CIMB Research lowered its target price for Perennial China Retail Trust to $0.59 from $0.65, citing lower rents and slower-than-expected leasing activity.
Units of Perennial China, which owns shopping centres in China, shed 2% to $0.495, but have gained about 4% so far this year.
Shares of Neptune Orient Lines fell as much as 3 percent to a four-month low after the container shipping firm reported a disappointing first-quarter net loss and warned of a bleak outlook.
Singapore Telecommunications, Southeast Asia’s largest telecoms firm, said on Thursday it expects to make a fairly large number of acquisitions to gain access to digital content but may incur some start-up losses.
Shares of Sembcorp Marine fell as much as 5% to a near four-month low after it reported a slide in its first quarter earnings.
By 9:23 a.m., shares of Sembcorp Marine, the world’s second largest oil rig builder, had recouped some of its losses and were down 3.4% at $4.62 on volume of 4 million shares. This was compared to an average full day volume of 8.5 million shares over the last five sessions.
Sembcorp Marine reported a 25% drop in first quarter net profit to $113 million on Wednesday, partly due to lower margins on the rigs it delivered compared to a year ago.
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Shares of Singapore Airlines fell as much as 2.5% to a four-month low on Thursday after the world’s second-largest carrier posted an unexpected fourth-quarter loss, hit by weak demand and high fuel prices.
Singapore shares may be weighed down on Thursday by weak quarterly earnings from blue chip companies including Singapore Airlines, Neptune Orient Lines and Wilmar International.
Singapore Airlines, the world’s second-largest carrier with a market value of US$10 billion ($12.5 billion), will be in focus after it posted an unexpected fourth-quarter loss of $38.2 million, hit by weak demand and high fuel prices.
Robust performances by Singapore Telecommunications units in Indonesia and Thailand helped Southeast Asia’s largest telecoms firm reverse four straight quarters of falling year-on-year profits.
Underlying quarterly net profit was $1.02 billion, SingTel said on Thursday. That was slightly higher than $998 million a year earlier but below the $1.06 billion average forecast from six analysts surveyed by Reuters.
Wilmar International, the world’s largest listed palm oil firm, reported on Thursday lower-than-expected first quarter earnings, hit by weak margins at its largely China-based oilseeds and grains business.
Wilmar, which owns palm oil plantations in Indonesia and Malaysia as well as sugar operations in Australia, said net profit for January-March fell 34% to US$255.9 million ($320.6 million), compared to US$386.7 million a year ago.
The Singapore High Court has dismissed the application of Yeap Wai Kong, a former director of China Sky Chemical Fibre, to quash the public reprimand of him on December 16, 2011 by the Singapore Exchange.
The High Court found that the SGX fully and substantively accorded Yeap a fair hearing by giving him notice of its intention to reprimand, particulars of the case against him and full opportunities to be heard, said a press release by the SGX.
The property arm of Malaysian Sime Darby Bhd said on Wednesday it is partnering with Singapore-based CapitaMalls Asia to build a shopping mall with a development cost around 500 million ringgit ($203.9 million) in Malaysia’s capital city.
Singapore Airlines, the world’s second largest carrier by market value, reported an unexpected loss for its fiscal fourth quarter, hurt by weak travel demand and soaring jet fuel prices.
The Singapore flag carrier reported a January-March net loss of $38.2 million, a swing from a net profit of $171 million a year ago. Analysts had expected a profit of $93.5 million for the quarter.
Ausgroup said its net profit for the third quarter ended March 31, 2011 rose 133.1% to A$6.79 million ($8.55 million) compared to the same period a year ago.
Revenue rose 17.6% to A$182.25 million from a year ago, due to higher activity levels in the integrated services segment and the manufacturing and fabrication segments.
Gross margins increased from 8.4% during the third quarter of FY2011 to 11.2% during the third quarter of FY2012.
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United Overseas Bank, the smallest of Singapore’s three banking groups, posted a 12% rise in first quarter net profit on Wednesday, helped by higher loans and fee income.
UOB earned $688 million in the three months ended in March, up from $612 million a year earlier. The results beat the $632 million average estimate of seven analysts polled by Reuters.
ST Engineering has posted a 20.9% rise in earnings to $134.37 million for the first quarter ended March 31, 2012, from $23.3 million the same period a year ago.
Revenue dipped 1.7% to $1.54 billion from a year ago. Revenue of its aerospace and electronics sector was flat, while land systems and marine sectors registered lower revenue, down 11% and 10% respectively.
Straits Times Index fell 1.1% to 2,900.91, the lowest close since Jan. 30. Four shares dropped for each that rose on the 30-member gauge.
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Neptune Orient Lines reported its fifth consecutive quarterly loss on Wednesday as low freight rates and soaring fuel costs continued to hit the world’s seventh-largest container shipping firm.
NOL, around two-thirds owned by Singapore state investor Temasek Holdings, posted a net loss of US$253.6 million, widening from a loss of US$9.7 million a year earlier.
Sembcorp Marine, the world’s second-largest rig builder, reported a 25% drop in first quarter net profit on Wednesday, partly due to lower margins on the rigs it delivered compared to a year ago.
Pan-United Corporation said it posted a 54% rise in 1Q earnings to $9.5 million from $6.18 million a year ago.
The increase came on the back of a 60% gain in revenue to $162.23 million from $101.62 million a year ago.
Earnings per share were at 1.7 cents, a 55% increase from 1.1 cents a year ago.
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Ezion Holdings posted a 37.4% decline in earnings for the first quarter ended March 31, 2012, to US$14.08 million ($17.6 million) due to the absence of gain on disposal of liftboat in the same period a year ago.
Before gain on disposal of liftboat, earnings rose 23.2% on the back of a 42.3% increase in year on year revenue to US$30.57 million.
