Home THE DAILY EDGE Business Nov 30: DBS, CityDev, Asiatravel, Pacific Andes, STX, TPV
Nov 30: DBS, CityDev, Asiatravel, Pacific Andes, STX, TPV

Tags: Asiatravel.Com Holdings | China Fishery Group | City Developments | Cosco Corporation (Singapore) | Dbs Group Holdings | Mercator Lines (Singapore) | Pacific Andes Resources Dvt | Stx Pan Ocean Co. | Tpv Technology

Written by The Edge   
Monday, 30 November 2009 08:40
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The following companies may have unusual price changes in trading today, say Thomson Reuters and Bloomberg. Share prices are from the previous close. Singapore’s Straits Times Index dropped 1.1% to 2,762.22 last Rhursday. The market was shut for a public holiday last Friday.

DBS Group Holdings (DBSM.SI) owns 50% of tiny Islamic Bank of Asia, which focuses on wholesale commercial banking, corporate finance, capital markets and wealth management services in the Middle East and Asia from its offices in Singapore and Bahrain. DBS also has a branch in Dubai. DBS, 28% owned by state investor Temasek (TEM.UL), derives the bulk of its revenue from Singapore and Hong Kong. But in its earnings statement for the second quarter ended June 2009, it blamed an increase in non-performing loans to “exposures to shipping and Middle East corporates and institutions”.

City Developments (CTDM.SI) , Dubai World and New York-based El-Ad Group are developing a site in downtown Singapore called “South Beach” that will comprise hotels, offices, shops and residences. The consortium paid $1.7 billion for the site in March 2007, and has taken up a $800 million syndicated loan from DBS, United Overseas Bank, Oversea-Chinese Banking Corp, HSBC and Sumitomo Mitsui that is secured against the project.

Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, dropped 3.5% in London on Nov 27, taking losses in the past six days to 15%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dropped 1.8% to $1.10. Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, slipped 1.6% to 30.5 cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, sank 6.3% to $13.92.

Asiatravel.com Holdings (AST SP): The provider of online hotel and travel-reservation services said it had a full-year net profit of $5.55 million, compared with $5.51 million a year ago. The stock was last unchanged at 63 cents.

China Fishery Group
(CFG SP): The fishing fleet operator said it had a net profit of US$78.1 million ($108.4 million) in the nine months to September, compared with US$78 million a year ago. China Fishery added 0.8% to S$1.34.

Pacific Andes Resources Development (PAH SP): The Hong Kong-based supplier of frozen seafood products said net profit in the first half rose 32% from a year earlier to HK$284 million ($50.88 million). Pacific Andes lost 1.8% to 27 cents.

TPV Technology (TPV SP): The world’s biggest contract maker of computer monitors said it may not realise its target of a double-digit growth in shipments next year as market conditions remain challenging. TPV slipped 5% to 85 cents.

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Last Updated on Monday, 30 November 2009 08:43