Home THE DAILY EDGE Business March 16: SIA Engineering, SIA, Cosco, Healthway Medical, Chip Eng Seng, Novo Group
March 16: SIA Engineering, SIA, Cosco, Healthway Medical, Chip Eng Seng, Novo Group

Tags: SIA Engineering | Capitaland | Chip Eng Seng | Chip Eng Seng Corp | City Developments | Cosco Coporation (S) | Cosco Corp. Singapore | Cosco Corporation (S) | Cosco Corporation (Singapore) | Freight Links Express Holdings | Healthway Medical Corp | Novo Group | SIA Engineering | Singapore Airlines

Written by The Edge   
Tuesday, 16 March 2010 08:56
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Singapore’s benchmark Straits Times Index (.FTSTI) slipped 0.24% to 2,874.33 points yesterday. US stocks were little changed last night as a late rebound in financial stocks offset nagging worries the Chinese government may tighten credit, a move that could slow growth in the global economy. Here are some stocks and factors to watch:

SIA Engineering (SIAE.SI) said it has renewed an aircraft maintenance, repair and overhaul agreement with Singapore Airlines (SIAL.SI), worth $2.2 billion over five years from April 2010.

Singapore Airlines (SIAL.SI) said yesterday it filled 71.4% of the passenger and cargo space available on its planes in February, up from 68.2% in January and 62.1% a year ago.

Cosco Corporation (Singapore) said a subsidiary has secured an engineering, procurement, construction and installation contract worth more than US$500 million ($697 million) for the Sevan Driller II, a deep water DP3 Semi Submersible Drilling rig.

Healthway Medical Corporation said it has agreed to place 108 million new shares at $0.13 per share to International Finance Corporation, a member of the World Bank Group.

Property companies such as CapitaLand (CATL.SI) and City Developments (CTDM.SI), may also be in focus after strong home sales data despite government measures to cool the market in attempts to head off a property bubble.

Chip Eng Seng Corporation said it had been awarded the tender for a land parcel at 27-39 Mackenzie Street, Melbourne, Victoria, Australia for A$20.2 million ($25.8 million).

IPCO International said the group achieved a turnover of $7.6 million in the third quarter ended 31 January 2010, a 92.1% increase compared to $3.9 million for the quarter a year ago. The profit after income tax was $3 million compared with a loss of $72.9 million.

Novo Group said group revenue for the financial period ended 31 January 2010 improved to US$127.7 million ($178 million), an increase of 67.7% from US$76.2 million in 3Q FY2009. Group net profit grew significantly to US$4.7 million, up 422% from US$0.9 million.

Freight Links Express Holdings said net profit after tax and minority interests jumped 209.2% to $3.3 million in the third quarter while revenue is down by 1.9% to $31.3 million.

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Last Updated on Tuesday, 16 March 2010 08:59