The Hour Glass Limited, the purveyor of luxury watches, says net profit after tax improved by 21% to $11.1 million on higher gross margins attained for the third quarter ended 31 December 2010 (3Q FY2011). Group revenue was $144.2 million, a slight increase from $142.3 million from the last corresponding quarter.
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Biosensors International Group, today reported a net profit of US$13.3 million ($17 million) for its third fiscal quarter (3Q FY11), compared to US$12.4 million in 3Q FY10.
Total product sales in the third quarter were US$37.9 million, a 17% increase over the previous quarter (2Q FY11), and a 27% increase over the US$29.8 million reported in 3Q FY10. Overall growth was driven largely by continued growth in the sales of the BioMatrix family of drugâ€eluting stents (DES), which increased to US$26.3 million, up 26% over 2Q FY11 and 60% over 3Q FY10.
SMRT says net profit for third quarter FY2011 (3QFY2011) grew by 9.6% to $43 million on account of higher revenue and absence of impairment of goodwill, although this was partially offset by higher operating expenses.
Group revenue for the third quarter increased by $19.1 million or 8.5% to $243.9 million.
Revenue from Train operations increased by $11.0 million (9.0%) in 3Q FY11 as a result of higher MRT ridership, partially offset by lower average fare for MRT due to the implementation of distance fares. In addition, the opening of Circle Line Stages 1 and 2 contributed to the increase in revenue.
Mainboard-listed Valuetronics Holdings, the designer and manufacturer for leading brands in the electronics sector, says net profit for the third quarter ended 31 December 2010 (3Q FY2011) climbed 133.8% y-o-y to HK$31.6 million ($5.2 million).
This came on the back of a 79.9% surge in revenue to HK$524.5 million ($86.2 million) which was driven by an increase in customer orders.
Ascendas REIT (A-REIT), the business space and industrial real estate investment trust, says net property and related finance lease interest income increased 3.3% year-on-year to $84.1 million for 3Q FY2010/11.
Distribution Per Unit (DPU) grew by 0.6% year-on-year to 3.29 cents
Ezra Holdings, the integrated support and marine services provider in the offshore oil and gas (O&G) sector, reported a 25% year-on-year increase in revenue to US$75.9 million ($98 million), for the first quarter ended 30 November 2010 (1Q FY11).
Ezra says the strong growth in revenue was spurred by two of its divisions: deepwater subsea services and marine services.
Daiwa forecasts Singapore Press Holdings (T39.SG) will report a 1Q FY11 adjusted net profit of $126.6 million (down 12.5% on year), “due primarily to a lack of property-development business in 1Q” (says Clementi Mall will contribute only in 2Q) on revenue of $344.0 million.
The house’s forecast is 9.6% above consensus “which we attribute to our forecast of continued strong advertising volume growth throughout FY11 due to a resilient domestic consumer economy.”
Mainboard-listed Datapulse Technology, one of the leading total solution providers of CD and DVD services in the Asia Pacific region, reported its first quarter results for the financial year 2011.
For 1Q FY2011, revenue increased by 4.6% from $20.5 million to $21.4 million. The group continued to enjoy the usual higher level of business activities from year-end orders with the increase in revenue attributed to certain higher value kitting projects undertaken during 1Q FY2011.
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.
Mainboard-listed Marco Polo Marine, the growing integrated marine logistic group, says net profit attributable to shareholders for the financial year ended 30 September 2010 (FY2010) surged 90% to $19.1 million. For 4Q FY2010, net profit stood at $2.8 million, up 52% from $1.8 million in 4Q FY2009.
China Minzhong Food Corporation announced a 20% rise in its 1Q FY2011 net income to RMB52.4 million ($10.2 million) for the 3 months ended 30 September 2010. Revenue increased 18.4% to RMB264.1 million, underpinned by sales growth across both processed vegetables and fresh vegetables produce segments.
Revenue from processed vegetables increased by 33.2% to RMB111.8 million, on the back of continued strong demand from overseas food manufacturers. Average selling prices for the processed vegetables rose 52.5% as the group shifted towards a portfolio of higher-value processed vegetables.
Trek 2000 International, the inventor of USB flash drives, reported net profit after tax of US$1.2 million ($1.7 million) for the three months ending Sept 30 (3Q FY10) against US$0.3 million in 3Q FY09.
The quarter also saw a 20.8% y-o-y increase in revenue to US$16.7 million as it saw higher sales across all business segments.
Gross profit margin improved to 16.9% in 3Q10 from 10% in 3Q09 on success of group’s proprietary security solutions.
Trek 2000 says the group will continue to leverage on R&D capabilities to bring new products to market.
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Daiwa raises Olam International’s (O32.SG) target price to $3.52 from $2.94 due to higher peer multiples, keeps Buy call.
Daiwa says 1Q (slow season) results were inline financially, operationally, with house, consensus forecasts, management guidance. In addition, Olam is “on plan” with strategy to expand adjusted net profit at CAGR of 25% for FY09-FY15. Notes “the 1Q FY10 numbers were ‘clean’, without disappointments or distorting one-off items.”
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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ASL Marine Holdings, the integrated marine company offering services in shipbuilding, shiprepair and conversion and shipchartering, says it registered a 30.6% drop in total revenue to $81.4 million for the three months ended 30 September 2010 (1QFY2011). Net profit attributable to equity holders also fell 32.3% y-o-y to $8 million.
Shipbuilding revenue of $49.0 million in 1QFY2011 was 31% lower mainly due to lesser number of projects undertaken and comparatively lower order book. The segment’s gross margin remained stable and it was marginally higher at 9.2% in 1Q FY2011.
Credit Suisse tips Wilmar (F34.SG) 3Q net profit of US$400 million-US$450 million ($515 million-$579 million) vs 3Q09’s USS$653 million; however, notes 3Q09 net profit included exceptional gain of US$233 million; expects 3Q core net profit in line with previous year.
Credit Suisse tips palm oil refining, plantation divisions should show sequential improvement in 3Q.
“The profit drag in 3Q FY10 could come from the oil seed division,” says research house which is keeping its Outperform, as Wilmar “a proxy to China’s strong domestic consumption, as half of its profit is derived from China,”
Credit Suisse also notes RMB’s rise positive for Wilmar, 2H profitability should be better than 1H, stock has been laggard year to date. Says $7.42 target suggests potential upside of 11% or P/E of 20x, in line with 2011 P/E average for upstream players of 20.5x, based on CS earnings forecasts.
Results due pre-market Wednesday; shares +0.4% at $6.72.
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CSC Holdings, the foundation and geotechnical engineering specialist, has reported an 4% increase in earnings to $4.4 million for the three months ended 30 September 2010 (2Q FY11), compared to $4.1 million achieved in the first quarter ended 30 June 2010 (1Q FY11).
Revenue of $78.4 million for 2Q was also 0.9% higher than revenue of $77.7 million in 1Q.
Mainboard-listed Excelpoint Technology says net profit improved 93.5% to US$0.9 million ($1.16 million) during the quarter for the quarter ended 30 September 2010 (3QFY2010) from US$0.5 million in 3Q FY2009.
The group also saw a 41.3% increase in revenue, which rose to US$135.2 million in 3Q FY2010 from US$95.7 million in 3Q FY2009.
Mainboard-listed United Envirotech, the membrane-based water and wastewater treatment solutions provider, announced a net profit growth of 94.6% to $6.1 million for the 3 months ended 30 September 2010 (2Q FY2011) on the back of a 103.8% increase in revenue to $23.0 million in 2Q FY2011.
