Ezion Doubles Net Profit in 1H2011
Ezion Holdings Limited, a provider of jackup rigs and offshore logistics support services, Friday reported a net profit of US$34.7 million (S$42.0 million) in the first half ending June 30 (1H2011), doubling the group’s net profit of US$17.3 million last year.
The increase in bottomline resulted from additional contributions from deployment of the group’s fleet of liftboats as well as the fleet of offshore logistics vessels that are supporting the Gorgon LNG development project in Australia.
As at June 30, the group also maintained a low net gearing of 0.18 times and a high interest coverage ratio of 34.3 times. Shareholder’s equity has further increased to US$246.0 million.
“With the growing ageing offshore production platforms in Asia-Pacific, the Middle East and West Africa, Ezion is well positioned to meet the strong requirement for offshore platforms repair and upgrade and well servicing activities with its liftboats in the coming years,” said Chew Thiam Keng, Ezion’s CEO.
Keppel to Build Jackup Rig for Transocean Worth US$195 million
Keppel FELS Limited, a unit of Keppel Corporation Limited, Friday announced it has secured a repeat order from Transocean Offshore Deepwater Holdings Ltd, a subsidiary of Transocean Ltd, for a jackup rig worth US$195.0 million (S$236.3 million).
Following its order of two jackup rigs from Keppel FELS on February 17 this year, Transocean has exercised its option to order another high specification jackup rig based on the KFELS Super B Class Bigfoot design for delivery in 3Q2013.
Tailored to suit Transocean’s requirements, the KFELS Super B Class Bigfoot is designed with larger spud cans, expanding its operational coverage to more places, especially areas where soft soil is predominant.
The rig is capable of drilling at a 75-foot outreach, allowing for coverage of a larger well pattern.
Keppel Corporation Limited closed on Friday at S$10.300.
Singapore Land’s 2Q2011 Net Profit Surges on Fair Value Gain
Singapore Land Limited Friday reported a net profit of S$273.3 million for the second quarter ending June 30 (2Q2011), up from S$72.5 million in the same period last year.
The group’s bottomline was boosted by a S$247.6-million fair value gain on investment properties for 2Q2011, compared with a fair value gain of just S$10.1 million for 2Q2010.
Revenue for the same period rose 37 per cent year-on-year to S$173.7 million.
Singapore Land Limited closed on Friday at S$6.770.
CEI’s 1H2011 Bottomline Down Slightly at S$2.24 million
CEI Contract Manufacturing Limited Friday reported that its first-half (1H2011) net profit declined 3.3 per cent from a year ago to S$2.24 million.
Revenue for the period was up 27 per cent year-on-year at S$54.68 million.
CEI said its billings to customers are mainly in US dollars. It warned that a continual weakening of the US dollar against the Singapore dollar will have an adverse impact on its results.
CEI Contract Manufacturing Limited closed on Friday at S$0.112.
EMS to Report Higher Earnings for 1H2011
EMS Energy Limited Friday issued a profit guidance, saying that it is likely to report a higher profit attributable to equity holders for the half year ending June 30 (1H2011), as compared with the previous year.
The group attributed the expected increase to higher sales and gross profit contribution from its engineering equipment services business, which is growing from the marketing of its products and solutions for the marine, oil and gas industries.
The financial results for 1H2011 are scheduled to be released on August 10.
EMS Energy Limited closed on Friday at S$0.042.
Jiutian Trims Loss in 2Q2011, Remains in Red
Jiutian Chemical Group Limited Friday posted a net loss of RMB3.73 million (S$702,590) in the second quarter ending June 30 (2Q2011), narrowing its loss from RMB31.75 million a year ago.
The group’s net loss for the half year was also trimmed to RMB24.57 million from RMB63.91 million in the same period last year.
Revenue for the second quarter more than doubled from RMB114.12 million in 2Q2010 to RMB246.42 million on higher average selling prices of its products.
Meanwhile, total turnover for the first six months saw a 63-per cent increase from RMB241.49 million to RMB392.76 million.
The group said it expects its third-quarter performance to improve compared with the second quarter.
Jiutian Chemical Group Limited closed on Friday at S$0.035.
SBI Offshore’s 1H2011 Net Profit Down 29.8 Per cent
SBI Offshore Limited Friday reported a 29.8-per cent decline in net profit for the first half ending June 30 (1H2011) to US$274,649 (S$332,776) from US$391,031 last year.
Revenue for 1H2011 climbed 8.0 per cent from US$4.7 million the previous year to US$5.1 million on higher commission income.
Looking ahead, the group is confident of its long-term prospects in the offshore and marine industry despite the economic uncertainty in the US and UK.
The group said stable crude oil prices and strong economic growth of Asian countries have driven demand for offshore drilling rigs and construction and supporting vessels.
SBI Offshore currently has an orderbook totalling US$6.4 million, and two major projects with Hong Kong’s Honghua Group.
SBI expects its new ventures to contribute to better results in the second half of this year.
KSH Records 37-per cent Decline in 1QFY2012 Net Profit
KSH Holdings Limited, a construction, property development and property management group, Friday reported a 37-per cent year-on-year decline in net profit to S$2.7 million for the quarter ending June 30 (1QFY2012).
Revenue for the same period also dropped 44 per cent to S$40.8 million.
As at June 30, the group’s earnings per share and net asset value per ordinary share stood at S$0.0076 and S$0.00369 respectively.
“Going forward, backed by construction orderbooks of approximately S$350.0 million as at June 30, we are cautiously optimistic on the outlook of our core construction business. We will employ a well-calculated and prudent approach whilst remaining focused on our strategy, which is to leverage on our strong track record in construction and capitalise on our ability to tender for general building projects of unlimited value,” said Choo Chee Onn, Executive Chairman and Managing Director of KSH.
KSH Holdings Limited closed on Friday at S$0.230.
