These are Singapore companies which may be in focus on Wednesday, 13 November 2019: SATS, City Developments, United Engineers, Yanlord Land, Sembcorp Industries, CapitaLand, Cromwell European REIT, Koufu, BreadTalk, Swiber Holdings, Ezion Holdings, SBS Transit, Isetan (Singapore) and Synagie.
This article was originally published on Wednesday, 13 November 2019 at 12:21 A.M. SGT; it has since been updated to include Sembcorp Marine.
Sembcorp Marine reported Wednesday its third-quarter net loss widened to S$52.51 million, mainly on additional costs for rigs and floaters projects and continued low overall business volume.
SATS reported Tuesday its fiscal second quarter net profit fell 7.6 percent on-year to S$60.7 million on higher expenses and changes to accounting for leases.
City Developments reported Tuesday its third quarter net profit dropped 33.7 percent on-year to S$114.96 million on costs related to delisting Millennium & Copthorne Hotels PLC and on lower revenue.
United Engineers and Yanlord Land
Yanlord Land said Tuesday it acquired 39.21 million United Engineers shares at S$2.70 each in relation to its mandatory conditional cash offer for the company.
As a result, Yanlord Land’s offer price for UEL has risen to S$2.70 a share from S$2.60 a share previously, the company said in a filing to SGX.
The offering documents and acceptance forms for Yanlord Land’s offer for UEL shares hasn’t yet been sent to shareholders, the filing said.
Cromwell European REIT
Cromwell European REIT reported Tuesday its third-quarter net property income climbed 32.3 percent on-year to 28.45 million euros on contributions from new office properties acquired in December 2018 and September 2019.
BreadTalk reported Tuesday its third quarter net profit tumbled 81 percent on-year to S$500,000 as the bakery division posted a loss before tax.
Sembcorp Industries and CapitaLand
Sembcorp Industries said Tuesday that due to “the change in scenario,” it was no longer feasible to develop the Amaravati Capital City Start-up Area as originally planned, leading the joint development company Amaravati Development Partners (ADP) and the State Government of Andhra Pradesh (SGOAP) to mutually agree to terminate the project.
The project development had been expected to take place over 20 years in partnership with SGOAP, Sembcorp said in a filing to SGX.
Because the project was in its early stages, with the land not yet made available for development, the costs were limited to design services and amounted to a “few million dollars,” Sembcorp said.
“Closure of the project should not in any way impact CapitaLand’s and Sembcorp’s investment plans in India, which remains a key market for both companies,” the filing said.
SBS Transit reported Tuesday third quarter net profit increased 1.5 percent on-year to S$20.02 million, while revenue for the quarter rose 3.6 percent on-year to S$364.02 million.
Revenue from public transport services increased 3 percent on-year to S$337.9 million, mainly on higher average fare due to the fare increase this year and on higher ridership from rail services, higher bus service fees and higher other operating income, SBS Transit said.
SBS Transit said it expected revenue from public transport services to rise, but that it would continue to face “significant cost pressures” from new bus packages, increased rail maintenance requirements and higher staff costs.
Koufu and its joint venture partners mutually terminated their planned joint venture to expand the Supertea and R&B Tea brands into Indonesia, the Singapore coffee shop operator said in a filing to SGX Tuesday.
Swiber Holdings divested its 23 percent stake in PT Rajawali Swiber Cakrawala to the president director of PT Equitoria Offshore Berjaya for US$500,000, the Singapore-based offshore and marine company said in a filing to SGX Tuesday.
Ezion Holdings reported Tuesday its third quarter net loss was US$75.40 million, wider than the year-ago net loss of US$8.06 million, on an additional impairment assessment of US$49 million, mainly on plant and equipment, and trade and other receivables.
Revenue for the quarter ended 30 September fell 12 percent on-year to US$24.73 million, mainly on reduced utilization and charter rates for the group’s jack-up rigs and tugs and barges during the quarter, the company said in a filing to SGX.
Isetan (Singapore) reported Tuesday a third quarter net loss of S$643,000, wider than the year-ago net loss of S$475,000 as sales fell and on changes to accounting for leases.
Revenue for the quarter ended 30 September fell 9.27 percent on-year to S$26.44 million on lower retail sales due to disruption from store-wide renovation works at the Shaw House flagship store, the department store operator said in a filing to SGX.
Depreciation expense surged 257 percent on-year to S$6.08 million, while rental expense fell 79.8 percent on-year to S$1.58 million on changes to accounting for leases, the filing said.
Synagie said Tuesday it clocked gross merchandise value sales of more than S$3 million for 11.11 Singles Day 24-hour shopping marathon, tripling on-year to a record.