Singapore plantation companies likely to report 2Q10 revenue rose on quarter due to seasonal improvement in palm fruit yields, but operating costs expected to rise more, resulting in compressed profit margins, says Daiwa, according to Dow Jones.
Daiwa notes all five Singapore-listed companies have plantations in Indonesia, which imposes export tax on palm oil producers. So with average monthly palm oil prices in 2Q10 higher vs 1Q10’s, selling costs also expected to be higher.
Changtian Plastic & Chemical, the manufacturer of chemical-based products serving the packaging, water treatment and oil sectors, today says for the three months ended June 30, 2010 (2QFY10), the group’s net profit jumped 150.3% to RMB31.3 million ($6.2 million) on the back of a 134.7% increase in revenue to RMB183.7 million.
Revenue growth for 2QFY10 was mainly driven by an increase in orders and higher average selling prices for the group’s biaxially-oriented polyamide (BOPA) film and specialty chemical — 2-Acrylamido 2-Methyl propane sulfonic acid (2-A2MPS). In particular, revenue from its new product, UV-cured release film which commenced commercial sales from the second quarter of the financial year 2009 (2QFY09), increased five-fold and contributed 11.8% of total revenue for 2QFY10.
Tiong Seng Holdings, the construction group and property developer, today reported a 53% fall in net profit attributable to equity holders to $6.7 million for the second quarter ended 30 June 2010 (2Q2010) from $14.2 million in 2Q2009. Revenue fell 26% to $70.2 million from $94.8 million.
The group saw a yearâ€onâ€year decrease in construction contract revenue to $64.0 million in 2Q2010 (2Q2009: $83.3 million) due to lesser work done for completed projects and projects close to completion such as the Capella, Tribeca, The Wilkie, Sky@11, Marina Bay Financial Centre Tower 3 and Sentosa Integrated Resorts.
UOL Group today announced a net attributable profit of $147.8 million for the second quarter ended 30 June 2010, compared to a loss of $20.1 million in 2Q09. The net attributable profit excluding fair value and other gains increased by 36% to $122.1 million as compared to 2Q09.
For the first six months in 2010, its net attributable profit excluding fair value and other gains rose 43% to $205.7 million against $144 million in the corresponding period last year.
Nera Telecommunications has posted a 9.4% fall in profit after tax for second quarter ending June 30 (2QFY2010) to $2.9 million from $3.3 million in 2QFY2009.
Turnover for second quarter decreased 22.8% to $38.0 million from $49.3 million in 2QFY2009.
Neratel says the drop in turnover resulted from lower turnover from the Telecom business segment, but partially offset by higher turnover from the Infocomm business segment.
Bonvests Holdings says group revenue for the second quarter ended 30 June 2010 (2Q2010) decreased 21.8% to $40.4 million from $51.6 million in the same year earlier period, mainly to lower revenue from the Food & Beverage, Industrial and Investment Divisions, partly offset by higher revenue from the Hotel and Property Rental Divisions.
Niche property developer Heeton Holdings has reported a 11.7% growth in net profit, to $6.3 million for 2Q10 on revenue of $9.5 million, compared with net profit of $5.6 million on revenue of $7.3 million a year ago.
This takes into account a $189,000 profit contribution in 2Q09 from the operation of wet markets, which were divested in 1Q10. Excluding this item, the increase in net profit from continuing operations was 15.7%.
Singapore’s United Overseas Bank (U11.SG) expected to post biggest improvement in 2Q net profit out of all Singapore banks, mostly on back of improving asset quality, says Dow Jones.
Net profit likely +27.7% on-year at $600 million according to Dow Jones Newswires poll of five analysts. Bank likely to face same pressures on interest margins DBS Group (D05.SG), OCBC Bank (O39.SG) have.
“UOB has the highest loan loss coverage, and is therefore likely to require lower provisions than peers. Having said that, UOB has historically been conservative and we do not rule out UOB continuing to raise its loan loss coverage to prepare for the rainy day,” says Daiwa Capital Markets.
Results due about 11:30 a.m. Tuesday.
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Asia Enterprises Holding, the regional distributor of steel products, today reported net profit soared 226% to $4 million for the 3 months ended 30 June 2010 (2Q10) on the back of an improvement in its profit margins.
The stronger bottom line performance in 2Q10 was achieved despite a 14% decrease in group revenue to $37.1 million, which was the result of slower sales to customers in the construction sector.
Tiger Airways (J7X.SG) down 6.7% at $2.09 following what some analysts call dismal June-quarter results, says Dow Jones.
Low-cost carrier returned to black with $1.9 million profit in fiscal 1Q11 vs $6.0 million loss year earlier on increased travel demand, tax benefit.
But earnings sharply lower than March-quarter’s $22.3 million profit on higher operating expenses, lower ticket prices.
Singapore may reduce 2Q GDP estimate to +18.7% on year vs +19.3% previously reported, cut estimate for adjusted, annualised GDP to +24.1% on quarter vs +26% reported on pullback in manufacturing, especially pharmaceuticals, DBS says in note.
“Volatility is the hallmark of the pharmaceutical industry due to the nature of its production process. Having ramped up production since the start of the year, it should not come as a surprise to see some more producers shutting down production in June to do the necessary maintenance and sterilization before embarking on the next batch of drugs,” says DBS.
Parkway Life Real Estate Investment Trust (PLife REIT) says it registered gross revenue of $18.7 million for the second quarter (2Q 2010), an increase of 16.4% over the previous corresponding period (2Q 2009).
For first six months ended 30 June 2010 (1H 2010), gross revenue increased 15.3% from the same period last year (1H 2009) to $37.4 million.
Sinotel Technologies, the provider of wireless telecommunications infrastructure and solutions in China, says the group has posted a 2.2% net profit of RMB42.5 million ($8.5 million) for the 2nd quarter ended 30 June 2010 (2QFY2010) compared to RMB41.6 million in 2QFY2009. Half year earnings (1HFY2010) rose 1.2% to RMB71.2 million, compared to the same period in 2009.
Otto Marine, the builder and charterer of offshore support vessels, says it posted a 40.4% fall in net profit to $16.7 million for the second quarter ending June 30 2010 (2QFY2010) versus $28 million for 2QFY2009. Revenue fell 26% to $129.7 million compared to $175.3 million.
The decrease in 2Q revenue was primarily due to the percentage-of-completion recognition achieved in the shipbuilding business and reduced utilisation rates of the group’s chartering of tugs and barges. This decrease was partially offset by the increase in geophysical business procured by the group’s 81.6% owned company, Reflect Geophysical.
StarHub has posted a 25.4% fall in profit to $58.1 million for the second quarter ended 30 June 2010 (2QFY2010) from $77.8 million for 2QFY2009.
StarHub says the current quarter’s performance was impacted by the continued investment in iPhones and other smart phones/devices in the Mobile business.
Venture Corporation says net profit for the quarter ended 30 June 2010 (2QFY2010) was $45.8 million, compared to $60.9 million in 2QFY2009 which included a positive fair value adjustment of $25 million on its derivative financial instrument.
Revenue for 2QFY2010 was $652.9 million compared to $846 million in 2QFY2009.
Quarter-on-quarter, the Test & Measurement/Medical/Others segment recorded a revenue improvement of 18.4% in 2Q.
Mainboard-listed Sunpower Group, the China-based heat transfer technology specialist, says it recorded a 12.4% increase in net profit after tax to RMB21.8 million ($4.4 million) for the three months ended 30 June 2010 (2Q2010) from RMB19.4 million in 2Q2009. This comes on the back of a 5.7% in revenue to RMB172.7 million from RMB163.5 million.
Sunpower says growth was due to higher contract deliveries primarily driven by the group’s Pipes Support segment during the quarter in review.
CWT, the provider of integrated logistics solutions, announced a net profit attributable to owners of $155.4 million for the three months ended 30 June 2010 (2QFY10) from $8.71 million in 2QFY09. Revenue for the quarter grew 24% to $182.8 million from $146.9 million.
For the half year (1HFY10), net profit grew to $166.1 million from $17.9 million.
Mainboard-listed Riverstone Holdings, the manufacturer of cleanroom gloves, says net profit for the three months ended 30 June 2010 (2Q 2010) grew 43% to RM9.7 million ($4.1 million) from RM6.8 million in 2Q 2009.
Riverstone says group revenue rose 43% to RM54 million on continued strong demand for cleanroom and healthcare gloves.
Gross profit rose 40% from RM11.2 million to RM15.7 million and gross margins fell slightly from 30% to 29% on the back of higher raw material prices.
