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
