F J Benjamin Holdings, the purveyor of luxury fashion labels and watches, today reported lower turnover and earnings for its financial year ended 30 June 2009 (FY09) during a period of unprecedented economic downturn brought on by the global financial crisis.
F J Benjamin says key markets including Singapore, Malaysia, Thailand and China suffered contractions in their economies, dampening consumer sentiment and spending.
Mainboard-listed ISDN Holdings, the integrated engineering solutions provider, says 2Q09 sales slid 27.1% to $23.6 million from $32.4 million as demand fell in the global economic downturn.
Motion control remained as the biggest revenue earner among the three key business segments in the second quarter. It raked in sales of $17.4 million, equivalent to 73.8% of group sales, followed by Other Specialised Engineering Solutions at $5.5 million.
Builder Wee Hur Holdings says it recorded a net profit of $8.8 million for 1H09 ended June 30, exceeding that of the entire FY08 ($8 million) by 9.5%.
Comparing with the same period last year, net profit soared 496%, fueled by an increase of 132.6% in its 1H09 revenue to $108.3 million.
This surge was brought about by a number of major projects with substantially higher contract value currently in their more matured stage of work in progress.
DBS Group Holdings, Southeast Asia’s biggest bank, posted a 15% decline in second- quarter profit as provisions for bad loans surged.
Net income fell to $552 million from $652 million a year earlier, the bank said in a statement today. DBS set aside $466 million for bad loans, almost eight times more than a year earlier.
Singapore state investment company Temasek Holdings has yet to decide whether it will participate in the GBP1 billion share sale by Standard Chartered PLC (STAN.LN), two people familiar with the situation said today.
“It’s being considered but there is no decision yet whether Temasek will buy any new shares. It will come later in the week,” one person told Dow Jones Newswires.
Mainboard-listed Yongmao Holdings, one of the largest towercranes manufacturers in China, says it will invest RMB28.35 million ($5.9 million) through its unit Beijing Tat Hong Zhaomao Equipment Rental Co. for a 20.25% stake in joint-venture company Si Chuan Tat Hong Yuan Zheng Machinery Construction Co.
Yongmao says the investment will be funded by its internal resources.
Mainboard-listed CSC Holdings, a homegrown foundation and geotechnical engineering specialist, has posted group revenue of $81.4 million for the quarter ended June 30, 2009 (1Q10), compared to $156.8 million in the same period a year ago (1Q09), as uncertainties in economy resulted in significantly subdued demand for construction services.
Net profit decreased 52.8% to $6.7 million in 1Q10 from $14.2 million in 1Q09.
Despite the dip in revenue, the group says it was able to maintain its gross margin at 18.6% compared to 18.4% in 1Q09.
Mary Chia Holdings, the provider of beauty, facial, slimming, spa and massage services for women and men, says it is seeking a listing on Catalist and has lodged its IPO document with the SGX.
Mary Chia will issue 24,565,000 new shares at 23 cents each by way of placement to raise $3.9 million in net proceeds. PrimePartners Corporate Finance has been appointed the manager and sponsor of the IPO and DMG & Partners Securities is the placement agent of the IPO.
Banyan Tree Holdings (BANY.SI), a developer of luxury resorts, said on Saturday it will build a large resort near the historical Vietnamese city of Hue at an estimated cost of US$900 million ($1.3 billion).
When fully developed, the 280-hectare beachfront resort will comprise seven hotels with a total of 2,000 rooms, a golf course, residences and convention facilities.
Great Eastern Holdings says it achieved Profit Attributable to Shareholders of $97.7 million for the second quarter of 2009, compared to $15.7 million in the corresponding quarter in 2008.
Gross premium income in 2Q09 fell 37% year-on-year to $1,249 million, due to the sharp drop in single premiums.
For life assurance operations, new sales measured on a weighted basis fell 30% from $201.4 million to $140.3 million in 2Q09.
Olam International (OLAM SP), a supplier of agricultural commodities that is partly owned by Temasek Holdings Pte, lost 2% to $2.50. The Reuters/Jefferies CRB Index, which tracks 19 commodities, dropped 2.7% yesterday in New York, its sharpest decline in a month.
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Calyon and Maybank Investment Bank Bhd. will lend at least $400 million to YTL Power International Bhd. to help fund its purchase of PowerSeraya, said two people familiar with the matter.
The banks committed $200 million each and two more lenders may join them, said the people, who asked not to be identified as the negotiations are private.
DBS Group Holdings is syndicating a $2.25 billion, three-year credit line it agreed to give YTL in December after the Malaysian utility bought Singapore power generator PowerSeraya from Temasek Holdings for about $3.8 billion.
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JEL Corporation (Far East), a unit of Mainboard-listed JEL Corporation (Holdings), has been awarded exclusive distribution rights for the entire range of photographic products from Tamrac, Inc.
JEL Corporation (Holdings) is an established distributor of photographic, IT, fast-moving consumer goods, and timepieces, with distribution networks spanning Africa, Asia, and the Middle East.
DBS Group Holdings, Southeast Asia’s largest bank, plans to open two to three branches in Taiwan in the next three years, Jerry Chen, head of DBS Taiwan told a briefing in Taipei today. Chen said he doesn’t rule out mergers and acquisitions if there are opportunities. He declined to name any targets.
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Crane operator Tat Hong Holdings says the company has sold its 45% interest in KTH Mining Engineering to Kok Tong Construction for $1.1 million as part of the plans to divest its non-core businesses. The profit of $863,786 from the sale will go towards the group’s working capital.
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