2Q results

Jumbo posts 18.4% increase in 2Q earnings to $5.1 mil on lower costs and expenses; declares 0.5 cents interim dividend

SINGAPORE (May 14): Jumbo Group’s 2Q19 earnings have increased by 18.4% to $5.1 million, compared to $4.3 million in 2Q18.

This brings 1H19 earning to $7.5 million, 18.0% higher than $6.4 million in 1H18.

However, revenue for the second quarter ended March was 1.4% lower at $41.3 million from $41.8 million in the previous year, due to lower revenue from the group’s operations in China. But the decrease in revenue was partially offset by higher revenue from the Singapore operations and franchises.

BRC Asia 2Q earnings surge eightfold to $5.4 mil on higher sales

SINGAPORE (May 14): BRC Asia, the provider of steel reinforcement solutions, reported 2Q19 earnings surged eightfold to $5.4 million from $0.66 million in 2Q18.

This brings 1H19 earnings to $11.5 million, representing a near fourfold increase from $3.0 million in 1H18.

Following the group’s acquisition of Lee Metal Group on Jul 20 2018, the group has now included 100% of Lee Metal’s financial results in its earnings statement for 1H19 and 2Q19. In contrast, Lee Metal’s 1H18 and 2Q18 earnings were not included in the group’s results the same period last year.

Kimly 2Q earnings fall 13.2% but interim dividend is doubled to 0.56 cent

SINGAPORE (May 7): Kimly, the owner and operator of coffeeshops, reported 2Q19 earnings fell 13.2% to $4.7 million from $5.4 million in 2Q18.

This brings 1H19 earnings to $10 million, 10.7% lower than $11.2 million in 1H18.

Revenue for the quarter came in 4.7% higher at $51.5 million from $49.2 million a year ago, mainly due to the revenue contribution from the restaurants and confectionery businesses that were acquired in July 2018, namely Tonkichi and Rive Gauche.

Cost of sales increased 5.4% which resulted in 1.8% higher 2Q19 gross profit of $9.8 million.

Frasers Property kept at 'add' as its recurring income base continues to grow

SINGAPORE (May 7): CGS-CIMB continues to rate Frasers Property Limited (FPL) “add” with a target price of $2.08, following the group’s 2Q19 results announcement.

Last Friday, the group reported 2Q19 earnings of $120.5 million, 8.3% higher y-o-y, bringing 1H19 earnings to $266 million, 37.2% higher than a year ago.

Revenue for 2Q19 increased 11.1% to $934.3 million while revenue for 1H19 increased 26.9% to $2.0 billion.

The group declared an interim dividend of 2.4 cents, unchanged from a year ago.

Frasers Logistics cut to 'hold' by CGS-CIMB, OCBC on expected forex losses

SINGAPORE (May 2): CGS-CIMB Research and OCBC Investment Research have downgraded Frasers Logistics & Industrial Trust (FLT) to “hold” from “buy” with price targets of $1.21 and $1.20 respectively.

In 2Q19, FLT’s manager declared a DPU to 1.76 cents, 2.8% lower than a year ago due to the softening of AUD and EUR against SGD.

Revenue was 36.9% higher y-o-y at A$59.7 million, while adjusted NPI was up 43.3% to A$47.9 million from A$33.4 million in the previous year.

F&N 2Q earnings more than double to $36 mil; declares 1.5 cents interim dividend

SINGAPORE (Apr 30): Fraser and Neave (F&N) says 2Q19 earnings more than doubled to $35.9 million from $15 million a year ago.

This brings 1H19 earnings to $73.8 million, 81% higher than $40.8 million in 1H18.

Revenue for the quarter grew by 3.4% to $467.4 million from $452.1 million a year ago, mainly due to higher contributions from dairies operations, particularly from the group’s associated company in Vietnam, Vinamilk.

The group has a total of three business segments.

Frasers Commercial Trust posts flat 2Q DPU of 2.4 cents

SINGAPORE (Apr 23): The manager of Frasers Commercial Trust (FCOT) has announced a 2Q19 DPU of at 2.40 cents, unchanged from 2Q18.

The distribution also brings 1H19 DPU to 4.80 cents, unchanged from a year ago.

FCOT’s portfolio as at Mar 31, 2019, consists of six properties – China Square Central and Alexandra Technopark in Singapore; 50% indirect interest in Central Park, 100% indirect interest in Caroline Chisholm Centre and 100% indirect interest in 357 Collins Street in Australia; as well as 50% indirect interest in Famborough Business Park in UK.

Silverlake Axis doubles 2Q earnings to $22.5 mil; proposes second interim dividend of 0.4 cent per share

SINGAPORE (Feb 14): Silverlake Axis, a provider of digital economy solutions and services, saw its earning double to 67.5 million ringgit ($22.5 million) in the 2Q19 ended December, from 34.0 million ringgit a year ago.

2Q19 revenue grew 20% to 169.0 million ringgit, from 141.4 million ringgit a year ago.

Civmec posts 76.3% drop in 2Q earnings to $1.22 million on lower revenue and higher finance costs

SINGAPORE (Feb 14): Civmec announced 2Q19 earnings fell 76.3% to A$1.26 million ($1.22 million) compared to A$5.31 million in 2Q18.

This brings 1H19 earnings to A$5.81 million, 24.0% lower than A$7.65 million in 1H18.

Revenue for 2Q19 declined 21% to A$134.9 million from A$170.7 million a year ago, due to projects completing in the period.

As cost of sales also dropped by 20.4% y-o-y to A$130.9 million, gross profit for 2Q19 came in at A$4.03 million, 36.2% lower than A$6.31 million in 2Q18.

Near-term growth may be uninspiring for Health Management International but long-term growth is on track

SINGAPORE (Feb 13): UOB Kay Hian is maintaining its “buy” call on Health Management International (HMI) with a target price of 73 cents.

This came on the back of the group announcing its 2Q19 results, which saw earnings drop by 28% y-o-y to RM11.3 million ($3.76 million), despite an 11% increase in turnover. The decline in earnings was mainly due to higher distribution and marketing costs, administrative costs, as well as foreign exchange losses.

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