800 Super posts 25% drop in 2Q earnings to $1.9 mil on higher expenses

800 Super posts 25% drop in 2Q earnings to $1.9 mil on higher expenses

Stanislaus Jude Chan
12/02/19, 06:03 pm

SINGAPORE (Feb 12): Waste disposal company 800 Super Holdings saw its earnings fall 24.8% to $1.9 million for the 2Q19 ended December, compared to earnings of $2.5 million a year ago.

This was mainly due to purchase of supplies and disposal charges, which nearly doubled to $11.3 million in 2Q19, from $5.7 million a year ago, due to expenses incurred in the operations of the public waste collection sectors, the waste treatment plants and the laundry plant.

2Q19 revenue rose 27.2% to $46.0 million, from $36.1 million a year ago.

This was mainly due to contributions from new projects, including the Pasir Ris-Bedok public waste collection sector and the waste treatment plants.

Other expenses climbed 12.0% to $6.8 million, in line with additional sector operational activities in the public waste collection sector and the waste treatment plants.

Employee benefits expense grew 15.8% to $20.9 million, mainly due to increased employee headcount following the commencement of operations of the new projects.

Earnings per share fell to 1.04 cent in 2Q19, compared to 1.38 cent a year ago.

As at end December, cash and cash equivalents stood at $7.8 million.

800 Super says the development of the laundry plant at Tuas South is in progress and remains on track for completion in the first quarter of 2019.

When completed, the laundry plant will utilise the green energy recovered from the waste treatment plants to provide industrial laundry services to customers in Singapore’s hospitality and commercial sectors.

The group says it expects to remain profitable for the next financial reporting period.

Shares in 800 Super closed flat at 68.5 cents on Tuesday.

Metro bets on decentralised office market with $45.6 mil investment in Tampines property

SINGAPORE (April 18): Metro Group has acquired 7 & 9 Tampines Grande, a premium Grade A office property in Singapore, through a 50:50 joint venture (JV) between its subsidiary Metrobilt Construction and an affiliate of SRIF GP. On its part, Metro will be investing about $45.6 million for its 50% capital commitment share. Through the newly-incorporated JV company, Ascend TGrande, both Metro and SRIF have agreed to purchase T-Grande Investment Holding from Golden Crest Holdings, a wholly-owned subsidiary of City Developments. T-Grande Investment Holding is the owner of T-Grande Prop....

Keppel Corp posts 40% drop in 1Q earnings to $203 mil on lower one-off gains

SINGAPORE (Apr 18): Keppel Corporation saw its earnings fall 39.9% to $202.9 million for the 1Q19 ended March, from $337.5 million a year ago. The decline was mainly attributable to the absence of a $289 million gain in 1Q18 arising from the en bloc sale of Keppel Cove in Zhongshan, China. In 1Q19, the group recorded gains of $174 million from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam and the re-measurement of previously held interests in M1 at acquisition date Consequently, other operating income was halved to $145.6 million in 1Q19, from $300.0 million a ....

UOI 1Q earnings more than double to $11.4 mil

SINGAPORE (Apr 18): United Overseas Insurance (UOI), the insurance arm of United Overseas Bank (UOB), reported 1Q19 earnings increased 153% to $11.4 million, compared to $4.5 million in 1Q18. Gross premium written saw a 2.5% increase to $27.9 million from $27.2 million a year ago, mainly due to an increase in fire and reinsurance classes of insurance. Underwriting profit was 16.1% higher at $5.9 million compared to $5.0 million last year, mainly due to a 29% y-o-y increase in net commission, as a result of higher reinsurance commission recoveries from reinsurers. During the quarter, t....