Gaylin's FY18 loss widens to $51.6 mil on inventory provisioning

SINGAPORE (May 28): Gaylin Holdings, the specialist provider of products, services and solutions to the oil & gas (O&G) and maritime industries, saw 4Q losses widen to $44.4 million from a loss of $6.2 million a year ago due to higher provision for slow-moving and aged inventory.

The latest set of quarterly results brings the group to a full year loss of $51.6 million as compared to its FY17 loss of $11.4 million, in line with Gaylin’s management guidance announced earlier in March this year.

Pan Hong's FY18 earnings halved to $5.2 mil on lower revenue & margins

SINGAPORE (May 28): Property developer Pan Hong Holdings reported earnings of RMB24.6 million ($5.2 million) for the FY18 ended March, representing a 60.8% decline from its FY17 earnings of RMB62.7 million a year ago on lower revenue and margins, as well as higher administrative expenses.

A final dividend of 1.5 cent has been proposed.

Revenue for the full year fell 45.4% to RMB386.8 million from RMB708.9 million a year ago due to lower handover of units for Phase 1 of Pan Hong Run Yuan and Phase 2 of Huzhou Hua Cui Ting Yuan as compared to a year ago.

China Kangda sinks into the red with $3.3 mil full-year loss on higher chicken mortality

SINGAPORE (Mar 29): China Kangda Food Company posted a FY17 loss of RMB15.8 million ($3.3 million) compared to earnings of RMB6.3 million a year ago. 

In a Wednesday filing, the group attributes the full-year loss largely to higher mortality rates of chicken resulting from bad weather, as well as higher administrative costs.

The loss comes even as revenue remained steady at around RMB1.3 billion when compared to a year ago, with a 5.8% increase in sales turnover and higher gross profit margin to 8.3% from 8% previously.

Tan Chong FY17 earnings more than double to $84 mil on higher margins

SINGAPORE (Mar 27): Tan Chong International, the local distributor of Subaru cars via subsidiary The Motor Image Group, ended FY17 with earnings of HK$501.9 million ($83.7 million), more than double its FY16 earnings of HK$191.1 million on improved operating margins.

The improved bottom line comes despite a 5.3% decline in full-year revenue to HK$15.9 billion from HK$16.7 billion a year ago, which was primarily due to a sales volume decline from the motor vehicle distribution and retail division, as well as a slowdown in Singapore and China.

LY Corp posts 17.8% earnings growth to $17.3 mil for FY17

SINGAPORE (Mar 12): Malaysia-based furniture maker LY Corp today posted a full year profit of RM51.2 million ($17.3 million) for FY17, up 17.8% from RM43.5 million in FY16 on higher sales.

Revenue for the full year grew 22% to RM350.6 million from RM287.4 million a year ago due to an increase in the number of containers loaded with furniture products due to higher demand from the group’s customers in the US, as well as the higher average selling price (ASP) per container of RM53,000 compared to RM51,000 in FY16 due to higher selling prices of certain furniture models.

Dairy Farm downgraded on time required for strategic review to bear fruit

SINGAPORE (Mar 9): CIMB is downgrading its call on Dairy Farm International to “hold” from “add” previously with a lower target price of US$8.40 from US$9.18 after the group’s FY17 core net profit came in below the research house’s expectations, but marginally within consensus.

See: Dairy Farm's FY17 earnings fall 14% to US$404 mil on business change costs

Dairy Farm's FY17 earnings fall 14% to US$404 mil on business change costs

SINGAPORE (Mar 8): Dairy Farm, a member of the Jardine group, reported a 14% decline in FY17 earnings to US$404 million ($531.7 million) from US$496 million a year ago on the back of business change costs, which were incurred due to underperforming stores and stock clearance in the Food Division over the year.

Why Wilmar is likely to weather the season of lacklustre CPO prices: OCBC

SINGAPORE (Mar 8): OCBC is highlighting Wilmar International as its top “buy” pick at a fair value estimate of $3.51 for its lower likelihood of being impacted by India’s recent import tax hike on crude palm oil (CPO), given its diversified business which extends to trading in other oils.

In a Thursday report, lead analyst Low Pei Han says she expects CPO prices to remain lacklusture despite OCBC Treasure Research and Strategy’s expectations of relatively healthier fundamentals, as seen since the start of 2018, to lift CPO prices higher.

Can Jadason resolve its manpower issues for a more profitable FY18?

SINGAPORE (Mar 7): CIMB is maintaining its “add” call on Jadason Enterprises with a lower target price of 8 cents from 11 cents previously.

In a Tuesday report, analyst William Tng notes that while the group’s 4Q and FY17 results came in below the research house’s expectations, demand for printed circuit board (PCB) drilling remained robust over the past fiscal year with the group anticipating strong demand from its customers in FY18.

Oceanus granted six-month extension to meet SGX watch list exit criteria

SINGAPORE (Mar 7): Oceanus Group has been granted an extension of six months to exit the Singapore Exchange’s (SGX) watch list.

With effect of the extension, Oceanus now has up until June 2 to meet the financial criteria of exiting the SGX watch list – failing which it may be either delisted, or suspended from trading in its shares with a view to delist.  

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