1Q earnings

Pan Hong swings back into the black with 1Q earnings of $21 mil

SINGAPORE (Aug 14): China property group Pan Hong Holdings has swung back into the black with earnings of RMB106.4 million ($21 million) in 1Q20, compared to a loss of RMB0.9 million in 1Q19.

This came on the back of a significant increase in revenue to RMB518.6 million from just RMB8.9 million a year ago, mainly due to more transfer of control of residential units of Pan Hong Run Yuan Phase 2 to buyers.

With cost of sales also surging to RMB352 million from RMB6.7 million last year, 1Q20 gross profit came in at RMB166.5 million versus RMB2.3 million in the previous year.

Metro 1Q earnings down 47.5% to $10.6 mil on higher costs, lower JV contributions

SINGAPORE (Aug 13): Metro Holdings reported 1Q20 earnings almost halved to $10.6 million, compared to $20.2 million in 1Q19.

The fall in earnings was mainly due to finance costs increasing by about 600% to $4.5 million from $0.7 million a year ago, as well as a 55.3% fall in share of joint ventures’ results to $7.3 million.

Boustead Projects 1Q earnings down 53% to $4.7 mil on absence of one-off gains

SINGAPORE (Aug 7): Boustead Projects reported 1Q20 earnings of $4.7 million, 53% lower compared to the $10 million in 1Q19, on absence of one-off gains from sale of 25 Changi North Rise in FY19.

Earnings for 1Q19 was also affected by lower margins from current projects and a lower quantum of cost savings from previously completed projects.

This was despite a 59% increase in revenue to $62.4 million from $39.2 million a year ago, driven by revenue increases from both the group’s Design-and-Build and Real Estate business segments.

Ascendas India Trust in sweet spot to ride India's IT, logistics boom

SINGAPORE (Aug 1): Riding on the fast growing IT and logistics industries in India, Ascendas India Trust (a-iTrust) is expecting rentals in Bangalore and Hyderabad’s IT Corridor I to increase over the next few quarters on the back of sustained demand.

In particular, the trust’s logistic park, Arshiya Free Trade Warehousing Zone (FTWZ) in Panvel, near Mumbai, has faced an increase in demand from existing and prospective tenants.

This prompted a-iTrust to build – and later acquire when completed – an additional warehouse there.

Mapletree Commercial Trust to continue riding on robust office sector outlook

SINGAPORE (July 29): VivoCity, Singapore’s largest shopping mall, launched its retail extension of its Basement 1 area in July last year as part of the mall’s $16 million asset enhancement initiative (AEI) announced back in Jan 2016 and completed in FY19.

MCT declares 3.6% higher 1Q DPU of 2.31 cents on higher revenue

SINGAPORE (July 26): The manager of Mapletree Commercial Trust (MCT) announced that its DPU for 1Q19/20 ended June has increased by 3.6% to 2.31 cents, compared to 2.23 cents in 1Q18/19.

This came on the back of a 4.1% increase in income available for distribution to $67.2 million from $64.6 million last year.

Revenue for the period saw a 3.3% increase to $112.1 million from $108.5 million a year ago, with all of the trust’s properties contributing higher revenue, except Mapletree Anson.

MLT outlook turns cautious amid macro uncertainties

SINGAPORE (July 25): Mapletree Logistics Trust (MLT) listed on the Singapore Exchange (SGX) in July 2005, with just 15 Singapore-based properties in its IPO portfolio.

Fast forward 14 years, the REIT’s portfolio as at June 30 comprises 137 properties across Singapore, Hong Kong, Japan, Australia, South Korea, China, Malaysia and Vietnam valued at $7.9 billion.

Year to date, the counter is up 25.2% at $1.59 as it rides on strengthening market dynamics.

Accretive acquisition and long WALE keeps EC World REIT at 'buy'

SINGAPORE (May 29): Phillip Capital is keeping its “buy” call on EC World REIT (ECW REIT) with a higher target price of 87.2 cents from 85 cents previously.

This came on the back of the REIT announcing that its 1Q19 earnings have increased by 2.2% y-o-y to 1.501 cents, while distribution to unitholders saw a 3.1% y-o-y increase to $11.9 million.

Accumulate ComfortDelGro on dips given good track record: UOB

SINGAPORE (May 28): UOB Kay Hian recommends investors "buy" ComfortDelGro (CDG) on dips with a target price of $2.77 following the group’s results announcement.

See: Brokers shift gear to 'hold' for ComfortDelGro after good run

CDG on May 14 announced that its 1Q19 earnings have increased by 6.2% y-o-y to $70.4 million, due to higher revenue, driven by strong contributions from recent acquisitions made in 2017 and 2018.

Kingsmen posts 47.4% drop in 1Q earnings to $0.2 mil on higher expenses

SINGAPORE (May 15): Kingsmen Creatives saw earnings decline 47.4% to $234,000 in 1Q19 from $445,000 in 1Q18 on higher expenses.

This was despite a 25.7% increase in revenue to $76.7 million from $61.0 million a year ago.

The Exhibitions & Thematic division saw an 11.9% y-o-y increase in revenue to $33.4 million, with the key contributors including major event and projects, such as Changi Experience Studio, Shenzhen Binhai Tencent Exhibition Centre, Singapore Bicentennial Event, Singapore Motorshow 2019, SMBC Singapore Open 2019 and thematic projects in the region.

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