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Reports Singapore

Singapore stock market and companies daily report (UOB, SMRT, Parkway Life REIT) (May 02, 2014)

May 2, 2014, Friday, 04:44 GMT | 23:44 EST | 08:14 IST | 10:44 SGT
Contributed by Shares Investment

- United Overseas Bank reported a 4.8 percent gain in revenue to $1.8 billion for the quarter ended 31 March 2014, mainly due to a 15.2 percent increase in net interest income and the write-back of previous years’ income tax. The better performance was dragged back by an 8.6 percent expansion in total expenses, which subsequently led to flattish earnings of $882 million.

- SMRT Corporation posted a modest 2.9 percent increase in revenue to $289.5 million for the fourth quarter ended 31 March 2014, amid growth aboard both its fare and non-fare business segments. SMRT registered earnings of $16.9 million, compared to an $11.9 million loss in the corresponding period last year. For the full year, revenue gained 4 percent to $1.2 billion, while earnings dropped 25.7 percent to $61.9 million.

- Parkway Life Real Estate Investment Trust’s 1Q14 gross revenue rose 6.8 percent year-on-year to $24.6 million, primarily derived from higher rental contributions from Japanese properties acquired in 2013, and Singapore Properties. Consequently, amount available for distribution rose 6.6 percent to $17.8 million.  The company has declared a distribution per unit of $0.282 in 1Q14, an increase of 6.9 percent.

- Cosco Corporation’s revenue jumped 41.8 percent to $1 billion for the quarter ended 31 March 2014, led by higher shipyard contribution, which helped offset the decline from ship building. Other income soared 87.8 percent mainly due to higher interest income, offset by a rise in distribution and administrative expenses. Subsequently, earnings moved up 29.6 percent to $12.6 million.

- Global Premium Hotels’ revenue fell 5.4 percent to $13.8 million for the first quarter ended 31 March 2014, underpinned by lower contribution from Fragrance Hotel and the closure of Fragrance Hotel – Elegance due to the cessation of tenancy agreement. This led earnings to drop 8.7 percent to $4 million.

- Guocoland has acquired a residential site at Sims Drive for $530.9 million. The 99-year leasehold land parcel has a site area measuring 23,900.1 square metres and a gross plot ratio of 3. The site will be developed into a condominium with full facilities, and is capable of yielding more than 850 units.

- Soilbuild Construction Group recorded a 28.3 percent surge in revenue to $87.3 million for the first quarter ended 31 March 2014, bolstered by revenue recognition from various construction projects. The stellar performance was largely offset by a 30.5 percent increase in cost of sales due to additional construction costs incurred. Subsequently, earnings moved north by 3.8 percent to $3.9 million.

- China Fibretech recorded a 22.5 percent year-on-year decrease in revenue to Rmb10.5 million, underpinned by lower demand for processed fabric, as well as a decline in average fabric processing fee. Gross profit fell 70 percent to Rmb694 million, resulting from a decrease in processing volume due to lower utilisation rates. Consequently, loss for the quarter expanded to Rmb2.1 million.