TCT Posts S$25.972-million Gross Revenue for 1Q2012
Treasury China Trust (TCT) Monday announced gross revenue of S$25.972 million for this year’s first quarter ending 31 March 2012 (1Q2012), up 33.5 per cent year-on-year.
Net property income was S$15.985 million for 1Q2012, up 28.4 per cent from a year ago.
Profit after tax registered S$8.009 million, up 14.0 per cent compared with the same period last year.
Profit after tax attributable to Trust unitholders was S$7.710 million, up 9.7 per cent year-on-year.
Basic Earnings per Unit was S$0.03 for 1Q2012, compared with S$0.027 in 1Q2011.
In 1Q2012, TCT received approval from the Chinese government to establish an equity investment management business in Shanghai. TCT said this was a major milestone in its growth as a significant entity in the Chinese business sector. This licence permits TCT, through its wholly-owned Shanghai-based subsidiary, to raise domestic renminbi (RMB) capital in a private equity format for re-investment.
The wide scope of the business approval also permits TCT to act as a general partner within this structure and to proactively manage RMB invested funds. TCT said it is in discussions with a number of domestic insurance companies and private banking units with the intention of launching its first fund in 2012.
Richard Barrett, Chairman of TCT, said: “Despite the market uncertainty and ongoing volatility which has been a feature across most of the globe including China for more than 12 months, TCT has continued to deliver a strong operational performance, with all key financial and operational parameters significantly surpassing those for the same period of 2011. Underpinned by the strong market fundamentals in China’s commercial real estate sector, in particular the retail market, the next 12 to 24 months will witness the evolution of TCT’s retail-led growth strategy. The completion of The HQ, TCT’s flagship development in Shanghai, of which the retail component has reached 27 per cent lease pre-commitment, and a number of other important mandates including the anticipated launch of TCT’s first RMB Fund during 2012, will enhance TCT’s leading position in China’s commercial real estate sector.”
Treasury China Trust closed Monday at S$1.405.
LMIR Trust Achieves DPU of S$0.0069 in 1Q2012
Lippo Malls Indonesia Retail Trust (LMIR Trust) Monday reported a record gross revenue of S$45.6 million for the three months ending 31 March 2012 (1Q2012), up 39.0 per cent year-on-year.
The Trust said the jump in gross revenue was primarily due to the first full-quarter contribution from Pluit Village and Plaza Medan Fair ‒ two quality retail malls that were acquired in December 2011.
LMIR Trust achieved net property income of S$30.9 million in 1Q2012, a 38.0-per cent increase from S$22.4 million in 1Q2011, notwithstanding a S$4.3-million increase in property operating expenses as a result of the acquisition of Pluit Village and Plaza Medan Fair.
Distribution per unit (DPU) was S$0.0069 in 1Q2012, representing an annualised DPU yield of approximately 6.9 per cent based on the closing price of S$0.40 per unit on 31 March 2012.
Viven G. Sitiabudi, Chief Executive Officer of LMIRT Management Ltd, the manager of LMIR Trust, said: “Buoyed by a robust domestic economy and an increasing sophistication of Indonesia’s retail scene, shopper traffic at our malls has continued to increase. Our impressive occupancy rate of 94.5 per cent in 1Q2012 is well above Indonesia’s retail industry average occupancy rate of approximately 87.6 per cent.”
LMIR Trust’s sponsor, PT Lippo Karawaci Tbk, is one of the largest listed property developers and mall operators in Indonesia.
With its strategic intention to grow LMIR Trust as the cornerstone of its third pillar of growth, the sponsor has provided LMIR Trust with a right of first refusal over its portfolio of 15 malls to be built across Indonesia in the next three years.
“We will leverage on our sponsor’s pipeline of quality assets and concurrently explore opportunistic third-party acquisitions to achieve our goal of building a S$4-billion portfolio over the next five years, and to deliver long-term stable returns to our unitholders,” Sitiabudi said.
Lippo Malls Indonesia Retail Trust closed Monday at S$0.410.
IndoAgri Revenue Up, But Net Profit Down in 1Q2012
Mainboard-listed Indofood Agri Resources Ltd (IndoAgri), a diversified and integrated agribusiness group and manufacturer of leading brands of edible oils and fats products in Indonesia, achieved total revenue of Rp3.2 trillion (about S$443 million) in 1Q2012, up 9.3 per cent from the same period last year.
IndoAgri attributed the improved revenue to higher sales volume of edible oil products.
However, gross profit dropped 18.4 per cent from Rp1.3 trillion in 1Q2011 to Rp1.1 trillion (about S$152 million) in 1Q2012.
IndoAgri said this was mainly due to lower profit contribution from the Plantation Division, reflecting the combined effects of lower average selling prices of palm products and rubber, as well as higher cost of production.
Attributable net profit fell 26.7 per cent year-on-year to Rp0.4 trillion on lower profit from operations and the dilution effect arising from the SIMP listing in June 2011, IndoAgri said.
Mark Wakeford, CEO and Executive Director, said: “Our edible oil business continued to perform well with a 15-per cent volume growth in 1Q2012 over the same quarter last year, supported by stronger demand and increased production capacity from our new Jakarta refinery. Following the listing of our main subsidiary, PT SIMP on the Indonesia Stock Exchange in June 2011, our liquidity remained strong with cash levels of S$875 million and a low net gearing ratio 0.05x as at end March 2012. With the strengthening of the group’s financial position and its ability to raise funds, the group is well-positioned to pursue new business opportunities in the future.”
Indofood Agri Resources Ltd closed Monday at S$1.425.
Sino Grandness 1Q2012 Net Profit Surges 81.4 Per cent
Mainboard-listed Sino Grandness Food Industry Group Limited Monday reported that net profit attributable to shareholders for the first quarter ending 31 March 2012 (1Q2012) surged 81.4 per cent to RMB56.7 million (about S$11 million) from RMB31.3 million in the same period last year.
It said this was due to strong demand for its own-branded “Garden Fresh” bottled juices from the beverage segment as well as positive response to the newly launched own-branded “Grandness” range of canned fruits.
When compared with the preceding quarter ending 31 December 2011 (4Q2011), net profit attributable to shareholders in 1Q2012 surged 162.5 per cent due to strong growth from the beverage segment as well as an improvement in net profit margin.
Group revenue in 1Q2012 jumped 60.7 per cent to approximately RMB285.5 million from RMB177.6 million in 1Q2011, primarily driven by higher orders across the board for all product segments.
With increasing urbanisation, steady growth in retail sales, rising disposable incomes for urban residents as well as increasing awareness and demand for health-promoting products, the group said it remains optimistic about the growth prospects of its “Garden Fresh” juices, which are predominantly sold in the cities in China.
To capitalise on the potential growth opportunities ahead for “Garden Fresh” juices, the group will focus on four key areas to drive growth.
These include advertising and promotional activities to further increase awareness and brand value of “Garden Fresh” juices, as well as sales and marketing efforts to expand its distribution network in the China market.
The other two key areas are expansion of production capacity and research and development efforts to expand its range of juices to appeal to a broader group of consumers.
Sino Grandness said that barring unforeseen circumstances, it remains optimistic about its overall performance in FY2012.
Sino Grandness Food Industry Group Limited closed Monday at S$0.425.
Raffles Medical Posts S$11.7-million Net Profit in 1Q2012
Raffles Medical Group Limited posted a 10.5-per cent year-on-year increase in net profit after tax to S$11.7 million in the first quarter of 2012.
This was due to better operating performance, driven by higher patient attendances and patient acuity, it said in a filing with the Singapore Exchange on Monday.
It added that the recruitment of more specialist consultants and a wider range of medical services further contributed to the growth.
Revenue grew 13.2 per cent from S$64.4 million in last year’s first quarter to S$72.9 million for the same quarter this year.
The group had a healthy cash position of S$61.1 million as at 31 March 2012.
While acknowledging the global economic uncertainties amid the weak recovery in the US and eurozone, Raffles Medical said it still expects to benefit from the strong demand for high quality healthcare services locally and from the region.
Raffles Medical Group Limited closed Monday at S$2.310.
CapitaLand’s 1Q2012 Net Profit Up 31.3 Per cent
CapitaLand Limited Monday announced that it achieved a net profit of S$133.2 million for the first quarter of 2012 (1Q2012), up 31.3 per cent from the same period last year.
Revenue rose 4.8 per cent year-on-year to reach S$641.1 million in 1Q2012.
Liew Mun Leong, President and CEO of CapitaLand, said: “Our overseas operations continued with its growth momentum and contributed significantly to EBIT, accounting for S$202.6 million or 61.1 per cent of the group’s total EBIT. In fact, the group’s three core markets of Singapore, China and Australia accounted for 79.0 per cent of total EBIT…Our investment in the core markets has certainly laid the foundation for our future growth.”
“Singapore and China will remain as key focus markets for new investments. While the markets in both Singapore and China are adjusting to the official cooling measures, the group expects the longer-term demand to remain healthy,” he added.
Moving ahead, the group said it plans to release new phases in Singapore from The Interlace, D’Leedon, Urban Resort Condominium and Sky Habitat over the course of the year, subject to market conditions.
It added that its shopping mall business in Singapore will receive a boost when Bugis+, The Star Vista and The Atrium are completed this year. This will increase the number of operational malls to 18 by end 2012.
In China, new units of Royal Residences in Beijing, as well as subsequent phases from existing projects will be released for sale, subject to market conditions.
CapitaLand said its shopping mall business is well poised to capture the growing opportunities provided by the robust Chinese consumption trend. Seven malls are targeted to be opened in 2012, adding to the 42 malls already in operation.
The group will also continue to seek opportunities to originate new private equity funds and real estate financial products to complement its core real estate business in China, it added.
CapitaLand Limited closed Monday at S$2.940.
PARD Announces Closing of US$100-million Transferable Term Loan Facility with Consortium
Global frozen fish supplier Pacific Andes Resources Development Limited (PARD) Monday announced the closing of a US$100-million transferable term loan facility with a consortium of 13 Taiwanese banks or financial institutions.
Arranged by Taipei Fubon Commercial Bank Co, Ltd, EnTie Commercial Bank Co, Ltd, Industrial Bank of Taiwan Co, Ltd, and Taishin International Bank Co, Ltd, the syndicated loan is a three-year transferable term loan facility.
PARD said the syndicated loan has been 1.6 times oversubscribed at the general syndication, and the final amount was increased from US$75 million to US$100 million.
It added that part of the syndicated loan is to be used for refinancing, while the remainder will serve as general working capital, enhancing the group’s financial flexibility.
Ng Joo Siang, Executive Director and Chairman of PARD, said the group was very pleased that the loan arrangement came to a close with overwhelming response amid the current environment of credit tightening and rising interest rates.
“The facility has been oversubscribed by a consortium of 13 lenders, and this overwhelming response shows not only a strong vote of confidence from the banking community, but also a demonstration of our solid reputation and business potentials. With the new financing, the group is at good stead to further develop its business in the future,” Ng said.
Pacific Andes Resources Development Limited closed Monday at S$0.160.