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Singapore stock market and companies daily report (S’pore PMI, Asia-Pacific Strategic Invs, CH Offshore) (February 06, 2014)

February 6, 2014, Thursday, 04:49 GMT | 23:49 EST | 09:19 IST | 11:49 SGT
Contributed by Shares Investment

- Singapore’s purchasing managers’ index (PMI) reading for January came in at 50.5, reversing December’s slip to 49.7, and indicating that manufacturing expanded last month. Further expansion in new domestic and export orders as well as a return to growth in output and imports were cited as reasons for the turnaround.
- Asia-Pacific Strategic Investments (APSI) posted a 47 percent rise in turnover for its 2Q14, from RM2.7 million a year ago, to RM3.9 million on the back of new products launched and a continuous marketing campaign carried out by the firm. Although it managed to narrow its losses from RM1.8 million to RM1.1 million, high overall expenses continued to weigh on the firm’s bottom line. For its 1H14, APSI recorded a 72.1 percent surge in revenue to RM7.5 million and reduced losses from RM2 million to RM1.7 million.
- CH Offshore’s 2Q14 turnover plunged 35.7 percent, from US$14.3 million a year earlier, to US$9.2 million due to lower bareboat charter rates secured for two vessels compared to the previous corresponding quarter. As a result, earnings for the period plunged 33.2 percent to US$6.7 million, down from US$10 million a year ago. In the first half of its financial year, CH Offshore’s revenue and net profit fell 37.9 percent and 26.8 percent to US$17.1 million and US$14.1 million respectively.
- Hock Lian Seng Holdings secured a $105.5 million project from Changi Airport Group (Singapore) for the construction of taxiways, aircraft parking stands and other associated works at the former south end reservoir site. The project will commence in March 2014 and is slated for completion by September 2018.
- Singapore Post recorded a 30.2 percent surge in 3Q14 revenue, up from $171 million to $222.6 million, driven by contributions from acquisitions and growth in e-Commerce related activities. However, net profit was fairly unchanged as an increase in total expenses, attributable to the change in business to a diversified group and growth in lower margin businesses, eroded the firm’s top line increase. For its 9M14, Singapore Post achieved a 31.8 percent and 1.8 percent rise in its turnover and earnings to $627.8 million and $112.3 million respectively.
- TEE Land’s associate, Chewathai, proposed an acquisition of a freehold land in Bangkok, Thailand. The potential purchase of the 59,200 square feet land, at THB103.1 million (approximately $4 million), would expand the firm’s regional presence and further entrench itself into the Thai market.
- Tritech Group’s subsidiary, Tritech Engineering & Testing (Singapore), has been awarded a $4.5 million contract by the Land Transport Authority. For an estimated period of three years, Tritech Engineering will carry out site investigation works on any terrain in Singapore.