Lee Metal posts 53% drop in 3Q earnings to $1.9 mil

Lee Metal posts 53% drop in 3Q earnings to $1.9 mil

By: 
Stanislaus Jude Chan
10/11/17, 06:46 pm

SINGAPORE (Nov 10): Lee Metal Group saw its earnings halved to $1.9 million in the 3Q ended September, falling 53% from $4.0 million a year ago.

Revenue dipped marginally by 1.5% to $86.4 million in 3Q17, from $87.7 million a year ago.

The lower turnover was largely attributable to the winding down of its steel merchandising business in December last year.

Rental and utilities expenses grew 11.4% to $1.6 million, mainly due to lower rental for low inventory levels in the corresponding quarter last year.

Other operating expenses rose 16.8% to $2.3 million, led by a $0.8 million loss on liquidation of a subsidiary.

Financial expenses more than doubled to $0.60 million, from $0.24 million a year ago. This was mainly due to higher trade financing in its fabrication & manufacturing business.

As at end September, cash and cash equivalents stood at $61.8 million.

The group has declared an interim dividend of 0.3 cents for the current period, payable on Dec 8. This is the same as the interim dividend paid in 3Q last year.

Looking ahead, Lee Metal says recent government measures to bring forward public infrastructure projects coupled with the surge in residential collective sale transactions should increase demand for building works, and will augur well for the group’s value added activities.

Shares of Lee Metal closed 2 cents higher at 38.5 cents on Friday.

Singapore authorities block New Noble listing

SINGAPORE (Dec 10): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have barred Noble Group from transferring its listing status to New Noble as part of its restructuring process. This comes after a “careful review” of the findings to-date from the ongoing investigations into the commodities trader and its Singapore-incorporated subsidiary Noble Resources International (NRI). According to a joint statement by MAS, the Commercial Affairs Department (CAD) and SGX RegCo, the decision to block the New Noble listing arose from doubts about New Noble’....
Read More >>

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....
Read More >>

Singtel's Dash expands payment capabilities to international frontiers with Visa & Apple Pay

SINGAPORE (Dec 10): Singtel’s all-in-one mobile payments app, Dash, has expanded its payment capabilities to include international mobile payments via Apple Pay. This means Apple device users may also use Dash as a payment method on Apple Pay, making it the first non-bank mobile wallet in Singapore on Apple’s secure and private payments system. Main image, photo courtesy of Singtel: Using Dash for Visa Contactless Payments Further, Dash customers are now able to use their Visa Virtual Account on the Dash app at online retailers worldwide and merchant points that accept Visa conta....
Read More >>
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 4): In the last few years, passive fund management has become increasingly popular am