This article was originally published on Thursday, 21 February 2019 at 22:00 SGT; it has since been updated to include UOB, OCBC and HRnetGroup.
These are Singapore companies which may be in focus on Friday, 22 February 2019:
Singapore bank UOB reported on Friday its fourth quarter net profit of S$916 million, up 7 percent on-year on higher loan growth, offset by lower wealth management fees amid market volatility in the period. The results missed some forecasts.
OCBC reported on Friday that its fourth quarter net profit declined 11 percent on-year to S$926 million, missing some analysts’ forecasts as the contributions from insurer Great Eastern Holdingsand wealth management fees fell.
Wilmar reported on Thursday its fourth quarter net profit dropped 52.9 percent on-year to US$200.9 million, mainly on a provision for impairment on the Australian sugar milling assets.
Integrated casino-resort operator Genting Singapore reported on Thursday its fourth quarter net profit increased 12 percent on-year to S$150.18 million as both the gaming and non-gaming segments performed well. The results missed some analysts’ forecasts.
Contract manufacturer Hi-P International reported on Thursday its fourth quarter net profit fell 24.9 percent on-year to S$44.77 million as uncertain market conditions hurt demand from some customers and amid more pricing competition.
Roxy-Pacific Holdings reported on Thursday its net profit for the fourth quarter fell 27 percent on-year to S$5.93 million on lower property development revenue, partly offset by higher contributions from the hotel segment.
Wilmar International said on Thursday it tapped Teo La-Mei, age 59, as executive director responsible for overseeing legal and corporate secretarial functions.
She was previously appointed as group legal counsel and company secretary in 2009, and from August 1988 to December 2018 she was secretary and legal counsel for Shangri-La Hotel, it said in a filing to SGX after the market close on Thursday.
World Class Global
Property developer World Class Global reported on Thursday a full year net profit of S$7.48 million, swinging from a year earlier net loss of S$8.63 million, on revenue of S$442.03 million from the settlement by purchasers of AVANT and Australia 108 during the year. It also pointed to an increase in interest income and rental income from properties held for sale and investment properties.
“Going forward, the Group expects to make substantial profits from its Australia 108 project in Australia,” it said in a filing to SGX after the market close on Thursday, noting it has locked in around S$610 million in unbilled contracts on the project. It also expected the profit margin on the project’s later stages would be higher as the average sales per square meter rate for higher floors was better than for lower ones.
HRnetGroup reported on Friday net profit for 2018 rose 12.9 percent on-year to S$52.4 million on revenue of S$428.48 million, up 9.3 percent on-year.
“The growth was mainly attributed to growth in our flexible staffing business in Singapore and Hong Kong and professional recruitment in North Asia, namely China and Hong Kong, and Singapore,” HRnetGroup said in a filing to SGX on Friday. “Our three newly consolidated inorganic business units towards the last quarter of the year, namely, REForce, HRnet Rimbun, and Career Personnel also contributed a decent S$4.4 million in revenue.”