Abterra, the supply chain manager of resources and minerals in Asia Pacific, says net profit jumped 77% to $3.9 million for the 3 months ended 30 June 2010 (2Q10) from $2.2 million in 1Q09. In 2Q09, it registered a net profit of only $223,000.
Abterra says the q-o-q surge in net profit was fuelled by a six-fold increase in revenue to $88.2 million in 2Q10 from the previous quarter, as the group saw strong trading growth for its core iron ore, coal and coke trading businesses.
Abterra, the supply chain manager of resources and minerals in Asia Pacific, says it has completed the acquisition of a 22.8% stake in Zuoquan Xinrui Metallurgy Mine Co. from Shenzhen Manfu Industrial Company for RMB390.5 million ($77.6 million).
Chan Chun Tat Ray has been appointed independent director/audit committee member wef July 26
Work experience: District manager, branch manager, senior unit manager
Abterra, the supply chain manager of resources and minerals, managed to swing back into the black with a net profit of $13.3 million for the financial year ended 31 December 2009 (FY2009) largely due to a gain from the revaluation of a mining asset.
Turnover of the year fell 61% y-o-y from $392 million to $151.9 million as revenue from the trading of iron ore declined 92% while revenue from the trading of coke and coal decreased 53%, mainly due to the tightening of credit facilities in the market, amid the financial turbulence.
Wong Shiu Wah Williamson has been appointed independent director/audit committee member wef Feb 11
Work experience: Financial controller, China Solar Energy Holdings Ltd; financial controller, Sun Sang Kong Yuen Shoes Factory Co Ltd; financial controller, Ka Vee Int’l Holdings Ltd
Singapore’s Straits Times Index gained 1.3% to 2,794.06 at the close yesterday. Thirteen stocks rose for each that fell on the 30-member gauge. Stocks on the measure trade at 14.8 times estimated earnings, compared with about 10 times at the start of 2009, according to data compiled by Bloomberg. US stocks rose last night as stronger-than-expected corporate results and upbeat economic data fed expectations the recovery will bolster corporate profits. Here are some stocks to track today.
Sembcorp Marine (SCMN.SI), the world’s second-largest offshore oil rig builder, said today it has clinched several ship repair and upgrading deals worth $130 million.
Abterra, the emerging supply chain manager of resources and minerals in Asia Pacific, says it has secured a $20 million equity line facility from YA Global Masters SPV Ltd, to fund Abterra’s regional growth and working capital needs.
