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Listco News: Mainboard

Scintronix Signs US$10 million Manufacturing Deal with UK Firm

Scintronix Corporation Limited on Wednesday announced that its wholly-owned subsidiary, Scintronix Manufacturing Pte Ltd, has entered into a manufacturing agreement with the United Kingdom’s Miura Systems.

Under the terms of the agreement, Scintronix Manufacturing will manufacture Electronic Payment Terminals for Miura to install for its customer base.

The company said the initial projected value of the project is about US$10 million (approximately S$12.7 million).

Production is expected to commence soon in Scintronix’s manufacturing plant in Malaysia.

Scintronix Corporation Limited closed on Wednesday at S$0.080.

China Kangda to Report Lower Profit in FY2010

China Kangda Food Company Limited on Tuesday announced that it expects to report a significant decline in its consolidated net profit for the year ending 31 December 2010 (FY2010).

The expected decline in the consolidated net profit of the group is mainly attributed to the increase in operating expenses, including labour and raw material costs. The group also blamed the tight market competition for its lower earnings last year.

Despite the expected lower profit for the full year 2010, the group noted that it booked higher revenue for the fourth quarter last year due to growing demand for its products as a result of gradual recoveries in both overseas and China markets.

China Kangda did not give the exact date for its FY2010 results announcement.

China Kangda Food Company Limited closed on Wednesday at S$0.110.

Wee Hur Buys Two Freehold Properties from WM Development Pte Ltd

Wee Hur Holdings Limited on Wednesday announced that its wholly-owned subsidiary, Wee Hur (Kim Keat) Pte Ltd, has agreed to buy the freehold properties located at Singapore’s 39 Kim Keat Road and 1/A/B Lorong Ampas from WM Development Pte Ltd.

The group did not reveal other details of the transaction.

Wee Hur Holdings Limited closed on Wednesday at S$0.530.

SingTel’s Regional Mobile Subscribers Hit 383 million in 2010

Singapore Telecommunications Limited (SingTel) reported that its regional mobile subscriber base had grown to 383 million as at end-2010, up 34 per cent from a year earlier.

The group’s largest regional associate, India’s Bharti, registered a total of 199.6 million subscribers as at 2010, up 6 per cent from end-2009. Indonesian operator Telkomsel’s mobile customer base grew to 94 million, an increase of 15 per cent or 12.4 million from a year earlier.

Thai AIS’s and Philippine operator Globe’s mobile subscriber base jumped 8 per cent and 14 per cent year-on-year to 31.2 million and 26.5 million respectively.

SingTel also added 88,000 new customers in Singapore, bringing its year-end tally for the country to 3.2 million.

Singapore Telecommunications Limited closed on Wednesday at S$3.090.

Sim Lian 2QFY2011 Net Profit Up 79 Per cent to S$56.1 million

Sim Lian Group Limited reported a net profit of S$56.1million in 2QFY2011 (ending 31 December 2010), 79 per cent higher than the S$31.3 million recorded in the same period the previous year.

Revenue was up 3 per cent year-on-year to S$172 million for the same period.

Top line from the group’s property development division contributed S$119.9 million to the total revenue in 2QFY2011, down 4 per cent from its S$125.4 million contribution in the previous year.

The group said the decline was mainly due to lower revenue contribution from project Carabelle, which obtained TOP (temporary occupation permit) in July 2009. This decrease was partially offset by revenues contributed by several other projects.

Sim Lian Group Limited closed on Wednesday at S$0.455.

Marco Polo Marine’s 1QFY2011 Net Profit Drops 17 Per cent

Mainboard-listed Marco Polo Marine Limited, an integrated marine logistic group, reported that its net profit attributable to shareholders fell by 17 per cent to S$4 million for the three months ending 31 December 2010 (1QFY2011).

Revenue for the same period totalled S$19.4 million, up 61 per cent from the previous year. Top line from the group’s shipbuilding and repair operations grew 183 per cent to S$11.9 million. Revenue from ship chartering operations, however, slipped 8 per cent to S$7.2 million due to lower contribution from time charter, re-flagging downtime for some existing fleets and lower charter rates.

Marco Polo Marine Limited closed on Wednesday at S$0.410.
Qingmei Posts 9.9-per cent increase in 1HFY2011 Profit

Qingmei Group Holdings Limited, an original design manufacturer (ODM) of mid-end and high-end sports shoe soles in China, posted a 9.9-per cent increase in net profit to RMB137.8 million (approximately S$26.7 million) for the six months ending 31 December 2010 (1HFY2011).

Revenue rose 6.2 per cent to RMB607.9 million for the same period.

The group also booked other income and gains amounting to RMB8.7 million in 1HFY2011 due to forex gains of its outstanding bank deposits in Singapore dollars against the yuan.

Looking ahead, the group said it expects ramped up production this year as it has completed the construction of its new production facility and self-contained research and development centre in December 2010.

Su Qingyuan, Executive Chairman and CEO of Qingmei, said: “We will now focus on ramping up production at our new production facilities to cater to the strong demand for our products, in particular, our MD II shoe soles. In addition to increasing orders from our existing customers, we will also leverage on our expanded capacity to broaden our customer base.”

Qingmei Group Holdings Limited closed on Wednesday at S$0.360.

GP Batteries 3QFY2011 Net Profit Down 63.1 Per cent

GP Batteries International Limited reported that its net profit for the three months ending 31 December 2010 (3QFY2011) fell 63.1 per cent to S$3 million from S$8.2 million in the previous corresponding period.

Revenue for the same period declined 3.9 per cent to S$192.7 million from S$200.4 million. Sales of the group’s primary cylindrical alkaline batteries fell 11 per cent in 3QFY2011.

GP Batteries International Limited closed on Wednesday at S$1.580.