UMS Holdings posts 2% higher 1Q earnings of $11.4 mil on lower expenses

UMS Holdings posts 2% higher 1Q earnings of $11.4 mil on lower expenses

Samantha Chiew
11/05/18, 05:20 pm

SINGAPORE (May 11): UMS Holdings reported 1Q18 earnings increased by 2% to $11.4 million, compared to $11.2 million in 1Q17.

Revenue came in at $37.5 million, 10% lower than $41.8 million recorded in the previous year, due to a 9% dip in revenue from its semiconductor business while sales from its Others segment fell 44%.

Most of the group’s revenue are denominated in USD and the average exchange rate in 1Q18 was about 7% lower than that in 1Q17.

During the quarter, the group incurred net finance expenses of $0.06 million, compared to a net finance income of $0.07 million in 1Q17.

Changes in inventories were also 88% lower at $0.71 million compared to $5.70 million last year.

Raw material purchases and subcontractor charges were 36% lower at $16.7 million, compared to $26.0 million in the previous year.

Andy Luong, executive chairman and CEO of UMS says, “We are confident that the wave of IOT, AI and big data growth will stay as smart products and smart cities will continue to flourish. UMS, which is a beneficiary of this favourable uptrend, will therefore forge ahead with its expansion plans and efforts to improve performance."

A 1-cent tax-exempt interim dividend has been proposed.

Shares in UMS closed at $1.04 on Friday.

Lendlease a step closer to listing of mall REIT on SGX: reports

SINGAPORE (May 23): Australia’s Lendlease could potentially be the next REIT to list in Singapore, following the footsteps of two recent US REITs. According to The Australian, Lendlease has appointed investment banks Citigroup and DBS to handle the listing. The Singapore trust, to be named Lendlease Global Commercial REIT, could be seeded with shopping centre assets worth A$1 billion ($948 million). Listed on the Australia stock exchange (ASX), Lendlease is a integrated construction, engineering and property company. Singaporeans may also be familiar with Lendlease given the comp....

China defence minister to attend summit amid rising US tension

(May 22): Chinese Defence Minister Wei Fenghe will address top diplomats at an upcoming summit in Singapore in a speech that could be pivotal amid rising tensions between the US and China. The International Institute for Strategic Studies (IISS) announced the late addition Monday to a roster of ranking officials that includes US Acting Secretary of Defence Patrick Shanahan attending the three-day IISS Shangri-La Dialogue from May 31. Wei is scheduled to deliver a speech on China’s place in the Indo-Pacific region on the final day of the conference and will take questions afterwards, wh....

SingHaiyi reports 48% rise in 4Q earnings to $9.7 mil on higher margins from US development

SINGAPORE (May 22): Property developer SingHaiyi Group reported a 47.6% rise in 4Q19 earnings to $9.7 million from a year ago, bringing FY19 earnings to $22.6 million, 20.3% lower than a year ago. 4Q19 revenue declined 67.6% to $9.8 million from a year ago mainly due to the decrease in revenue recognised for the group’s completed Executive Condominium project, The Vales, and the group’s completed private condominium, City Suites. The lower topline was partially offset by the sales of the group’s completed commercial condominium project in the United States – Vietnam Town Phase II....