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Reports Singapore

Singapore stock market and companies daily report (SingTel, UOL Grp, ComfortDelgro) (August 14, 2014)

August 14, 2014, Thursday, 06:55 GMT | 01:55 EST | 10:25 IST | 12:55 SGT
Contributed by Shares Investment

Centurion Corporation recorded a 40.8 percent increase in revenue to $19.9 million in 2Q14, on the back of healthy growth in its accommodation business. However, there was a substantial fall in fair value gain on group’s investment properties and share of gain of associated companies and joint venture due to the absence of $36.4 million and $19.5 million respectively, recognised in 2Q13 from a valuation exercise. Consequently, net profit contracted 86.3 percent to $7.7 million in 2Q14.

ComfortDelgro Corporaton’s revenue gained 11.9 percent to $1 billion for the second quarter ended 30 June 2014, as growth was registered across the board. Despite a $100.6 million expansion in operating expenses which was mainly attributed to increased staff costs, earnings soared 9.9 percent to $75.7 million. For the six months, revenue and earnings increased 10.6 percent and 9.8 percent to $2 billion and $139 million respectively. The group has declared an interim dividend of $0.0375 per share.

COSCO Corporation (Singapore) has inked a contract worth US$56 million to build two 64,000 deadweight tonnage bulk carriers, where the vessels are expected to be delivered in 4Q16 and 1Q17 respectively.

Global Logistic Properties (GLP) signed five new lease agreements for 90,000 square metres in China, where four of these agreements were signed with express delivery providers in China. The growth in e-commerce has driven demand for modern logistics facilities in China which GLP has been able to provide.

Haw Par Corporation’s revenue rose 13.7 percent to $45.5 million for the second quarter ended 30 June 2014, boosted by increased contribution across all business segments except property. Coupled with a $5.8 million growth in other operating income, earnings surged 10.2 percent to $59.5 million. For the six months, revenue increased 14.8 percent to $83.9 million, while earnings were up 16.2 percent to $71.7 million. Subsequently, the company has declared a first and interim dividend of $0.06 per share.

Singapore Telecommunications reported a 3.4 percent decline in operating revenue to $4.1 billion in 1Q15, attributable to lower income from its group consumer and group enterprise segments. Exceptional losses of $35.2 million were recorded in 1Q15, compared to $150.9 million in exceptional gains in 1Q14, mainly due to the absence of a one-off gain on the dilution of Airtel in 1Q14 and staff restructuring costs of $40.2 million registered in 1Q15. As a result, net profit fell 17.4 percent to $834.6 million.

Uni-asia Holdings posted a 2.5 percent growth in total income to US$16.7 million for the second quarter ended 30 June 2014, on the back of increased contribution from its chartering segment as a result of an additional ship delivery. Subsequently, earnings soared more than 400 percent to US$1.5 million. For the six-month period, total income sank 9.5 percent to US$33.1 million, led by poorer performance from company’s arrangement and agency fee segment, while earnings dropped 8.4 percent to US$2.7 million.

UOL Group’s subsidiaries, Success Venture Development (Jersey) and Success Venture Investments (Jersey) have acquired two UK-incorporated companies and the Jersey unit trust for GBP97 million. Through the acquisition, UOL will gain ownership of the Heron Plaza site, a 3,200-square metre prime freehold land located in the city of London on Bishopsgate, the central financial district of London. Under the current consented planning scheme, the land may be developed into a 43-storey tower comprising residential units, a hotel and a retail component.

Yangzijiang Shipbuilding has disposed 50 percent of its equity interest in Jiangsu Huayuan Metal Process (JHMP) at a sale consideration of Rmb140 million. The disposal is aligned with Yangzijiang’s strategy to re-position its business activities. Following the disposal, JHMP’s core business will change to include various new activities such as general cargo warehousing, wholesale of scrap metal and coal washing.