SMRT Cuts Dividend as 4QFY2012 Net Profit Drops 59 Per cent
by Ernie B. Calucag Public transport operator SMRT Corp reported Monday a 59-per cent decline in net profit for the fourth quarter ending 31 March 2012, no thanks to higher operating expenses and impairment of goodwill on its bus operations. The group’s bottomline for the period totalled S$13.9 million, down from S$34.0 million a...
China Sky’s Woes Continue, Deloitte Quits as Auditor
by Ernie B. Calucag Deloitte & Touche LLP has resigned as the auditor of mainboard-listed China Sky Chemical Fibre Co with immediate effect. In a filing with the Singapore Exchange (SGX) Monday, China Sky said Deloitte has informed the company that it is unable to discharge its responsibility as auditor of the company due to...
MAS Says Electronics to Drag Singapore GDP Growth in 2012
by Ernie B. Calucag The Monetary Authority of Singapore (MAS) painted a less rosy picture of the economy for 2012, saying growth for the rest of the year is likely to be muted by a weaker electronics sector despite the surprise GDP rebound in the first quarter. “Despite the rebound in 1Q2012, the pace of...
Singapore’s Manufacturing Sector Optimistic about Business for Next Six Months
by Jared Heng Singapore’s manufacturing sector expects better business conditions in the next six months ending September 2012, compared with the first quarter of the year. This was according to the Economic Development Board’s (EDB) Survey of Business Expectations of the Manufacturing Sector. EDB said a net weighted balance of 15 per cent of manufacturers...
Singapore Unemployment at 2.1 Per cent in March
by Jared Heng Employment creation moderated slightly in Singapore during this year’s first quarter, though it remained fairly strong. Total employment is estimated to have grown by 27,400 in the period, according to the ‘Employment Situation, First Quarter 2012’ report released by the Ministry of Manpower’s (MOM) Research and Statistics Department on Monday. The increase...
MPA, SMI Launch Competition for Singapore’s ‘Container Port of the Future’
by Ernie B. Calucag The Maritime and Port Authority of Singapore (MPA) and the Singapore Maritime Institute (SMI) on Friday launched the Next Generation Container Port (NGCP) Challenge to find the “container port of the future.” The NGCP Challenge seeks to identify ideas that will achieve a quantum leap in port performance, productivity and sustainability...
Starland Holdings Joins SGX Catalist, Closes Higher on First-day Trading
by Jared Heng Singapore Exchange Friday announced the listing of Starland Holdings on Catalist under the stock code “5UA”. Starland Holdings is a developer of integrated residential and commercial properties in China. Its business model is vertically integrated from site selection and land acquisition, to project conceptualisation, construction, sale, completion and after-sale services. Tan Hoe...
M&L Hospitality Trusts Defers IPO due to Weak Market Conditions
by Ernie B. Calucag Amid increasing number of companies doing IPOs recently, M&L Hospitality Trusts announced on Friday that it has decided to defer its planned listing and initial public offering in Singapore due to weak market conditions. The trust’s sponsor, Grandline International Limited, said it has completed the international roadshow with investors since...
DBS Surprises Analysts, Posts Record-high Net Profit in 1Q2012
by Ernie B. Calucag DBS Group Holdings, Southeast Asia’s largest bank, on Friday posted a surprise 16-per cent gain in net profit, beating analysts’ expectations as interest margins came in higher than expected. Net profit for the first quarter this year rose to a record-high S$933.0 million compared with S$807.0 million a year earlier. That...
HDB Resale Prices Up, Private Home Prices Down in 1Q2012
by Ernie B. Calucag Resale prices of public flats rose slightly in the first quarter of this year, while private home prices fell for the first time since the second quarter of 2009. The Housing and Development Board’s (HDB) Resale Price Index (RPI) has risen from 190.4 in 4Q2011 to 191.6 in 1Q2012, an increase...
NTT Opens First Self-designed-and-built Data Centres Outside Japan
by Jared Heng Tokyo-based NTT Communications Corporation Friday officially inaugurated its first self-designed-and-built data centres outside Japan in Singapore and Malaysia. The new Singapore Serangoon Data Centre will serve financial-services companies and similar enterprises that require high-power, low-latency networks and stable, secure infrastructure for cloud computing. NTT said its investment in the facility is about...
Southeast Asian Companies More Confident on Economy: E&Y Survey
by Ernie B. Calucag Companies in Southeast Asia (SEA) have grown more confident in the economic prospects of the region, as they look to invest more in the regional market, according to the latest edition of Ernst & Young’s bi-annual SEA issue of the Global Capital Confidence Barometer released Thursday. More than half (54...
