Colex Holdings Limited recorded revenue for the period ended 30 June 2008 increased by $511,000 or 2.4% to $21.4 million over the corresponding period last year. This was mainly due to higher revenue of $302,000 from the waste disposal division and $209,000 from the contract cleaning division. Group operating profit before tax of $438,000 increased by $77,000 or 21.3% compared to last year's profit of $361,000. This was mainly due to increase in Group revenue
China Fibretech Ltd recorded revenue of RMB214.0 million for 1H2008, an increase of 18.1% compared to RMB181.2 million for 1H2007. Gross profit increased by 24.4% from RMB54.3 million in 1H 2007 to RMB67.5million in 1H2008, in line with the increase in the sales and gross margin.
China Zaino International Ltd recorded revenue of approximately RMB542.8 million, an increase of approximately RMB184.9 million or 51.6% over revenue of approximately RMB358.0 million for the second quarter ended 30 June 2007 (“Q2 07”). For the half year ended 30 June 2008 (“1H 08”), the Group recorded revenue of approximately RMB1,048.9 million, an increase of approximately RMB416.7 million or 65.9% over revenue of approximately RMB632.2 million for the half year ended 30 June 2007 (“1H 07”). Our cost of sales increased by approximately RMB123.6 million or 51.0% from approximately RMB242.4 million in Q2 07 to approximately RMB366.0 million in Q2 08, and increased by approximately RMB281.3 million or 65.6% from approximately RMB428.9 million in 1H 07 to approximately RMB710.2 million in 1H 08. Gross profit increased by approximately RMB61.3 million or 53.0% from approximately RMB115.6 million in Q2 07 to approximately RMB176.9 million in Q2 08, and increased by approximately RMB135.5 million or 66.6% from approximately RMB203.3 million in 1H 07 to approximately RMB338.8 million in 1H 08.
China Sky Chemical Fibre Co. Ltd recorded revenue of the Group increased 11.5% to RMB634.8 million for 2Q2008 as compared with 2Q2007. The significant increase in revenue was mainly due to higher sales made possible by our increased production capacity from 72,000 tonnes to 88,000 tonnes since the end of the second quarter of FY2007. Gross profit for 2Q2008 was RMB226.3 million, representing an increase of 14.3% over 2Q2007. Gross profit margin for 2Q2008 improved marginally to 35.7% from 34.8 % in 2Q2007. China Sky was able to adjust its selling prices to compensate for changes in raw material costs due to the fluctuations in crude oil prices. Profit for 2Q2008 was 4.3% higher at RM166.3 million over the comparable period in 2Q2007. Net profit margin for 2Q2008 was 26.2% from 28.0% for 2Q2007.
Synear Food Holdings Limited recorded a revenue decrease of approximately RMB27.9 million or 2.2% from RMB1, 263.7 million for the six months ended 30 June 2007 to RMB1,235.8 million for the six months ended 30 June 2008. The decrease in the Group’s revenue was contributed by (i) the decrease in the sales of our savoury dumpling products by approximately RMB26.2 million or 5.0% from RMB521.7 million for the six months ended 30 June 2007 to RMB495.5 million for the six months ended 30 June 2008 and (ii) the decrease in the sales of our glutinous sweet dumpling products by approximately RMB20.8 million or 4.6% from RMB453.6 million for six months ended 30 June 2007 to RMB432.7 million for the six months ended 30 June 2008. Cost of sales increased by approximately RMB82.5 million or 10.1% from RMB815.8 million for the six months ended 30 June 2007 to RMB898.3 million for the six months ended 30 June 2008.
China Sun Bio-Chem Technology recorded a 37% or RMB 298 million increase in revenue from RMB 796 million for 1H2007 to RMB 1,094 million for 1H2008. Overall gross profit decreased by 18% from RMB 247 million for 1H2007 to RMB 203 million for 1H2008. Overall, gross profit margin decreased from 31% for 1H2007 to 19% for 1H2008. The average gross margin of modified starch products decreased from 41% for 1H2007 to 36% for 1H2008 because of higher prices for major raw materials like starches and chemicals. Total profit reported decreased by 41% from RMB 156 million for 1H2007 to RMB 91 million for 1H2008.
Boardroom Limited recorded revenue of $10.7 million for the quarter ended 30 June 2008 (“4Q08”) an increase of 10.3% compared to the same period in the previous year. Revenue for the year ended 30 June 2008 (“FY08”) increased 14.2% to $37.7 million. The Group registered a 5.1% decline in profit after tax for 4Q08, and an 8.0% improvement to $10.3 million for FY08.
Challenger Technologies Limited recorded revenue of $80.5 M was 23.3% higher than the corresponding period last year. The growth has been mainly due to growth in our IT products and services business segment. The increase in profit after taxation of $0.4 M has been mainly attributable to the following: i) Gross profit increased about $3.1 M due to stronger retail sales. ii) Higher interest earned from fixed deposits of $0.1 M.
Inter-Roller Engineering Limited revenue for 2Q 2008 decreased by 55% to $17.6 million despite an outstanding order book of S$125.7 million as at 31 Mar 2008. Due to the low revenue, the Group incurred a loss of $1.9 million after tax. In 2Q 2007, the Group posted a profit of S$15.1 million due mainly to the gains of $12.9 million from the sale of its investment properties at Suntec Tower One and Octagon Building completed in 2Q 2007.
Starhub Limited recorded operating revenue was 9% higher year-on-year (YoY) at S$531.4 million, bringing the half year total operating revenue to S$1,066.3 million, 11% growth YoY. Profitability for the quarter was impacted by higher operating costs in the quarter which increased 16% YoY. While operating revenue increased 9% YoY for the quarter, cost of sales. Costs of sales for the quarter showed an increase of 23% YoY while other operating expenses for the quarter increased 11% YoY. For the quarter, profit after taxation was thus 21% lower at S$64.2 million and for the half year, at S$144.3 million, was 4% or S$6.4 million lower than 1H07.
Toray Industries reported consolidated net sales for the three months ended June 30, 2008 increased 0.4% on a year-on-year basis to ¥387.4 billion (US$3,641 million). On the other hand, operating income declined 32.3% to ¥13.2 billion (US$124 million), ordinary income fell 33.6% to ¥12.5 billion (US$117 million) and net income came to ¥4.4 billion (US$41 million), down 56.9%, as the impact of negative factors including rising fuel and raw material prices was not fully absorbed.
Fujian Zhenyun Plastics Industry for the period ended 30 June 2008, had sales grow by approximately RMB62.2 million (29.3%) compared to the same period last year. The Group enjoyed rapid growth in a relatively new product range, PPR water distribution systems, with sales increase of approximately RMB3.4 million (>100%) compared to the first half of 2007 (“HY 2007”). Total gross profit in HY 2008 increased by approximately RMB16.0 million (27.5%) to approximately RMB74.0 million from approximately RMB58.0 million last year. During the first half of 2008, the Group’s raw materials cost increased by approximately 12.3% compared to HY 2007. PBT in HY 2008 increased by approximately RMB12.5 million (28.6%) from approximately RMB43.5 million to RMB56.0 million. The higher PBT arose mainly from the improved gross profits during the period.
Achieva Group turnover for the 6 months ended 30 June 2008 was 13% lower at S$237 million, compared to S$272.8 million for the same 6 months period of 2007. Gross profit contracted to S$20.3 million (1H2007: S$21 million) but gross profit margin improved from 8% to 9%. Net profit before tax was S$2.86 million (1H2007: S$2.46 million) and net profit after tax, S$1.92 million (1H2007: S$2.66 million) for the half year ended 30 June 2008.
Roxy-Pacific Holdings Limited reported turnover for the 2Q2008 of 61% to $41.7 million from $25.9 million in 2Q2007. The increase was the result of 75% increase in the revenue from Property Development and 36% increase in revenue from Hotel Ownership and Property Investment. In line with the higher revenue achieved, direct cost of total revenue in 2Q2008 increased by $9.8 million or 62% from $15.8 million in 2Q2007 to $25.6 million. The Group’s gross profit margin remains stable at 39% in 2Q2008 & 2Q2007. Pre-tax profit improved by $7.3 million or 75% to $16.9 million in the current half year.
Li Heng Chemical Fibre Technologies Limited reported a Revenue increase by approximately 36.6%, or RMB528.0 million to RMB1.97 billion in HY2008 from RMB1.44 billion in HY2007. This was due to an increase in sales volume by 16,011mt or 37.9% in comparison with HY2007 and stable overall average selling price of our nylon yarn products of RMB33,882 per mt in HY2008. Cost of sales increased by approximately RMB344.7 million or 36.4% in HY2008. The increase in cost of sales was due to higher production volumes and the corresponding increase in raw materials used. Gross profit increased by RMB183.2 million or 36.8% to RMB680.6 million in HY2008 from RMB497.4 million in HY2007. The increase in gross profit was in line with the increase in revenue.
Sembcorp Marine Ltd showed an increase in turnover for 2Q 2008 by 31.8% from $1,051.6 million in 2Q 2007 to $1,386.1 million. Group operating profits increased by 50.5% from $74.0 million in 2Q 2007 to $111.5 million in 2Q2008.Group pre-tax profits increased by 50.6% from $106.7 million in 2Q 2007 to $160.7 million. The increase is mainly attributable to higher operating margins from rig building and ship repair businesses and better contribution from associated companies. Group pre-tax profits increased by 44.2% from $191.4 million in 1H 2007 to $275.9 million. The increase is mainly attributable to higher operating margins from rig building and ship repair businesses and better contribution from associated companies
Sinotel Technologies Limited an innovator in the provision of wireless telecommunications infrastructure and solutions in the PRC, is pleased to announce that the group’s order book as at 30 June, 2008, has appreciated to approximately RMB292 million. Between 31 January and 30 June, 2008, the group has recognized revenue of approximately RMB172 million out of the previously announced order book of RMB230 million. Work for the remaining RMB58 million worth of orders remain in progress.
United Overseas Bank Limited showed net profit after tax of $1,130 million in 1H08, an increase of 2.5% from $1,103 million recorded in 1H07. The growth was mainly attributed to higher net interest income, partially offset by higher impairment charges, lower contributions from associates and higher operating expenses. Total operating income rose 8.0% to $2,690 million. Net interest income grew 13.3% to $1,725 million, driven by expanded loan volume and higher contributions from interbank money market activities. Non-interest income was flat at $964 million as higher investment income and rental income were offset by lower other income. Total operating expenses increased 4.0% to $1,015 million. Net customer loans increased 18.1% to $97,395 million as at 30 June 2008. Non-performing loans of $1,547 million was 1.5% (30 June 2007: 2.8%) of gross customer loans.
China HongXing Sports Limited recorded a revenue increase of 48.4% from approximately RMB898.9 million in first half of 2007 to RMB 1333.8 million in first half 2008. Strong growth was attributed to improvements in efficiency and an increase in the size of retail network to 3,648 retail outlets at the end of June 2008, an improved higher-margin product mix, higher selling prices and extensive advertising, promotions and notable sponsorships. Cost of goods sold increased by approximately RMB 267.7 million or 51.4% from RMB 21.0 million in first half of 2007 to approximately RMB 788.7 million in first half of 2008. Gross margins decreased from 42.0% in first half 2007 to 40.9% in first half 2008 due to product discounts. Net profit increased by RMB63.4 million or 37.6% from RMB168.8 million in first half 2007 to approximately RMB232.2 million in first half of 2008.
Celestial Nutrifoods Limited sales has grown by 37.1% from RMB422.0 million in 2007Q2 to RMB578.4 million in 2008Q2, mainly as a result of improving facility utilisations for its industrial products and overall increase in selling prices. Overall gross profit margin has dropped from 38.9% in 2007Q2 to 34.6% in 2008Q2, mainly as a result of the increase in raw material costs and change in sales mix. Average soybean consumption cost has increased by 73.2% from RMB2,597 per ton in 2007Q2 to RMB4,498 per ton in 2008Q2. As compared to 2007Q2, the Group has increased selling prices and improved production efficiency and facility utilisations to enhance cost savings so as to mitigate the impact from cost pressures. Net profit has increased by 11.7% from RMB98.5 million in 2007Q2 to RMB110.0 million in 2008Q2.
Brothers (Holdings) Limited reported increase in revenue to $9.9 million in the first half year of 2008 from $0.8 million. gross profit increased to $4.1 million in the current period in 2008, as compared to $0.3 million for the previous period. improvement in results was mainly due to contribution from the Singapore City@Shenyang project. Phase 1.1A of the project had achieved to-date sales of RMB260 million, with 496 units sold and over 70% construction completed. the Group reported a total profit of $3.5 million for first half year 2008, as compared to $1.1 million for the previous period
United Envirotech Ltd recorded revenue for the period of $14.3 million, which was $4.7 million or 49.5% higher than last corresponding period ended 30 June 2007 of $9.6 million. The increase was mainly due to the company’s successful effort in securing engineering contracts. The revenue contributed from treatment income increased from $1.7 million to $2.5 million representing an increase of 47.1%. The Group generated profit after tax of $1.4 million for the current period as compared to $2.1 million in the corresponding period ended 30 June 2007.
Baker Technology Limited revenue decreased by 48% from S$32.1 million for the 6 months ended 30 June 2007 to S$16.6 million for the same corresponding period in 2008 due to the transition in the Group’s core business. The Group’s acquisition of the entire issued and paid-up share capital of Sea Deep was only completed on 30 April 2008 and accordingly, only 2 months ofSea Deep’s results were consolidated in the reported revenue for 2008. For the first 6 months ended 30 June 2008, Sea Deep reported a revenue of S$53.6 million, a gross profit of S$13.5 million and a net profit of S$6.0 million. Of the net profit of S$6.0 million, S$3.6 million was consolidated into the Group’s results for the second quarter and half year ended 30 June 2008. Despite a 48% reduction in revenue, gross profit reduced by only 10% to S$6.2 million for the 6 months ended 30 June 2008. The Group reported a net profit after tax of S$3.5 million for the half year ended June 2008.
Hyflux recorded a revenue of $16.7 million in 2Q08, which is 16% higher than the 1Q08 revenue of $14.4 million and represents approximately 32% of the FY2008 forecast revenue of $51.6 million. For the quarter ended 30 June 2008, net operating income is $2.1 million and is 75% higher than the 1Q08 net operating income of $1.2 million. For the half year ended 30 June 2008, total revenue was $31.0 million with a profit after tax of $3.3 million.
Great Eastern Holdings Limited recorded profit attributable to shareholders fell year-on-year by 89% to $15.7 million (Q2-07:$143.4 million) for the quarter and 78% to $60.7 million (H1-07: $277.9 million) for the halfyear despite gross business premiums income recording year-on-year increases of 33% for the second quarter and 30% for the half-year. Gross business premiums in Q2-08 increased 33% to $1,976 million (Q2-07: $1,488 million), in the ratio 75:25 between Singapore and Malaysia (Q2-07 70:30). Gross business premiums for the half-year rose 30% to $3,586 million (H1-07: $2,757 million).
Tuan Sing Holdings Limited recorded a revenue decreased for both 2Q2008 and 1H2008 as the Group had lower trading and construction activities but higher revenue recognition on sales of development properties. Gross profit was down 25% in the second quarter, but up 6% in the first half year when compared with the corresponding periods last year. Overall gross margin improved from 23% in 2Q2007 to 26% in 2Q2008, and from 17% in 1H2007 to 25% in 1H2008. For the half year, Group PATMI amounted to $15.4 million as compared to $47.9 million in 1H2007 due mainly to lower net exceptional gain
China Aviation Oil recorded a revenue increased of 207% to US$1.8 billion for 2Q 2008 compared to US$0.6 billion for 2Q 2007 mainly attributable to higher volume of jet fuel procured and supplied as well as higher fuel prices. Jet fuel price averaged US$147.4 per barrel in 2Q 2008, an increase of approximately 79.8% from an average price of US$82.0 per barrel in 2Q 2007. The Group’s profit attributable to shareholders was US$17.5 million for 2Q 2008 compared to US$140.2 million for 2Q 2007. Excluding the net gain on disposal of CLH, the Group’s profit attributable to shareholders would be US$5.4 million in 2Q 2007.
orded a revenue increased by US$3.7 million or 14.6% from US$25.2 million in Q2 2007 to US$28.9 million in Q2 2008. Sales in plastic moulded components increased by approximately US$1.5 million as compared to the corresponding period, contributing to the increase in Q2 2008 revenue. As a result of lower selling price, higher raw material prices, increase in labour costs and general costs increases, the Group’s gross profit margin declined to 17.9% as compared to 24.1% in Q2 2008. Due to the change in tax regulations in the PRC, most of the tax benefits previously enjoyed by the Group have either expired or withdrawn, resulting in higher tax expenses as compared to the corresponding period. Profit for Q2 2008 declined by US$993,000 or 41.8% to US$1.4 million as compared to the corresponding period.
Beng Kuang Marine Ltd recorded a turnover for 2Q2008 increased by 17.5% from S$29.79 million to S$35.00 million. This was mainly driven by continual strong demand momentum in marine, offshore oil and gas activities during the quarter. Revenue from the IE division registered a drop of S$2.27 million from S$12.48 million in 2Q2007 to S$10.21 million in 2Q2008. The higher revenue in 2Q2007 was due to a one off high value project in the conversion and upgrading works of a floating production storage and offloading ("FPSO") vessel in Indonesia. However, the revenue momentum in IE remains positive as the revenue achieved in 2Q2008 was better than 1Q2008 by S$0.7 million. The Group achieved a net profit attributable to shareholders of S$3.02 million for 2Q2008 an improvement of 90% compared to 2Q2007 with net profit of S$1.59 million.
China Bearing (Singapore) Ltd recorded revenue increase by RMB4 million or 7.3% from RMB55.4 million in 2Q2007 to RMB59.4 million in 2Q2008. The increase was mainly due to higher selling price of heavy bearings after their continuing efforts to negotiate with customers to increase selling price. This was offset by decrease in sales volume in light bearings mainly used in vehicles of between 3 to 10 tonnes. Gross profit decreased by RMB3.9 million or 22.6% from RMB17 million in 2Q2007 to RMB13.1 million in 2Q2008. Gross profit margin decreased from 30.7% in 2Q2007 to 22.1% in 2Q2008. Profit before taxation decreased by RMB4.1 million or 27.8%, from RMB14.5 million in 2Q2007 to RMB10.4 million in 2Q2008 mainly due to the increase in cost of raw materials.
China Animal Healthcare Ltd recorded revenue for HY2008 increased by RMB65.8 million or 63.4% from RMB103.8 million in HY2007 to RMB169.6 million in HY2008. Average selling prices have not fluctuated significantly period-on-period, demand for the Group’s products has continued to experience strong growth in 2008 as usage of animal drugs has increased across China. The cost of sales of the Group constituted approximately 24.9% and 23.6% of its revenue in HY2008 and HY2007, respectively. The main components of its cost of sales include the cost of raw materials and there were no significant increases in the prices of the raw materials in 2Q2008. In line with the 63.4% increase in sales, gross profit increased from RMB79.3 million in HY2007 to RMB127.3 million HY2008, representing an increase of RMB48.0 million or 60.5%. Gross profit for 2Q2008 amounted to RMB71.0 million, representing an increase of RMB21.3 million or 42.5% over 2Q2007 and an increase of RMB14.7 million or 26.2% over 1Q2008. However, overall gross profit margin in 2Q2008 decreased by 1.2% to 74.5% compared to 1Q2008.
CDW Holding Ltd announced that the Company and its subsidiaries are likely to report an operating loss for the Second Quarter and the six months ended 30th June 2008. Details of the Group’s financial performance for the Periods will be disclosed when the Company finalises and announces its un-audited consolidated financial results for the Periods ended 30th June 2008.
Singapore Land Ltd announced that revenue increased by $17.6 million (25%) to $89.3 million with higher rental income and higher revenue from the Pan Pacific Singapore hotel operations. Gross rental income at $56.8 million was higher by $11.4 million (25%) attributable to higher rental rates. Gross revenue from the hotel operations at $30.8 million increased by $6.2 million (25%) due mainly to higher room revenue. Overall, the Group's net profit for the 3 months ended 30 June 2008 is $68.0 million, of which $44.0 million (2Q 2007: $33.9 million) was derived from operations and $24.0 million from fair value gain on investment properties.
Furama Ltd has continued its good performance into the second quarter of 2008. Total revenue increased 35.5% from $18.0m in 2Q2007 to $24.4m in 2Q2008 with higher average room rates charged for the quarter. The Group has also increased the total number of available guest rooms through its expansion projects in 2007. The number of available guest rooms for the Group rose from 913 in 2Q2007 to 980 in 2Q2008. Revenue for the half year to date stood at $48.1m, a 41.8% increase from $33.9m for the same period last year. Expenses have increased in tandem with the higher revenue and growing business activities of the Group. Administrative expenses have risen by 129.4% to $4.4m in 2Q2008 (2Q2007: $1.9m). The Group recognised a net profit from discontinued operations of $125.8m in 2Q2008, thus bringing its total profit to $135.7m ($5.5m in 2Q2007). Total net profit for the half year to date amounted to $144.5m as compared to $8.1m for the first half of 2007.
Hi-P International Limited recoded a revenue increase of S$80.1 million or 39.8% to S$281.5 million, from Q2FY2007 to Q2FY2008. Net profit attributable to shareholders (net profit) increased by S$13.6 million or 101.0% to S$27.1 million. Revenue from the Group’s Wireless Telecommunications (WL) SBU increased significantly by 93.9% yoy and 14.2% qoq to S$186.5 million mainly due to a substantial increase in sales to existing customers. Gross profit increased by approximately S$22.3 million yoy or 79.2% to S$50.4 million while gross profit margin was 17.9% in Q2FY2008, up from 14.0% in the same corresponding period. The improved gross profit margin was primarily due to better product mix, lower labour and overhead costs as a percentage of revenue, which resulted from greater efficiencies in cost control as well as economies of scale. Pretax profit rose significantly by about S$15.8 million or 110.1% yoy to S$30.1 million in Q2FY2008.
Cosco Corporation (Singapore) Ltd remained on its growth track as it achieved another record quarterly financial performance in Q2 2008. Net profit attributable to equity holders of the Company surged 60% to $128.7 million, while turnover increased by 104% to $1.05 billion, mainly due to ship repair, ship building and marine engineering businesses, which are supported by buoyant order book. Turnover soared 104% to $1.05 billion in Q2 2008, surpassing the $1-billion mark in a quarter for the first time fueled by solid performances across all key business segments. Gross profit surged 61% from $152.2 million in Q2 2007 to $245.4 million in Q2 2008. This was lifted by higher turnover despite lower gross margin from 29.7% to 23.4% mainly due to higher raw material costs. Net profit attributable to equity holders of the Company rose 60% from $80.4 million in Q2 2007 to $128.7 million in Q2 2008 backed by strong business expansion and operational efficiencies. Compared to 1H 2007, net profit rose 74% from $122.3 million to $212.6 million in 1H 2008.
Jardine Cycle & Carriage enjoyed a very strong first half in 2008 as Astra continued to benefit from positive consumer demand and high palm oil prices. Improvements across all the Group’s major business segments enabled the revenue for the six months ended 30th June 2008 to grow by 38% to US$5,719 million, compared to the same period in 2007. Underlying profit increased 73% to US$264 million, while underlying earnings per share rose 70% to US¢75.52. Astra’s contribution to the Group’s underlying profit was US$254 million, up 73%, and the contribution from the Group’s other motor interests was 33% higher at US$25 million. Profit attributable to shareholders increased 73% at US$265 million after accounting for non-trading items of US$1 million, consisting mainly of a gain from property disposals offset by restructuring costs.
Rokko Holdings Ltd announced results for the 6 months ended 30 June 2008. The Group’s revenue of S$11.7 million was 29.6% lower as compared to the 6 months ended 30 Jun 2007 as the market was quiet amid the unfavourable global economy situation. The impact was partially cushioned by equipment sale to a new customer in China. The Group recorded a gross profit of $4.6 million for 1H2008 or a decrease of 24.5% compared to 1H2007. The Group’s gross profit margin improved by 2.4 percentage points from 37.4% in 1H2007 to 39.8% in 1H2008. Profit before tax was $1.0 million in 1H2008, or 68.1% decrease from 1H2007. This is due mainly to lower revenue achieved by the Equipment Division and an increase in operating expenses by 17.9%.
DMX Technologies Group Ltd second quarter FY08 revenue continue to be buoyed by the increasing contribution from its Digital Media segment which accounted for approximately 30.5% of Group revenue, an encouraging 46.9% year-on-year growth for DMX’s Digital Media segment over 2Q07. For 1H08, Digital Media segment accounted for 29.4% of Group revenue, or 49.7% yoy growth from 1H07. The Group registered overall revenue growth in 2Q08 of 8.4% y-o-y to US$39.8m,which, brought total revenue for 1H08 to US$77.8m, in line with 1H07’s revenue. Gross margin grew to 26.56% in 2Q08. The Group recorded a 10.1% sequential increase in quarterly Profit after tax to US$1.7m versus 1Q08; albeit 26.2% lower than year-ago 2Q07
Hitachi Metals Group’s net sales climbed 1.9% compared with the corresponding period of the previous fiscal year to ¥175,599 million, mainly as a result of continuous robust demand from its primary customers in the automobile and IT-related industries. In the first quarter of the fiscal year under review, income before income taxes and minority interests was ¥17,423 million. Net income amounted to ¥8,670 million, operating income was ¥15,421 million
Jardine Matheson Holdings Limited showed strong progress throughout the Group in the first half of the year, with Hong kong Land, Dairy Farm and Astra in particular producing good profit growth. The Company’s underlying profit for the first six months of 2008 was US$448 million, up 40% over the same period in 2007. Underlying earnings per share were 41% higher at US$1.27. The turnover of the Group, including 100% of the turnover of associates and joint ventures, was US$18.5 billion, compared to US$14.9 billion in the first half of 2007. A further increase in investment property values during the period gave rise to a gain of US$551 million, compared with US$396 million in the first half of 2007, which has been taken through the profit and loss account. It declared an interim dividend of US¢24.00 per share, an increase of 20%.
Sapphire Corporation Ltd showed a revenue increase in 2Q 2008 by $338,000 from $338,000 in 2Q 2007 to $676,000 with growth mainly in architectural finishing products and services. The Group made a gross loss of $70,000 for 2Q 2008 as compared to a gross profit of $169,000 in 2Q 2007 mainly due to additional provision made for rectification works and repainting cost of $112,000 in 2Q 2008.
China Printing & Dyeing Holding Limited revenue decreased by RMB 83.4 million, or 40.8% to RMB 121.2 million for 2Q 2008 compared to the corresponding period last year. The decrease in sales is across all product categories; export sales decreased by RMB 77.4 million, domestic sales decreased by RMB 5.2 million and value-added services decreased by RMB 0.8 million The gross profit of the Group decreased from RMB 38.8 million in 2Q 2007 to RMB 19.0 million in 2Q2008, a reduction of 50.9%. The gross profit margin dropped from 18.9 percentage point in 2Q 2007 to 15.7 percentage point in 2Q 2008, a decrease of 3.2 percentage point. This was mainly attributable to the strengthening of RMB against US$, substantial increases in raw material costs and energy related costs such as electricity, coal and steam
Citigroup Inc. reported a $2.2 billion loss from continuing operations ($0.49 per share) for the second quarter of 2008. Revenues were $18.7 billion, down 29% from a year ago, primarily as a result of a $7.3 billion decrease in Securities &Banking revenues, including $3.4 billion in write-downs on subprime-related direct exposures, a downward credit value adjustment of $2.4 billion related to exposure to monocline insurers, $545 million write-downs related to commercial real estate positions, and write-downs of $428 million (net of underwriting fees) on funded and unfunded highly leveraged financing commitments and $325 million impairment on Alt-A mortgage securities.
Ocean International Holdings Ltd issued a profit warning in anticipation of the results for the six months ended 30 June 2008. The Directors wish to inform that the Group is likely to suffer a loss for the financial period ended 30 June 2008, due to continuous increase in production cost, as well as increase in finance costs resulting from higher borrowings to support the Group’s working capital requirements.
MAP Technology Holdings Limited’s revenue for the second quarter ended 30 June 2008 rose 24.6% to US$40.1 million compared with US$32.2 million the previous corresponding quarter, supported by growth from the two biggest business segments. Group cost of sales rose 24.9% to US$35.9 million in line with revenue growth. Group gross margin was relatively unchanged at 10.4%. After accounting for a foreign exchange loss of US$1.1 million, Group profit before income tax decreased 50.2% to US$0.9 million in 2Q2008 compared with US$1.7 million in the previous corresponding quarter. Group net profit attributable to shareholders improved 24.2% to US$1.4 million
IPC Corporation Ltd’s revenue decreased by 89.4 per cent to S$0.400 million for the second quarter ended 30 Jun 2008 when compared to S$3.788 million recorded for the same period of the previous year. Group revenue did not include the sale of about S$3.4 million of the leasehold property at No 9, XiangZhou Industry, Zhuhai, China, which was classified as non-current asset held for sale in Q1 2008. The decrease in Group revenue was attributed primarily to slower sales of the Zhuhai property as a result of measures implemented to curb property speculation by the PRC government. The Group registered a after-tax profit attributable to shareholders of S$0.182 million and S$1.446 million for the second quarter and the first half ended 30 Jun 2008 respectively.
China Energy reported a 30% surge in net profit to RMB65.5 million for the first quarter ended 31st March 2008 (1Q08). This was achieved on a 28% rise in sales to RMB245.9 million. The rise in sales was mainly due to the increase in DME uptake, where robust demand lifted volumes sold by 176% from 21,800 metric tons (mt) in 1Q07 to 60,100 metric tons in 1Q08. In line with the higher sales, the Group’s net operating cash flow improved 41% to RMB176.0 million in 1Q08.
Sihuan Pharmaceutical delivered yet another impressive set of results for the first half-year ended 30 June 2008 (1H08). Its profit before tax was RMB127.9 million in 1H08, up 65% a year ago, as the Group enjoyed robust demand for a broad range of its drugs. Its net attributable profit surged 37% to RMB113.8 million. Sihuan’s strategic marketing efforts to penetrate niche but high-margin segments have clearly paid off, drawing in RMB69 million in additional revenues. This – together with the Group’s extensive range of non-CV products, largely from Shenzhen Sihuan Pharmaceutical Co., Ltd (Shenzhen Sihuan) – powered a 104% hike in Sihuan’s 1H08 revenue to RMB237.3 million, up from RMB116.4 million a year ago. Shenzhen Sihuan recorded a net profit of RMB9.5 million on sales of RMB52.0 million in 1H08.
Tan Chong reported for the half year ended 30th June 2008, although Group Revenue eased 13%, Gross Margin remained steady. Increasing sale of cars region-wide helped to cushion declining sale of cars in Singapore. Generally, Net Profit took a drop of 21% mainly because of high start up and infrastructural costs from the continuing expansion of regional network, retrofitting costs to existing rental properties to attract better tenancy and higher returns, declining interest income and slow sale of remaining units of terraced housing at Oasis @ Mulberry. The Board declared an interim dividend of 2.0 cents (2007: 2.0 cents) per ordinary share on the shares in issue amounting to a total of HK$40,266,000 (2007: HK$40,266,000) Surface Mount Technology reported Group’s revenue and loss attributable to shareholders for the three months ended 30 June 2008 were HK$867.0 million (S$151.3 million) and HK$4.8 million (S$0.8 million) respectively. Compared to the corresponding quarter in the previous financial year, revenue grew by 6.1%. Loss per share for the quarter was 1.82 HK cents (0.32 Singapore cents) as compared to earnings per share of 5.84 HK cents (1.02 Singapore cents) for the corresponding quarter last year. The net operating loss for Q4FY08 was HK$21.8 million (S$3.8 million). Net assets per share rose from HK$3.11(S$0.54) as at 31 March 2008 to HK$3.15 (S$0.55) as at 30 June 2008 as a result of the appreciation of the Renminbi.
China Sunsine Chemical reported due to strong demand from customers, the Group posted a 47% increase in its revenue for 2Q2008 to RMB234.9 million from RMB159.6 million for 2Q2007. As a result, gross profit rose 71% to RMB59.4 million in 2Q2008. Net profit surged 52% to RMB37.0 million, from RMB24.3 million in the preceding period. Enjoying a boost in 2Q2008 performance, the Group posted an overall 20% increase in net profit to RMB53.5 million on a 41% increase in revenue to RMB402.1 million for 1H2008.
Europtronic Group announced that compared to 2Q2007, Group turnover decreased by S$0.2 million to S$21.7 million in 2Q2008 as a result of a slight decrease in our distribution business volume. The overall gross profit margin in 2Q2008 was lower. Gross profit margin for the manufacturing business was lower due to an increase in raw material cost and labour cost. Lower administrative expenses in 2Q2008 were attributed to better management control on expenses. Finance costs decreased as a result of lower utilization of banking facilities for working capital and lower interest rate in 2Q2008 compared to 2Q2007. The banking utilization are S$44.6 million and S$46.4 million for 2Q2008 and 2Q2007 respectively. Profit before tax decreased to S$0.1 million in 2Q2008. The decrease in profitability was due to higher manufacturing costs.
MCL Land recorded revenue of US$0.7 million in the first half of 2008, being primarily rental income from investment properties. This compares with revenue of US$133.9 million for the same period in 2007 mainly in relation to the completion of The Metz. The Group’s underlying profit for the first half of 2008 was US$8.2 million, which is mainly attributable to the completion of The Grange, write-back provision of US$2.7 million and sales of the remaining twelve shops in Kuala Lumpur. The Group’s profit attributable to shareholders for the first half of 2008 was also US$8.2 million, compared with US$3.2 million in the first half of 2007, which included a US$0.8 million fair value gain of an investment property.
Sinotel Technologies registered an impressive set of results for the quarter (“2Q08”) and six months (“1H08”) ended 30 June 2008. Group revenue rose 92.6% and 58.8% during the period for 2Q2008 and 1H2008 respectively. The Group’s topline growth was achieved mainly on the back of a 101.7% (2Q2008) and 63.5% (1H2008) increase in sales from its Wireless Network Solutions business. This was mainly due to increased sales to China Mobile and China Unicom as a result of more contract wins. Revenue for the Group’s Distribution Solutions business was RMB0.2 million for both 2Q2008 and 1H2008. This is inline with the Group’s strategic decision to scale down the sales and production of handset, pending the release of 3G licenses in the PRC. Overall gross profit margin for 2Q2008 and 1H2008 were 45.0% and 43.8%, which were slightly lower than the gross profit margin of the same periods in 2007. As a result, the Group’s net profit for 2Q2008 and 1H2008 jumped an impressive of 102.8% and 59.4% respectively as compared to the same periods in 2007.
Del Monte Pacific Limited - Group turnover for the second quarter rose 35% to US$88.6 million from US$65.7 million driven by the Philippine market whose sales improved by 48%. The Philippine market turned in a sterling performance due to the success of the Del Monte Fit ‘n Right drink, increased pricing, favourable impact of the 10% year on year Peso appreciation and broader distribution. Store coverage increased to 74,000 stores in June 2008 from 41,000 stores in June 2007. The other Asia Pacific markets posted better turnover led by increased canned tropical fruit exports. Great Lakes nearly doubled its sales due to higher industrial export business this quarter. S&W, which the Group acquired in November 2007, also had some initial sales contribution of US$1.9 million. Gross profit increased significantly by 41% to US$20.9 million from US$14.9 million as a result of higher volume, improved pricing and better sales mix. Despite inflationary cost increases, gross margin improved to 23.6% from 22.7%, brought about by productivity enhancement and cost saving programs, and better prices. Operating profit grew by 27% to US$10.3 million on higher gross profit, partially offset by increased advertising and promotion expenditures for the Del Monte Fit ‘n Right drink and other core products, plus business building costs.
Pan-United Corporation announced that the Company has granted an Option to Ms Meryani and/or Nominee to purchase its premises located at 105 Cecil Street, #13-01/04, The Octagon, with vacant possession, at the cash consideration of S$9,407,280.00, exclusive of GST. The Company has received the option money of S$94,072.80, being 1% of the Sale Price from the Purchaser. The Sale Price was arrived at after arm’s length negotiations, on a willing-buyer, willing-seller basis, taking into consideration the desk-top valuation dated 18 July 2008 performed by an independent firm of professional valuers appointed by the Company.
Westcomb Financial Group Ltd - Revenue decreased by S$0.81 million or 10.3% from S$7.87 million for the period ended 30 June 2007 to S$7.06 million for the period ended 30 June 2008. This is mainly due to a fall in activities by 28% in our ECM / Broking business segment. The Group registered other losses of S$0.50 million for the period ended 30 June 2008, as opposed to other gains of S$0.80 million for the same period in 2007.
Fastech Synergy Ltd announced its Financial Results for the second quarter ending 30 June 2008. The Group had a net sales of $3.11 million for the current period, $88,000 or 2.9% higher compared with the $3.02 million net sales for the previous quarter. Net sales for the same period last year was $3.76 million. A gross profit of $45,000 was registered for the current period, compared with a gross loss of $386,000 for the first quarter 2008, and gross profit of $108,000 for the second quarter of last year. The Group started to realize the benefits of the cost reduction exercise it implemented before the end of the previous quarter, as it reduced its Cost of Sales (COS) by $344,000 to $3.06M for the current period compared with the previous quarter COS of $3.41M. This was made possible even with the higher level of revenue for the current period. Cost of Sales for the same period last year was $3.65M. Net loss of $219,000 for the current period was lower by $935,000 compared with the previous quarter net loss of $1.15 million. This however, includes a forex gain of $455,000 compared with a previous quarter forex gain of only $90,000 as the Philippine Peso continued to weaken against the US Dollar during the second quarter 2008. Net loss for the same period last year was $1.07 million.
Hong Kong Land reported underlying profit rose 56% to US$242 million in the first half of the year due to higher net rental income and an increased contribution from residential property completions. Underlying earnings per share also rose 56% to US¢10.53. The independent valuation of the Group’s commercial property investment portfolio at the end of June, including the Group’s share of investment properties in joint ventures produced an 11% increase in the value of the portfolio. The revaluation surplus net of deferred tax taken to the profit and loss account was US$1,381 million, compared with US$1,042 million in the first half of 2007. A profit attributable to shareholders of US$1,629 million was recorded for the period compared with US$1,202 million in the first half of 2007. The Directors have declared an increased interim dividend of US¢6.00 per share, up 50%.
Gul Technologies achieved a 10.3% increase in revenue, from US$63.4m in 1H2007 to US$69.9m in 1H2008. This increase came from improvement in plant utilization and higher sales of the better-priced high-density interconnect (“HDI”) printed circuit boards (“PCBs”). Gross profit increased by 8.6%, from US$14.5m in 1H2007 to US$15.8m in 1H2008. The increase came mainly from increased revenue. However, gross profit margin deteriorated slightly, from 22.9% in 1H2007 to 22.5% in 1H2008. This was due to the margin squeeze resulting from the global economic slowdown and increasing competition; nevertheless, increased sales of HDI PCBs, which commanded better pricing and margin, mitigated the negative impact on overall margin. Pre-tax profit improved significantly, from US$2.2m in 1H2007 to US$33.7m in 1H2008. This was mainly due to the Other Gain and the improved gross profit achieved.
Kingboard Copper Foil reported Group’s turnover, on a three-month basis, posted 15% growth against Q2 2007 to a record high of HK$992 million. Net profit attributable to shareholders was up 7% to HK$60 million. Sales volume has also registered satisfactory growth of 11 % year-on year. Distribution costs in Q2 2008 were approximately HK$10 million, up 12% over Q2 2007, due to the continued expanding business activities. Finance cost decreased by 21% to HK$3 million primarily due to a lower level of bank borrowings. The bank borrowings were of short-term bank loans with floating interest rates, mainly used as working capital for the Group. Pre-tax profit margins maintained at 6.6% despite the adverse impact of increased material costs.
Dairy Farm Int’l reported sales rose by 18% to US$3.8 billion in the first half of 2008. Underlying profit for the period increased by 40% to US$141 million, while underlying earnings per share also increase by 40% to US¢10.50. The profit attributable to shareholders of US$154 million benefited from non-trading gains of US$13 million, arising mainly on the disposal of the Group’s 50% interest in CJ Olive Young. The Board has declared an interim dividend of US¢4.00 per share, a 33% increase over last year’s interim dividend of US¢3.00 per share.
Allgreen Properties Ltd - The weak sentiment in the property market continued in 2Q 2008 following the US subprime issue, the escalating oil prices and inflationary pressure. These factors have affected the performance of the Group's residential development properties. The decline in the revenue from development properties resulted in the decrease in the Group's revenue by 39% to S$74.1 million in 2Q 2008. The profit before taxation declined by 21% from S$35.4 million in 2Q 2007 to S$28.1 million in 2Q 2008, mainly due to lower revenue and lower write back of provision for diminution in value of development properties.
Elec & Eltek reported Group’s revenue for 2QCY08 of US$132.5 million was at the same level of US$131.8 million as in the same quarter of last financial year on the back of a 8.1% decline in shipment volume in the quarter under review. Notwithstanding the flat revenue growth, gross profit grew 6.7% year-on-year to US$21.5 million in 2QCY08 on favourable product mix. Despite higher copper prices and an appreciating Renminbi environment, overall gross profit margin increased to 16.3% in 2QCY08 from 15.3% a year ago. The Group’s net attributable profit to shareholders increased 81.6% to US$12.4 million as compared to US$6.8 million in 2QCY07, but was sequentially declined by 3.9% against the financial performance in 1QCY08.
Mandarin Oriental Intl Ltd - Earnings before interest, tax, depreciation and amortization for the first six months of 2008 were US$86 million, compared to US$85 million in the first half of 2007. Profit attributable to shareholders was US$36 million, which compares with US$34 million in the same period in 2007 after excluding a US$16 million property gain. Including the gain, the profit attributable to shareholders in the first half of 2007 was US$50 million. For the first six months of 2008, earnings per share were US¢3.68, compared to US¢3.54 in the same period in 2007 excluding the property gain and US¢5.19 including the gain. An increased interim dividend of US¢2.00 per share has been declared, which compares with US¢1.00 in 2007, reflecting the strong financial position of the Group.
Keppel Corporation - The Group continued with its earnings growth with another record first half attributable profit of $561 million and earnings per share of 35.3 cents. Annualized return on equity remained above 20% at 21.4%. Economic Value Added of $396 million was $31 million higher than that of first half 2007. Group revenue in the second quarter of $2,643 million was 8% above that of the corresponding quarter in 2007. Higher revenues were reported by all divisions except for Property Division, which was affected by the dampened market condition. Group attributable profit of $299 million was the highest achieved in a quarter and 16% above the same quarter in the previous year. For the half year, Group revenue of $4,854 million was $372 million or 8% above that of the corresponding period in 2007. At the pre-tax level, Group profit of $800 million was 8% higher than the first half last year with increased contribution from Offshore & Marine, Infrastructure and Investments partially offset by lower contribution from Property. The income tax expenses of the Group included a write-back of $6.2 million for over provision of taxation in respect of prior years. After minority share of profit, the attributable profit to shareholders of $561 million was $51 million or 10% higher than the corresponding period in 2007. Offshore & Marine Division remains the largest contributor to attributable earnings with 51%, followed by Investments with 30%, Property Division with 14% and Infrastructure Division with 5%.
China Merchants Holdings (Pacific) announced a net profit after tax of HK$98 million for the second quarter ended 30 June 2008, up 11% from the HK$88.3 million recorded in the previous corresponding quarter. For the first six months of 2008, net profit after tax increased 26% to HK$179.2 million from HK$142 million a year ago. The Group’s profit before tax for 2Q08 remained flat at HK$95.9 million. Pre-tax profit for the first half year saw a healthy 19% rise from the corresponding period last year to reach HK$181.4 million. The pre-tax profit contribution from the Group’s toll road operations in 2Q08 of HK$88.8 million was comparable to the HK$89.4 million achieved in the previous corresponding period which included an exceptional gain of HK$13.2 million from the disposal of Ningzhenluo Highway. Excluding this exceptional item, the toll road operations would have achieved a pre-tax profit growth of 16% in 2Q08 and 22% for the six months ended 30 June 2008.
Texchem-Pack Holdings revenue for the second quarter ended 30 June 2008 increased 11% to RM57.5 million compared to the same period in 2007. Revenue for the six months ended 30 June 2008 was RM114.8 million, versus RM106.6 million. For the second quarter of 2008, higher demand from customers in the semiconductor and telecommunication industries boosted revenue for thermoforming products by 15% to RM38.1 million. However, part of this increase was eroded by a 2% decline in precision injection moulding revenue to RM10.4 million. Group profit after tax registered a 72% increase to RM1.8 million for the three months ended 30 June 2008, compared to RM1.1 million in the previous corresponding period.
For the 1st 6 months of 2008, Aztech’s revenue rose by 11% to S$130.44 million, as compared to S$117.64 million in 1H 2007. The Group reported a net profit of S$5.95 million. On the costs side, Aztech continues to be affected by rising energy and commodity prices, higher manpower costs worldwide and unfavorable currency exchange. Aztech saw a continuous improvement in its gross profit margin and net profit margin from 13.7% and 3.7% in 4Q2007 to 15.5% and 4.6% respectively in 2Q2008. This was the result of ongoing costs control measures that partially offset the increase in operating costs. The Group’s outstanding order books for Electronics business is S$83 million, and Materials Supply is S$252 million.
SOURCE: POEMS, SGX MASNET
Keppel Land recorded a profit after tax and minority interests (PATMI) of $113 million for the first half of 2008. This was 10% lower than that for the first half of 2007, due largely to lower earnings from property trading and property investment, which was mitigated by higher fee income from fund management and a $7.3 million gain arising from the purchase of additional interest in an associate. PATMI from property trading fell by 29.1% yearon- year to $79.1 million in the first half of 2008, as several residential projects in Singapore and overseas were completed while new launches were being held back. Property investment also contributed a lower PATMI of $15.2 million in the first half of 2008, down 28% from $21.1 million for the same period in 2007. This was due to a write-back of tax provision in the first quarter of 2007 and the absence of contribution from One Raffles Quay after the Group restructuring of its one-third interest to K-REIT Asia in December 2007. Fund management continued to perform well as the Group grows its total assets under management. PATMI from fund management grew by 176.5% to $9.4 million in the first half of 2008 against the same period in 2007 with higher fee income contribution from K-REIT Asia as well as stronger performance of the funds under Alpha Investment Partners (Alpha).
Suntec Real Estate Inv Trust reported gross revenue for 3Q08 was S$59.2 million, an increase of S$12.6 million or 26.9% over the 3Q07. Net property income for the quarter was S$46.0 million, an increase S$11.8 million or 34.7% over 3Q07, and the income available for distribution of S$42.0 million was S$12.0 million or 40.2% higher than 3Q07. The DPU of 2.793 cents for 3QFY08 was 33.0% higher year-on-year. For the same period, Suntec REIT’s DPU was 24.9% higher than the Forecast.
United Engineers announced that operationally, its performance in both Q2 2008 and H1 2008 has improved compared to corresponding periods in 2007. Excluding fair value adjustments and divestment gains on short term investments, operating profit for Q2 2008 is $10.5 million compared to $1.8 million in Q2 2007, representing an increase of $8.7 million or 478%. On the same basis, operating profit for H1 2008 increased $14.3 million (656%) to $16.5 million from $2.2 million in H1 2007. For Q2 2008, GP rose $7.5 million (29%) to $32.8 million while GP percentage increased to 23.4% compared to 17.4% in Q2 2007. This was due to improved margins from both the Engineering & Construction and Integrated Facility Management divisions, although revenue declined $5.2 million (4%) to $140.2 million from $145.4 million in Q2 2007. Other income decreased $9.8 million (85%) from $11.5 million in Q2 2007 to $1.7 million in Q2 2008 due to fair value gains and gains on divestment of short-term investments in Q2 2007. The Group’s attributable profit for Q2 2008 was $7.4 million compared to $14.9 million in Q2 2007.
Sinobest Technology Holdings sales was RMB137.3 million for the six months ended 30 June 2008 (“HY2008”) (HY2007: RMB129.5 million), representing an increase of RMB7.8 million or 6.0% compared to the last corresponding period. The Group’s GP was RMB23.0 million for HY2008 (HY2007: RMB17.9 million), representing an increase of RMB5.1 million or 28.0% compared to the last corresponding period. Group’s overall GP margin increased from 13.9% in HY2007 to 16.8% in HY2008. Overall, the Group experienced a decrease in the profit attributable to equity holders of the Company from RMB1.0 million for HY2007 to RMB0.3 million for HY2008, representing a decrease of approximately 74.2 %.
Jets Technics Int’l reported revenue increased by approximately HK$1.21 million or 1.78%, from HK$67.98 million in FY2007 to HK$69.19 million in FY2008. Sales of garden furniture and other recyclable products increased by HK$5.10 million or 24.86% and HK$1.12 million or 11.52% respectively compared to the corresponding previous year. However, sales of safety surface, sports surface and playground equipment decreased by approximately HK$1.14 million or 8.81%, HK$2.71 million or 20.25% and HK$1.16 million or 10.21% respectively from the previous year. GP decreased by approximately HK$6.82 million or 65.20%, from HK$10.46 million in FY2007 to HK$3.64 million in FY2008 and gross profit margin decreased by approximately 10.12% from 15.38% in FY2007 to 5.26% in FY2008. The Group recorded a loss before tax of HK$36.89 million in FY2008, higher than HK$24.82 million in FY2007, mainly attributed to the lower sales and gross profit margin, legal costs and rentals in respect of the EcoPark and costs in relation to the dissolution of Guangzhou Jets.
Fragrance Group recorded a turnover of $59.74 million in the Second Quarter of 2008, a whopping 114.7% increase from $27.82 million recorded in the corresponding period in 2007. Property sector contributed $50.48 million or 84.5% of the consolidated revenue. This is an increase of about 126.6% from the $22.3 million contribution in the second quarter of 2007. Hotel sector contributed $9.26 million or 15.5% to the total consolidated turnover. This represents an increase of $3.71 million or 66.9% from the $5.55 million in the corresponding period of 2007. GP increased by 118.0% to $23.42 million. Overall PBT increased by 198.4% from $6.41 million in the second quarter 2007 to $19.13 million in the same period of 2008 with property development and hotel sectors contributing 71.4% and 28.6% respectively to the total PBT.
Van Der Horst Energy reported the Group generated higher revenue of $24.5 million in the current year, a 2% increase of $0.4 million as compared to $24.1 million in the previous year. This improvement was mainly led by general logistics business, which registered an increase in revenue of $1.7 million, namely, the freight division, general warehousing division, transportation and contributions from overseas subsidiaries. Metal logistics business recorded a decline of $1.3 million, having been affected by an overall lower volume of metal storage and related metal transportation charges. The Group’s GP margin improved due to improved GP contribution and higher proportion of overall revenue derived from the general logistics business.
Global Testing Corporation announced that it has entered into a sale and purchase agreement with its present landlord to acquire the properties on which some of the Group’s facilities are currently located. The properties to be acquired are freehold properties comprising a 2-storey flatted factory, 2 floors in a 4-storey factory, a 4-storey office building plus a basement and guardhouse – occupying a total built-in floor area of 19,088 sqm. The total site area of the three parcels of land on which these properties are located is 12,967 sqm. The purchase price for these properties is approximately US$8.9 million and will be funded internally. The acquisition is expected to be completed by the fourth quarter ending 31 December 2008.
Excelpoint Technology reported group’s revenue was flat at US$115.5 million in 2Q08 compared to US$115.2 million in 2Q07. GP stood at US$8.4 million in 2Q08, a decline of 9.2% from US$9.2 million in 2Q07 due mainly to competitive market conditions and lower average selling prices. GP margins declined to 7.2% in 2Q08 compared with 8.0% in 2Q07. Sales and distribution costs rose by 9.6% to US$5.3 million in 2Q08 from US$4.8 million in 2Q07 mainly due to a weakening US dollar, higher staff costs and operating expenses while other expenses increased 354.4% to US$1.5 million from US$0.3 million. The increase in other expenses is mainly attributable to stocks written down which rose to US$1.7 million in 2Q08 from $0.4 million in 2Q07 due to lower realisable value arising from slower up-take by the industry. Consequently, the Group incurred a net loss of US$1.8 million in 2Q08 compared with a net profit after tax of US$0.3 million in 2Q07.
Hengxin Technology announced today that it will invest approximately RMB64 million to expand its RF coaxial cables’ annual production capacity by 36,000km or 68% to meet rising demand. The expansion will be funded by the Group’s internally generated funds. Upon the completion of this expansion by end of FY2009, the Group will have an annual production capacity of 89,000km for its RF coaxial cables series for mobile communication.
Catalist-listed Vashion Group Ltd announced that it has signed a MOU through Shenzhen Louis Gianni Costume Co. with Fute International Group (HK) Co., Ltd, a company specializing in the manufacture of shoes’ materials and jewelry, to expand its product offerings with men’s accessories. Fute will design four new items to compliment the Louis Gianni apparel range: tie-clips, belt buckles, cuff-links and fashion rings. Fute will also manufacture and exclusively distribute these accessories under the Louis Gianni brand in its 100 retail outlets located across the PRC. The accessories will also be made available at 94 Louis Gianni stores.
Stamford Land Corp announced revenue decreased by 17.3% to S$60.6 million and profit before tax decreased by 18.2% to S$5.7 million as no revenue from sale of residential properties was recognized in the current period (Jun2007: S$16.8 million).
Singapore Shipping Corp’s turnover for Q1 2009 decreased by approximately $0.7 million (22.5%) when compared to Q1 2008. The unfavourable variance was due to off-hire of a vessel for drydocking in June 2008 and the weakening of the US dollar against the Singapore dollar. Profit attributable to equity holders decreased by 32.4% to S$1.48 million.
Meghmani Organics Limited reported strong financial results for the first quarter of Fiscal 2009, on the back of sustained performance. The company has clocked an increase of 86% in Group revenue to Rs 2084.48 million for the three months ended June 30, 2008. This compared with Rs, 1119 million in the previous corresponding period. The Group’s Pigments and Agrochemicals divisions contributed Rs 775.8 million and Rs 1074.8 million to operating revenue, representing revenue contribution of approximately 37% and 52% respectively. The balance 11% contribution is accounted for by trading activities. For the period under review, the net profit after tax of the company increased by 76% to Rs 141.2 million from Rs 80.3 million.
Macquarie Prime Real Estate Investment Trust announced that REIT’s second quarter (2Q 2008) distributable income was S$17.2 million. DPU for the period 1 April to 30 June 2008 was 1.78 cents, 18.7% higher compared to the 1.50 cents achieved for the previous corresponding period. On an annualized basis, the latest distribution represents a yield of 6.95%. Gross revenue was S$30.2 million, or 27.8% higher than that of S$23.6 million in 2Q 2007, driven by higher rental rates achieved for renewals, new committed leases and revenue from the overseas properties. Net property income was higher at S$23.2 million, an increase of 29.2% over 2Q 2007.
Soup Restaurant Group revenue increased by S$3.4 million or 20.9% from S$16.3 million for the half year ended 30 June 2007 (“HY07”) to S$19.7 million for the half year ended 30 June 2008 (“HY08”) mainly due to the additional contribution by three new outlets, which commenced operations between March and November 2007. Revenue from new outlets accounted for about 36.6% of Group revenue in HY08. Group revenue was further boosted by positive contributions from a new “Soup Restaurant” outlet, which commenced operations in February 2007 while revenue from the existing outlets also increased by more than 7.2% for HY08. However, the increase in revenue was offset by the loss of revenue due to the closure of under-performing outlets in May 2007. The Group achieved a PBT of S$2.9 million for HY08, an increase of S$0.5 million or 22.3% from S$2.4 million in HY07.
CDL Hospitality Trusts announced its strong performance in 2Q 2008, with gross revenues of S$29.5 million and net property income of S$27.7 million, which exceeded corresponding quarter last year by 42.4% and 41.7% respectively. The income available for distribution of S$25.0 million exceeded 2Q 2007 of S$14.8 million by 68.7%. Distribution per unit for 2Q 2008 was 3.03 cents, which is 43.6% above the same period last year. Combined Gross Operating Profit for the IPO Hotels was S$35.3 million as compared to 2Q 2007 of S$26.8 million, an improvement of 31.7%. Including Novotel Clarke Quay, which was acquired on 7 June 2007, the total Hotel revenue and Gross Operating Profit for 2Q 2008 was S$75.8 million and S$41.6 million respectively.
International Capital Investment Limited has expressed intention to acquire and make voluntary conditional cash offer for all the issued and paid-up ordinary shares in the capital of Japan Land Limited and voluntary conditional cash offer for all the outstanding warrants issued by JLL. For each Offer Share: S$0.60 in cash.
China XLX Fertiliser announced its net profits increased RMB5.8 million in 2Q2008 when compared to 2Q2007. This was due to higher average selling prices, reduction in the amount of coal required in urea and methanol production and higher sales quantity of compound fertiliser. ASP of urea, methanol and compound fertiliser increased by approximately 8.1%, 77.7% and 34.1% respectively in 2Q08.
Singapore Petroleum announced sales turnover of $3.3 billion and a net profit after tax and minority interests (PATMI) of $180.2 million for the second quarter of 2008. During the quarter, crude and refined product prices continued its record setting performance. Despite the lower crude volume processed, SPC’s sales volume increased to 19.3 million barrels for the quarter from 18.3 million barrels for the corresponding quarter of 2007. An average realization of US$122.90 per barrel was achieved for the period, compared against the average realization of US$70.86 per barrel for the same quarter in 2007, an increase of 73% in average realization. Offsetting the higher realization, however, was the weaker US$. Consequently, sales turnover of $3,251.0 million was 64.6% higher than the corresponding quarter of 2007. The Group achieved an average refining margin of about US$13.00 per barrel for the quarter compared to the average margin of US$9.00 per barrel for the corresponding quarter of 2007. Contribution from the higher refining margin was offset by lower refinery throughput, higher processing costs, higher hedging costs and the weaker US$. With contributions from E&P and other downstream activities, the gross profit was $281.7 million, an improvement of 22.8% over that of the corresponding quarter of 2007. While the Group achieved a higher profit before tax of $225.3 million in 2Q 2008, higher E&P taxes totaling $23.0 million substantially increased the Group’s overall income tax expense to $45.1 million, an increase of 75.6% compared to 2Q 2007. Despite the higher taxes relative to the corresponding quarter, the Group was able to achieve a higher PATMI of $180.2 million for 2Q 2008 compared to $179.2 million for 2Q 2007.
TEE International’s profit before tax has increased by S$2.3 million (83%) to S$5.1 million as compared to the previous financial year ended 31 May 2007. This is due mainly to improved margins and change in the fair value of investment property. Revenue decreased by S$6.3 million to S$52.7 million as compared to previous financial year ended 31 May 2007. The 10.7% drop in revenue is mainly due to the Company’s use of its construction capacities for its own development projects.
CapitaLand announced that the luxurious residential apartments within its first ‘Raffles City’-branded integrated development in the Gulf Co-operation Council (GCC) region has received overwhelming buyer interest. Within three weeks of a private sales launch, about 80% of the units in one of the residential towers in Raffles City Bahrain were booked. The average prices of the units were above those achieved for other high-quality residential apartments in Bahrain. The buyers were VIPs and high net worth individuals from the Middle East and Europe.
BRC Asia reported turnover increased by 140% in the first half of 2008 compared with the first half of 2007. On a quarter by quarter basis, the increase in the first quarter was 112% whereas the second was 167%. The 140% increase was a result of a volume growth of about 90% and higher selling prices of about 50%. Volume growth was the result of strategy to offer a total reinforcing package of mesh, bar and prefabricated solutions, supported by a buoyant construction market. The increase in selling prices was driven by the higher cost of steel. Margin in the first half of 2008 was affected by a provision of S$3.9m for onerous contracts. On an overall basis, the average selling prices are higher than our inventory cost. Despite the significant increase in volume of about 90%, distribution expenses were well controlled and increased by only 14%. Administrative expenses increased by 32% caused by the higher headcount needed to service the higher volume. The higher level of inventory, which was financed by bank borrowings in the form of bills payable, was the main reason for the increase in finance expenses. Share of profit of the joint venture in China, net of tax, increased significantly, helped by new orders for the high speed railway sector.
Allco Commercial Real Estate Investment Trust reported gross revenue achieved for the period was S$11.5 million (71.4%) above forecast. This was mainly due to the higher revenue from Central Park of S$1.7 million, contributions from properties acquired in 2H2007, being Cosmo Plaza, Azabu Aco, Galleria Otemae, Ebara Techno-Serve and KeyPoint and lower than forecast distributions from AWPF. After adjusting for non-tax deductible/non-taxable items, such as the property management and management fees paid in Units, unrealised foreign exchange gains, and change in fair value of other investment and derivative financial instruments, the actual amount available for distribution was S$6.5 million (61.4%) and S$7.2 million (33.9%) above forecast for 2Q2008 and 1H2008 respectively.
Samudera Shipping Line Ltd has posted a 78% increase in net profit to U$15.8 million or 2.87 cents per share for the six months ended 30 June 2008 (H1 2008), compared to US$8.9 million or 1.64 cents per share for the previous corresponding period in 2007 (H1 2007). The Group revenue increased 19.5% to U$217.4 million, compared to US$181.9 million in H1 2007. Group revenue increased by 26% to US$115.1 million for the second-quarter ended 30 June 2008 (“Q2 2008”), compared to US$91.4 million for the same period in 2007 (“Q2 2007”). This was mainly due to an increase in activity across all of its business segments. Container volume grew by 13% from 353,000 teus in Q2 2007 to 400,000 teus in Q2 2008, which was mainly due to improvement in utilization, upsizing of capacity and additional services.
Ellipsiz Ltd announced that as part of its efforts to improve the cost efficiency of the Group, the Company’s subsidiaries, it began a project to rationalize their production facilities in Europe and the United States in the fourth quarter of the financial year ended 30 June 2008 (“FY2008”). This exercise will result in a charge on the income of the Group. The Group is expecting to close FY2008 with a loss, compared to the previous financial year, which recorded a profit.
STATS CHIPPAC reported revenue for the second quarter of 2008 of $434.1 million increased by 17.3% over the second quarter of 2007 and by 1.6% over prior quarter. Second quarter revenue reflected stable business across most markets despite the cautious outlook of customers as a result of the global macroeconomic uncertainty. Net income for the second quarter of 2008 increased by 197.7% to $22.1 million or $0.01 per diluted ordinary share, compared to net income of $7.4 million or $0.00 per diluted ordinary share in the second quarter of 2007. Due to the higher material and fuel cost, and Asian currencies appreciation, gross margin for the second quarter of 2008 was 17.2% compared to 18.1% in the second quarter of 2007, and 17.4% in the prior quarter. Our operating margin for the second quarter of 2008 increased to 8.1% of revenue compared to 6.3% in the second quarter of 2007, and 7.5% in the prior quarter.
Li Heng Chemical Fibre announced that it has entered into contracts with leading German engineering and construction company Lurgi Zimmer GmbH (“Lurgi Zimmer”) and Chinese firm Beijing Sanlian Hope Textile & Chemical Technology Co., Ltd to commence the construction of its polyamide chip plant as part of the Liheng (PRC) Phase III Development set out in its Prospectus. The plant has a designed daily production capacity of 200 metric tons of high quality textile grade polyamide chips. The total cost of the polyamide chip plant, building facilities and supporting infrastructure is estimated at approximately RMB550 million. Cost of the polyamide plant will be funded from the IPO proceeds and the remaining RMB50 million will be from internal source.
Fortune Real Estate Inv Trust announced total revenue increased by 2.8% for 2Q08 over 2Q07. This was mainly attributed to the higher rents achieved from the enhanced area of The Waldorf Garden after the twophased asset enhancement works which was completed in the third quarter of 2007 and the first quarter of 2008 respectively. City One Shatin Property and Ma On Shan Plaza continued to perform strongly in 2Q08. Fortune REIT delivered a healthy annualized tax-exempt yield of 8.2% as of 30 June 2008. This is equivalent to a 9.5% yield on a pre-tax basis.
Millennium & Copthorne Hotels plc will celebrate its newest hotel opening in Phuket on 29 July 2008. The 421- room Millennium Resort Patong Phuket joins M&C’s growing number of new hotel openings this year. Londonlisted M&C, in which Hong Leong Group Singapore has a majority stake through its property arm City Developments Ltd (CDL), is Singapore’s largest hotel group with a portfolio of more than 110 hotels in 18 countries with nearly 35,0000 rooms. Millennium Resort Patong Phuket enjoys a prime location on Rat-Uthit Road at the intersection of Bangla Street in Patong and is part of the new landmark mega Phuket Jungceylon shopping and leisure complex.
Singapore Post reported group revenue rose 4.6% from S$115.5 million to S$120.9 million in the first quarter of FY2008/09. Mail revenue grew on the back of higher mail traffic. Logistics revenue growth was due to increases in Speedpost traffic, vPOST online shopping and shipping transactions, as well as warehousing, fulfilment and distribution services. Retail revenue rose on improved contributions from retail products, financial services and agency services. Rental and property-related income increased by 34.9% from S$5.3 million to S$7.2 million, as a result of higher rental rates at Singapore Post Centre and an increase in lettable space. Miscellaneous income was lower by 34.1% at S$1.4 million compared to S$2.1 million in the same quarter last year, due mainly to a one-off gain of S$1.9 million from the disposal of a property last year. The Group’s operating profit improved by 7.7% from S$45.5 million to S$49.0 million. Excluding one-off gains from the disposal of fixed assets, operating profit was higher by 12.2% from S$43.5 million to S$48.8 million. Share of profit of associated companies and joint ventures was lower in the first quarter, due to a one-off gain of S$1.5 million from the sale of the US business by the Spring JV recorded last year. The Group’s net profit grew 2.9% from S$38.4 million to S$39.5 million in Q1 FY2008/09. Excluding one-off items, the Group posted underlying net profit growth of 11.6%.
Keppel Integrated Engineering Limited, a wholly-owned subsidiary of Keppel Corporation Limited, announced that it signed an agreement to form a joint venture company, Tianjin Eco-City Energy Investment and Construction Co., Ltd (TECEIC) with Tianjin Eco-City Investment & Development Co., Ltd.(TECID Co.) and Tianjin Jinneng Investment Co. (Tianjin Jinneng). TECEIC will focus on the investment and implementation of energy and utilities-related infrastructure, as well as the operations and maintenance of these facilities in the Sino-Singapore Tianjin Eco-City. TECEIC will also look into the development and promotion of renewable energy. The joint venture company will be 60% held by TECID Co., 20% held by Tianjin Jinneng and 20% held by KIE. The joint venture company’s registered capital of 200 million RMB will be contributed by the parties in cash in proportion to their shareholdings upon approval.
Mercator Lines (Singapore) Limited reported a 155% increase in revenue to US$51.7 million in the three months ended June 30, 2008 (“Q1FY2009”) from US$20.2 million in the previous corresponding period. Net profit jumped 16-fold to US$23.2 million from US$1.39 million in the previous corresponding period. The Time Charter Equivalent rate for Q1FY2009 was US$49,894 - a 96% increase from US$25,443 during the previous corresponding period. Total number of Operating days also increased by 68% to 999 days in Q1FY2009 as compared to 594 days in Q1FY2008.
Lippo-Mapletree Indonesia Retail Trust announced a distributable income1 of S$15.9 million for the second quarter of financial year 2008 ended June 30, 2008 (“Q2 FY2008”), which is 3% higher than the S$15.4 million forecasted income available for distribution for the period as set out in LMIR Trust’s IPO prospectus. This is mainly due to the contribution from the Sun Plaza property, which was acquired on March 31, 2008. Distribution per unit (“DPU”) for Q2 FY2008 is 1.50 cents, corresponding to an annualized DPU of 6.02 cents, which is 3% higher than the forecasted DPU of 5.84 cents for the projection year 2008.
SOURCE: POEMS, SGX MASNETCambridge Industrial Trust announced 2Q2008 annualized DPU of 6.278 cents is 13.3% higher than the forecast of 5.542 cents. Net property income of S$15.9 million reflects a 6% increase over forecast of S$15.0 million. One investment property valued at S$10.4 million was acquired during the quarter bringing total properties under management to S$966.8 million as of 30 June 08. Option Agreements with a total asset value S$62.8 million have been signed and announced to date.
Keppel T&T reported turnover for second quarter 2008 improved by 48.6% to $34.4 million as compared to $23.2 million in the corresponding quarter of 2007 due mainly to higher turnover from Logistics Division and inclusion of TradeOneAsia which was acquired in June 2007. Operating profit margin for second quarter 2008 was lower at 4.5% mainly due to increase in operation costs and overheads. Group profit before tax and exceptional items improved by 15% to $16.4 million as compared to $14.3 million in the corresponding quarter of 2007 led by better performance from the Logistics Division. This was partially offset by lower contribution from Network Engineering and data Centres. Profit after tax improved marginally to $11.6 million due to higher taxation for 2008.
China Angel Food advised that the Group expects to register a net loss in 2Q2008, compared to a net profit of RMB3.4 million in the comparative quarter ended 30 June 2007. The Group also expects its net profit for 1H2008 to be lower than the comparative half year ended 30 June 2007. Nevertheless, the Group expects to remain overall profitable for 1H2008. Whilst the Group has experienced a satisfactory growth in sales activities during 2Q2008, the profitability of the Group for 2Q2008 was affected by a number of factors, which include increased selling and distribution expenses, higher manufacturing overheads, increase in operating costs and rising raw materials and labour costs
As part of its effort to expand its network of services, leading regional container line Samudera Shipping Line is launching a new service called the Yangon Express (YGX) that will link Myanmar directly with markets in the Southeast Asia region. Set to commence its maiden voyage from Singapore on 29 July 2008, the YGX will deploy one 1,100 TEU vessel and provide round trips every 12 days, calling at the ports of Singapore, Port Klang and Yangon.
Keppel Shipyard announced that it has secured contracts amounting to S$101 million for the upgrading, modification and conversion of three vessels.
Australand has announced a 1 for 1 Renounceable Accelerated Priority Issue of Stapled Securities in Australand. CapitaLand, through its wholly owned entities, has given its unconditional commitment to Australand to subscribe for its approximately 54.2% pro-rata entitlement of the proposed issue. The pro-rata entitlement comprises a total of 502,772,610-stapled securities in Australand at A$0.60 per unit, for a total consideration of approximately A$302 million.
SGX Catalist-listed, Dayen Environmental has clinched two contracts, which will contribute some S$16 million to the Group’s revenue in the coming year.
Lian Beng Group Ltd reported a 175% surge in net profit to a record $12.0 million or 2.39 cents per share, for the full year ended 31 May 2008 (FY08). This compares to a net profit of $4.4 million, or 0.77 cents per share achieved in 2007 (FY07). Driven by an increase in construction activity, Group revenue for the financial year 2008 charged up 40% to $194.8 million, from $138.7 million the year before. For the financial year under review, the construction division continued to be the key growth driver, contributing about 98.7% of the Group’s total revenue, with the remaining 1.3% coming from the Group’s engineering and leasing, and property development divisions. In line with the Group’s excellent performance, the Board of Directors has proposed a first and final cash dividend of 0.472 cents per share.
K-REIT ASIA announced turnover for 2Q 2008 was $13.0 million, 31.8% higher than $9.9 million for the corresponding quarter in 2007. The increase was due mainly to higher rental income as a result of higher rental rates achieved for new and renewed leases as well as improved occupancies. The portfolio attained 100.0% committed occupancy as at end-June 2008. Average gross rental rates for the investment properties held directly by K-REIT Asia rose to $5.66 psf in June 2008 as compared with $4.28 psf for the same period in 2007. Property expenses amounted to $3.8 million, 48.5% higher than 2Q 2007 due mainly to higher property tax of $0.3 million on the account of higher annual value assessed, higher marketing expenses of $0.7 million, and higher utilities and maintenance expenses of $0.2 million. Net property income increased by 26.0% in 2Q 2008 to $9.2 million on the account of higher rental income. Manager’s management fee increased by $2.2 million due mainly to the acquisition of one-third interest in ORQPL which was absent in 2Q 2007, a higher appraisal value for the investment properties and higher property income. On account of additional loan drawn down to finance the acquisition of one-third interest in ORQPL in December 2007, borrowing costs increased by $3.4 million to $5.3 million as compared with 2Q 2007. These were partly offset by higher interest income of $1.9 million from ORQPL and share of results of ORQPL of $2.8 million. Net profit before tax for 2Q 2008 was $4.4 million, 5.4% higher than that for 2Q 2007. Distributable income to Unitholders for 2Q 2008 increased by $9.0 million to $14.2 million as compared with $5.2 million for the same period in 2007, due mainly to the income contribution from ORQPL which was absent in previous corresponding period. For the quarter, the all-in interest rate was 2.64% and the aggregate leverage stood at 27.7% as at 30 June 2008.
The SIA Group turned in a first quarter net profit attributable to equity holders of $359 million, a decline of $65 million (-15.4%) from the same quarter in the preceding year. Group revenue improved $510 million (+14.1%) on the back of growth in passenger carriage. However, Group expenditure increased by a higher amount of $630 million (+19.9%) as a result of higher fuel cost. Expenditure on fuel for the Group rose by $739 million (+64.7%) as fuel prices reached new highs during the quarter. This was partially mitigated by hedging gains of $349 million. Group operating profit at $343 million was $120 million (-25.9%) lower year-on-year. The operating profit of the Parent Airline Company declined $118 million (-30.8%) from the corresponding period in the previous year, on account of higher expenditure on fuel which increased 70.6% to $1,557 million. Excluding fuel, passenger unit cost actually declined 2.2% as increase in non-fuel cost was held at a rate less than that of growth in capacity produced (7.2% versus 9.4% capacity growth).
OKP Holdings announced a net profit after tax and minority interest of S$4.3 million in its first half-year ended 30 June 2008, a 4.2% increase from the same period in the previous year. Group turnover for the first six months of 2008 was S$50.9 million, up 3.8% from the S$49.1 million it recorded in the previous corresponding period. The Group saw a strong rise in revenue for its maintenance segment, which recorded a 41% jump to S$10.4 million in the period under review. Its construction segment saw a dip of 2.8%, due mainly to lower revenue recognition from a few key construction projects that saw completion in the second quarter of 2008. Quarter-on-quarter, the Group experienced a dip in net profit after tax and minority interest of S$1.9 million, down 25.3% from the S$2.5 million it turned in the previous quarter. Earnings per share stood at 2.87 cents compared to 2.81 cents previously. The Group saw a drop in its gross profit margin to 16.8% from 19.8% previously. This was attributed to the completion in the period under review of a few key construction projects that had commanded better margins for the Group.
Oceanus Group reported a 349% jump in sales of aquaculture products to RMB 181.4 million on robust demand for the seafood delicacy for the six months ended 30 June 2008 (1H2008). This sterling interim performance had resulted in the Group surpassing FY2007 sales of RMB 109.6m. Gain arising from changes in fair value also went up by 267% to RMB 222.6 million on the back of Oceanus’ growing base of biological assets, with a standing population of 165 million abalone at the end of 1H2008 versus 107 million at the end of FY2007. Correspondingly, Oceanus recorded a 303% jump in profit before income tax and goodwill write-off of RMB 180.4 million.
Stratech Systems announced the award of a contract to provide the data migration works for a new Corporate Resource System under the Media Development Authority (MDA) of Singapore. The contract is worth S$0.42 million, which is expected to be recognised over the next 12 to 15 months.
Keppel Offshore & Marine has announced that it’s subsidiary has secured a S$181 million contract to build a multi-purpose heavylift / pipelay vessel for Romanian drilling contractor, Grup Servicii Petroliere SA (GSP).
HG Metal has registered an impressive set of results for the quarter (“3Q2008”) and nine months (“9M2008”) ended 30 June 2008. Gross profit increased by 126% from S$18.9 million in 3Q2007 to S$42.7 million in 3Q2008, against a 90% increase in turnover to S$234 million for the same period. The higher turnover is a direct outcome of higher steel prices and robust demand for steel products from both the construction and the shipbuilding and ship repair sectors. Following the strong demand for steel products, the Group expanded its warehousing capacity last year and is keeping a relatively high level of inventory. At the end of 3Q2008, the inventories were at S$220.9 million. Stocking more with rising steel prices helped the Group’s gross profit margin to improve from 15.3% in 3Q2007 to 18.3% in 3Q2008. The operating expenses were kept under control with an increase of only 5% from S$8.4 million in 3Q2007 to S$8.8million in 3Q2008, in line with the increase in turnover. This helped the net profit attributable to shareholders jump 277% from S$7.6 million in 3Q2007 to S$28.5 million in 3Q2008 and the net profit margin to double from 6.2% to 12.2% in the same period.
The three local telecommunications service providers M1, SingTel and StarHub, together with the national broadcaster MediaCorp, will jointly conduct a consumer mobile TV trial using Digital Video Broadcasting - Handheld (DVB-H) technology next month. The DVB-H platform delivers broadcast services to mobile devices, offering users superior picture quality and a marked improvement to their mobile TV experience. Some 300 customers of the three telcos are expected to participate in this trial spanning over three months.
Yellow Pages (Singapore) Limited has announced that it intends to make a voluntary conditional cash offer to acquire all the issued ordinary shares in the capital of Cityneon Holdings Limited, for each Offer Share of S$0.55 in cash.
Jardine Cycle & Carriage announced that it has invested approximately US$36 million in a further capital raising by Truong Hai Auto Corporation, a leading Vietnamese automotive company. It invested an initial US$41 million for a 12% interest in THACO on 15th July 2008, and with this further investment, the Group’s interest has risen to 20% making THACO an associated company.
InnoTek Limited issued profit guidance and advised that turnover for Q2’08 is expected to be lower than Q2’07, due mainly to weaker demand from Japanese OEM customers as a result of slowing global growth and weaker consumer sentiments in the wake of the US sub-prime crisis, soaring commodity and oil prices. Although turnover for the wholly owned subsidiary, has increased in Q2’08 compared to Q2’07 in United States/Hong Kong dollar terms, the weakening of the United States/Hong Kong dollar against the Singapore dollar has resulted in translational difference, which has in turn led to Q2’08 turnover being lower than that of Q2’07. However, the Company expects to remain profitable in Q2’08.
Metax Engineering has proposed to raise its stake in the WS Bio Group by 39.2% for a consideration of approximately S$8.3 million, from an initial 40% which was acquired in March 2008. Increase in stake will permit it to carry out the engineering, procurement and construction portion of projects undertaken by the WS Bio Group and believes that the acquisition will add substantial operational and financial benefits to the Group in the long run. SMRT’s revenue in 1QFY09 rose 11.2% to $215.9 million as compared to the corresponding quarter last year, driven mainly by higher train and rental revenue. Total operating expenses in 1QFY09 increased 13.1% or $20.0 million to $173.3 million due mainly to increases in staff and related costs, energy costs and other operating expenses. On account of higher revenue and other operating income partially offset by higher operating cost, the Group achieved an operating profit of $48.2 million, 8.0% higher than 1QFY08. Net profit after tax was 6.2% higher at $40.3 million due mainly to higher operating profits partially offset by higher income tax expenses and lower interest and investment income in 1QFY09.
OSIM International reported its 2Q FY2008 with revenue recorded at $115.9 million while EBITDA rose by 39% to $10.6 million. Operating profit was $6.2 million compared with a profit of $2.5 million in 1Q FY2008. This improvement was primarily because of better focus on profitability and cost management. There have been more effective sales per store and sales per man. Global Active continued to turn in greater profits on broadbased growth in its key countries.
Parkway Life REIT saw higher gross rental revenue as a result of higher than expected revenue from its Singapore hospital assets, as well as additional income from its three new Japanese assets. Gross rental revenue was at S$12.49 million for 2Q FY2008, an 11.00 % increase over the minimum guaranteed rent of S$11.25 million or an 8.83% increase over the forecast figure of S$11.48 million. Net property income was at S$11.70 million for 2Q FY2008, a 10.44% increase over the minimum guaranteed rent of S$10.60 million or an 8.14% increase over the forecast figure of S$10.82 million. Income available for distribution was at S$10.01 million for 2Q FY2008, an 8.96% increase over the minimum guaranteed rent of S$9.19 million or a 6.35% increase over the forecast figure of S$9.41 million. Total expenses for 2Q FY2008 were at S$2.92 million, or a 22.10% increase over the forecast figure of S$2.39 million. This is mainly a result of increased contributions to management and sinking fund for Mount Elizabeth Hospital under property expenses and higher trust level expenses under non-property expenses. The impact of the increase in expenses to DPU is not expected to be significant. DPU for 2Q FY2008 is 1.66 cents, in line with the increase in income available for distribution.
Inno-Pacific reported turnover for the 6 months period ended 30 June 2008 was S$2.9 million compared to S$4.1 million in the previous corresponding period, a decrease of 30.2%. Proceeds from the sale of marketable securities of S$1.3 million accounted for 44.8% of the Group's turnover for the first 6 months of 2008. The balance of Group’s turnover of S$1.6 million was generated by its subsidiaries in the telecommunication sector. Gross margin decreased as Management decided not to sell its investments held for trading during a period of market weakness while other losses included unrealised loss S$4.1 million due to fair value adjustments in investments held for trading in the current financial period. Cost Operating, administrative and marketing & distribution costs increased by 27.6% from S$0.9 million to S$1.2 million. The increase was mainly due to increased staff costs in a tight labour market.
Reyphon Agriceutical Limited announced profit guidance for the Group’s financial results for the second quarter ended 30 June 2008 and are expected to be significantly lower, mainly due to the significant increase in raw material prices and energy costs and fuel prices which led to a higher transportation costs as well as lower gross margin of export sales which mainly caused by the appreciation of RMB against USD.
Swiber Holdings announced that it has appointed two new heads to lead the growth of its two business units, Offshore Construction Services and Offshore Support Services. Mr Nitish Gupta, who is currently the COO of the Group, will take on the role of CEO for OCS while Mr Darren Yeo, currently an Executive Director and Executive Vice President of the Group, will head up OSS as CEO. Mr Raymond Goh, Founder and Executive Chairman of the overall Group, remains at the helm of Swiber as CEO. The streamlining of management structure is expected to increase autonomy amongst its business units, and enhance the Group’s agility in setting out and executing its business strategies, particularly in the face of buoyant demand for the Group’s offshore services.
Asia Water Technology announced that, it expects to report a loss for the second quarter ended 30 June 2008 due primarily to additional provision for foreseeable losses due to the potentially higher construction costs for the Group’s existing power plant water purification projects due to rising raw materials, utilities, transportation and wage costs and pending status of an application for refund of value-added tax and custom duty tax under a new tax incentive scheme, in connection with the Group’s import of high-tech desalination equipment. It further added that negotiations with the municipal governments of the PRC on finalising the Build-Operate-Transfer agreements for two major existing projects were delayed as the PRC government channeled resources towards recovery efforts following the recent natural disasters in the PRC. In addition, the Group advised that the recent occurrence of natural disasters in the PRC such as the Sichuan province earthquake has prompted the PRC government to prioritize resources towards relief efforts. This may lead to a general slowdown in the initiation of water infrastructure projects in the PRC which may in turn affect the Group’s performance for the second half of FY2008.
Youcan Foods issued profit guidance with respect to the Group’s financial results for the half year ended 30 June 2008. Initial evaluation of its performance for 1H2008, the Group does not expect its financial results for 1H2008 to be profitable, compared to the RMB 5.8 million net profits achieved for the same period the previous year. Turnover, though, is expected to continue to rise. This can be attributed to more aggressive sales and better performance from both the Group’s ice cream and frozen foods divisions. However, the erosion in margins due to the industry-wide general increase in raw material prices and operating expenses affected the Group’s profitability.
Source: POEMS, SGX MASNET
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