Yishun. The project is expected to commence in March 2014 for a period of 31 months.
 
- KSH Holdings via its subsidiary, Kim Seng Heng Engineering Construction, secured a $76.9 million construction contract for the construction, completion and maintenance of a proposed seven-storey mixed use development at King Albert Park. The new contract lifts KSH’s order book to over $460 million with financial contributions up to FY17.
 
- Mermaid Maritime Public Company’s 1Q14 turnover rose 58.2 percent to US$83.8 million, driven by contributions from the Saudi Aramco diving services contract. Furthermore, a US$7.1 million share of profits from its investments in Asia Offshore Drilling and subsidiaries, compared to a US$0.4 million loss last year, returned the firm to the black.
 
- Otto Marine won a US$11.3 million charter contract for its vessel, Go Emerald. The vessel will be deployed for work on a long-term charter in West Australian waters for a renowned oil and gas player.
 
- Tiong Woon Corporation Holding’s 2Q14 turnover slid 20 percent to $44.4 million mainly due to lower revenue from the firm’s engineering services and trading segments. However, a larger fall in cost of sales and a $0.5 million exchange gain bolstered net profits up 75 percent to $8.8 million. For 1H14, the firm net profit grew 46.4 percent to $13.4 million despite a 10 percent fall in revenue to $89 million.