3Q17 earnings

Keppel Infrastructure Trust reports flat 3Q DPU of 0.93 cent

SINGAPORE (Oct 16): The trustee-manager of Keppel Infrastructure Trust (KIT) has declared distribution per unit (DPU) of 0.93 cent for the 3Q ended September, unchanged from a year ago.

Group revenue for 3Q17 was flat at $160.3 million, as lower revenue from the concessions, Basslink, and CityNet was offset by higher revenue from City Gas.

The concessions, comprising Senoko WTE, Tuas WTE, SingSpring Desalination and Ulu Pandan NEWater plants, saw revenue fall 22.4% to $25.3 million in 3Q, from $32.6 million a year ago.

SPH earnings fall 45% to $28.9 mil in 3Q

SINGAPORE (July 14): Singapore Press Holdings (SPH) posts earnings of $28.9 million for the third quarter ended May, falling 45.2% from earnings of $52.7 million a year ago.

This was partially due to a $9.4 million increase in impairment charges to $37.8 million on goodwill and intangibles, primarily related to the magazine business. The group recognised impairment charges of $28.4 million a year ago.

In a filing to SGX on Friday, SPH says its magazine business’ performance has continued to deteriorate further amid unfavourable market conditions.

Second Chance Properties 3Q earnings up 72% to $5.4 mil on one-off gains

SINGAPORE (June 29): Second Chance Properties posted earnings of $5.4 million for the third quarter ended May, up 72.3% from $3.1 million a year ago.

This was mainly attributable to a four-fold increase in other income to $2.8 million, from $0.7 million in 3Q16, comprising mainly of profit on disposal of securities.

During the period, the company accepted cash offer on de-listing of one of the available-for sale equity securities resulting in a profit of $2.2 million. There was no disposal of available-for-sale securities a year ago.

Silverlake posts six-fold increase in 3Q earnings to $128.7 mil on one-off gain

SINGAPORE (May 15): Silverlake Axis saw earnings in the third quarter ended March increase by more than six fold to RM398.4 million ($128.7 million), compared to RM61.5 million a year ago.

This increase was mainly attributed to a one-off gain of RM477.7 million on the disposal of 34.9 million shares in Global InfoTech Co (GIT) during the quarter.

Group revenue in 3Q17 fell 21% to RM124.4 million, from RM157.0 million a year ago.

Lum Chang 3Q earnings fall 40% to $4.2 mil

SINGAPORE (May 12): Lum Chang Holdings posted a 40% drop in earnings to $4.2 million in the third quarter ended March, from $6.9 million a year ago.

Revenue grew 27% to $98.2 million in 3Q17, from $77.1 million in the corresponding quarter last year.

This was mainly due to revenue of $68.2 million recognised for two construction projects during the quarter. This was partially offset by lower revenues from substantially completed construction projects.

OKH Global sinks into the red in 3Q17

SINGAPORE (May 12): Integrated property developer OKH Global sank to loss of $25.0 million in the third quarter ended March, compared to earnings of $3.0 million in the corresponding period last year.

This was mainly due to higher cost incurred in its development projects.

General and administrative expenses surged to $26.6 million in 3Q, from $4.7 million a year ago.

Grand Banks Yachts sinks to net loss in 3Q

SINGAPORE (May 11): Grand Banks Yachts sank to a net loss of $1.1 million in the third quarter ended March, compared to earnings of $375,000 in the corresponding quarter last year.

Revenue fell 23.6% to $13.2 million, from $17.3 million a year ago.

This was mainly due to a boat swap resulting in a reversal of revenues to reflect the different stages of the two boats.

In addition, the group put in extensive additional hours at the Malaysian yard to build its first Grand Banks 60 luxury yacht, which will make its debut at a trade show in Australia later this month.

Ryobi Kiso 3Q earnings fall by 60% to $0.1 mil

SINGAPORE (May 9): Ryobi Kiso Holdings posted earnings of $106,000 for the third quarter ended March, a decline of 59.7% compared to earnings of $263,000 a year ago.

This was mainly due to decrease in revenue and higher cost incurred for certain projects during the quarter.

Revenue fell 6.3% to $39.6 million in 3Q17, from $42.2 million a year ago.

The decline in revenue was mainly due to lower value of work done in the quarter, led by lower revenue from Ryobi Kiso’s eco-friendly piling, geo-services and other operations, which fell 19.3% to $16.7 million.

New Silkroutes 3Q net loss narrows

SINGAPORE (May 9): New Silkroutes Group posted a net loss of US$294,000 ($413,000) for the third quarter ended March, improving from a loss of US$1.2 million a year ago.

Revenue surged to US$125.4 million in 3Q17, compared to US$10.2 million a year ago.

This is mainly attributable to the increased oil sales by NSG’s wholly-owned oil trading subsidiary, International Energy Group.

Correspondingly, purchases increased US$124.9 million in 3Q17, from US$9.9 million a year ago.

Cash and cash equivalents stood at US$20.2 million as at March 31, 2017.

Hupsteel swings back to profitability in 3Q

SINGAPORE (May 5): Hupsteel has reversed out of the red in the third quarter ended March with earnings of $243,000, from a net loss of $372,000 a year ago.

Revenue in 3Q dipped 4% to $11.5 million, compared to $12.0 million a year ago.

This was mainly due to the lower sale of steel products to the marine and oil & gas sectors due to the sustained global slump in demand.

Despite the decline in revenue, gross profit climbed 11% y-o-y to $3.2 million, from $2.9 million a year ago, on the back of a 3.8-percentage-point improvement in gross profit margin to 28.1%.

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