UPDATE: Singapore stock briefs Monday: Olam, SIA Eng, iFAST, Mapletree Commercial, Y Ventures, Far East Group

Singapore’s VivoCity mall, owned by Mapletree Commercial TrustSingapore’s VivoCity mall, owned by Mapletree Commercial Trust Note: Photo taken pre-Covid

These are Singapore stock briefs for Monday, 26 July 2021: Olam, SIA Engineering, iFAST, Mapletree Commercial Trust, Far East Group and Y Ventures.

This item was originally published on Sunday, 25 July 2021 at 23:06 SGT; it has since been updated to add Raffles Medical and more information on Far East Group.

Mapletree Commercial Trust

Mapletree Commercial Trust reported Friday its fiscal first quarter net property income rose 22.9 percent on-year to S$96.90 million, mainly on lower rental rebates to tenants compared with the year-earlier period and on compensation for a pre-terminated lease.

Read more: Mapletree Commercial Trust posts fiscal 1Q net property income rose 23 percent

Olam International

Mitsubishi Corp. said Friday its stake in Olam International fell to 15.03 percent from 17.28 percent, although it continued to hold around 554.69 million shares in the Singapore-listed agri-food company.

The change was due to Olam’s proposed renounceable underwritten rights issue of around 481.36 million new shares at S$1.25 each, Mitsubishi said in a filing to SGX, noting the Japanese company did not subscribe for its rights entitlement.

Raffles Medical

Raffles Medical Group reported Monday its first half net profit climbed 128.7 percent on-year to S$39.45 million as the hospital group supported Singapore’s Covid-19 vaccination and Polymerase Chain Reaction (PCR) swab tests initiatives.

Read more: Raffles Medical reports 1H21 net profit more than doubled

iFAST

Wealth management platform iFAST reported Friday its second quarter net profit increased 55 percent on-year to S$7.02 million as assets under administration (AUA) climbed.

Read more: iFAST reports 2Q21 net profit increased 55 percent

SIA Engineering

SIA Engineering reported Friday its fiscal first quarter net profit increased 35.5 percent on-year to S$14.5 million on revenue of S$125.3 million, up 5.7 percent on-year, largely on higher flight activity. Without support from Singapore’s Jobs Support Scheme, the company would have posted a loss of S$24.1 million, SIA Engineering said in a filing to SGX.

“The number of flights handled continues to increase but the pace of recovery slowed during the quarter as rising cases of the more infectious variant of COVID-19 resulted in tightening of border restrictions,” the company said. “Against the low base last year, the number of flights handled at our Singapore base during the quarter was 97 percent higher year-on-year. However, as compared to last quarter, the increase was only 13 percent.”

Far East Group

Far East Group has entered a deal to acquire a 20 percent stake in Comfresh Group for A$7.3 million, making the Australian company an associate, the refrigeration manufacturer said in a filing to SGX Friday.

The deal, which is subject to shareholder approval, aims to diversify Far East Group’s business into the storage and distribution of fresh produce, with an initial focus on producing vegetables and salad greens in hydroponic farms in Australia, the filing said.

Far East Group requested Monday that the trading halt on its shares be lifted.

Y Ventures

Y Ventures warned Friday it expected to post a net loss of the first half of 2021, swinging from a net profit in the year-earlier period.

“Although the ongoing Covid-19 pandemic has positively impacted the ecommerce sector, it has however placed stress on the supply chain network underlying it. This has affected the timely movement of our inventory to meet the demands of our customers and consequently is expected to result in a decrease to our revenue,” the company said in a filing to SGX.

In addition, granting share awards to selected employees and the strengthening of the British pound against the U.S. dollar, resulting in foreign-exchange losses, are expected to contribute to the net loss, Y Ventures said.