DMG, which has a Buy rating with a $2.20 target, says the results were within expectations; the strong performance was underpinned by higher contributions from three domestic residential projects and an improved performance from its 35%-owned HK associate.
Property developer Wing Tai Holdings reported a 13% rise in revenue to $197.8 million and a 142% increase in earnings to $53.9 million for the three months ended Dec 31, 2010. The company says it will keep a close watch on the property market and will at appropriate times release more residential units for sale in the current FY.
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Mainboard-listed Micro-Mechanics (Holdings), the manufacturer of high precision tools, parts and assemblies for high technology industries, reported a 149% jump in net profit to $1.8 million for the 3 months ended 31 December 2010 (2Q11), from $0.7 million in the same quarter a year ago. The stronger bottomline performance in 2Q11 was achieved on the back of 17.0% growth in group revenue to $11.4 million.
Ryobi Kiso Holdings, the ground engineering specialist and provider of bored piling and geoservices, today reported a 70.1% y-o-y fall in net profit to $3 million for the second quarter ended 31 December 2010 (2Q11).
Revenue posted was $31.5 million in 2Q11, an increase by $5 million or 18.5% from $26.5 million in 2Q10 largely due to an increase in value of work done for on-going and completed projects; and new piling projects secured. These major private and public sector projects include The Scala, Flamingo Valley, Edusports and HDB Bukit Panjang N4 C14.
Longcheer Holdings, the leading designer of mobile phones from China, says net profit attributable to shareholders fell 60% to RMB15.6 million ($3.03 million) for the three months ended Dec 31, 2010 (2QFY11).
Revenue declined 3% to RMB1 billion due mainly to decline in average selling prices although total shipment volume increased 40% from 5.76 million units in 2QFY10 to 8.04 million units in 2QFY11.
Guocoland says net earnings dropped 64% to $21.6 million for the second quarter ended December 31, 2010 (FY2010) on the back of a 55% decrease in revenue to $162.8 million. The was led by lower sales contribution from its development projects in China. Meanwhile, share of profit from associates increased by $5.9 million in 2QFY2010, mainly due to higher share of profit from a Singapore associate after the successful sale of a penthouse unit in the quarter.
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The comments on Tuesday came after SGX missed expectations for its second-quarter profit on higher costs for technology and transactions linked to the bid for ASX.
Beyonics Technology’s (B19.SG) recent weakness appears to have run its course, as the shares are currently not trading despite just-released results showing a $2.8 million net loss for the quarter to end October vs a $2.0 million profit in fiscal 1Q10.
Global Logistic Properties, the market leader in modern logistics facilities in two of Asia’s largest economies, China and Japan, says it posted US$85.4 million ($112.7 million) in net profit in 2Q FY2011 ending Sept 30, 2010, representing a more than two-fold increase from the US$27.0 million reported in the corresponding quarter last year (2Q FY2010). Revenue rose 13.5% to US$113.3 million in 2Q FY2011, from US$99.8 million in 2Q FY2010.
Profit rose to US$85.4 million, or 4.9 cents a share, in the three months ended Sept. 30, from US$27 million, or 1.55 cents, a year earlier. Revenue increased 14% to US$113.3 million from US$99.8 million, it said in a statement to the Singapore exchange.
CitySpring Infrastructure Trust has declared a distribution per unit (DPU) of 1.05 cents for the quarter on the back of cash earnings of $23.1 million for the three months ended 30 September 2010 (2Q FY11). This included contributions from City Gas, the SingSpring desalination plant and the Basslink electricity interconnector and telecoms businesses.
As the sole producer and retailer of town gas in Singapore, City Gas achieved cash earnings of $13.1 million, continuing to benefit from the strength of Singapore’s food and beverage industry. The year-on-year improvement was also partly attributed to the mis-match between City Gas’ fuel costs and tariffs. Over time, its tariff setting mechanism is designed to ensure that it is not affected by changes in fuel costs.
The Trust’s water desalination plant, SingSpring, continued to achieve 100% availability. It recorded cash earnings of $4.7 million, unchanged from the same period last year. This reflects the stability of its long-term offtake contract with the Public Utilities Board of Singapore.
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Mainboard-listed Fabchem China has posted an 18.7% fall in net profit to RMB8.8 million ($1.7 million) for the second quarter of the financial year ending 31 March 2011(2Q2011). Fabchem is one of the leading manufacturers of initiation systems and detonating cords producers in China.
Singapore Telecommunications <STEL.SI>, Southeast Asia’s largest telecommunications firm, posted a lower-than-expected quarterly profit, as acqusition costs by Indian affiliate Bharti weighed, but cheered investors by raising dividends.
SingTel, 55% owned by Singapore state investor Temasek Holdings [TEM.UL], said earnings were hit by costs from Bharti Airtel’s <BRTI.BO> acquisition of the African telecom assets of Kuwaiti group Zain <ZAIN.KW> in June and investments in multimedia services in Singapore.
Singapore Telecommunications (STEL.SI), Southeast Asia’s largest telecoms firm, reported lower-than-expected quarterly profit, partly due to the cost of acquisitions by its Indian ally.
The company, 55% owned by Singapore state investor Temasek Holdings (TEM.UL), said earnings were hit by costs from Bharti Airtel’s (BRTI.BO) acquisition of the African telecom assets of Kuwaiti group Zain (ZAIN.KW) in June and investments in multimedia services in Singapore.
Singapore Telecommunications, Southeast Asia’s biggest phone company, said second-quarter profit fell 6.7% as gains in Australia and Singapore were offset by a drop in contributions from regional units.
Net income was $892 million in the three months ended Sept. 30, compared with $956 million a year earlier, the company said today in a stock exchange statement. That’s lower than the $969 million average of four analyst estimates compiled by Bloomberg.
Pan Hong Property Group, the Hong Kong-based property developer that focuses primarily on developing properties in the second and third-tier cities in China, says higher finance cost and tax trimmed net profit to RMB22.9 million ($4.4 million) in the three months ended 30 Sept 2010 (2Q2011), a dip of 3.4% from 2Q2010’s RMB23.7 million.
King Wan Corporation, the integrated building services company with principal activities in the provision of M&E engineering services for the building and construction industry, recorded 266% higher net profit attributable to shareholders of $6.8 million for the three months ended 30 September 2010 (2Q11) compared to the $1.9 million in the previous corresponding period (2Q10).
Singapore Airlines (C6L.SG) likely to report $395 million 2Q net profit vs $158.8 million loss year ago on higher traffic, lower jet fuel prices, according to median forecast of Dow Jones poll of six analysts, says Dow Jones.
Revenue likely +18% at S$3.63 billion, according to estimates of 4 analysts.
“We believe a continuous earnings and yield recovery in the coming quarters will lead to improved investor sentiment on the stock,” Daiwa says in note; advises switch to airline vs high-valuation peers. Singapore Airlines to release 2Q results after market hours Tuesday.
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