Twitter Facebook Youtube

ListCos


Bookmark and Share

Rotary Engineering Posts S$133.4-million Revenue in 1Q2012

Rotary Engineering Limited, a leading provider of engineering, procurement, construction and maintenance services to the oil and gas and petrochemical industries, posted profit attributable to owners of the company of S$3.2 million for the first quarter ending 31 March 2012 (1Q2012), down 41 per cent year-on-year.

Revenue totalled S$133.4 million in 1Q2012, up marginally by 2 per cent from a year ago.

Earnings per share stood at S$0.0056 for the three months to 31 March 2012.

Rotary’s chairman and managing director Chia Kim Piow said the quarter had closed before the group was able to get started on some projects that had been delayed, accounting for the fairly flat topline.

The slight dip in gross profit margin was attributed to thinner margins for a few projects secured at exceedingly competitive prices in recent times due to keen competition.

Chia said some projects have also seen delays in the award of contracts. One of the reasons cited is the global economic uncertainty exacerbated by the eurozone debt crisis that has led to a tighter global credit situation.

However, he also noted a “very high” activity level in the market.

“Our aim now is to stay focused, mining every opportunity that comes along and doing our utmost to secure contracts,” Chia said.

“The Middle East will remain a key market. Rotary has been there since 2006 and we plan to be there for the long term,” he added. Rotary is also firmly established in Singapore, Indonesia, Malaysia, Thailand, China and India.

Rotary’s orderbook to date stands at S$596.9 million with projects targeted to be completed and delivered progressively up to 2014. Of this, almost 80 per cent can be attributed to projects overseas.

The group said its main project in Saudi Arabia, the SATORP project, is on track for completion by end 2012. Rotary’s scope of work includes the full range of engineering, procurement, and construction activities involving 62 atmospheric storage tanks and eight bullet tanks. When completed, the 400,000-barrels per day export refinery is expected to be one of the most advanced in the world and will serve local and international markets.

While the immediate outlook for the industry remains weighed down by continued global financial and economic uncertainties, Chia remains optimistic.

“We engage the market and we talk to our partners and our clients. There is a sense that the market is livening up. There are numerous enquiries, accounting for the intense level of business development activity. We are encouraged by this, and remain confident that the market will gain momentum,” he said.

Rotary Engineering Limited closed Friday at S$0.605.

www.rotaryeng.com.sg

 

Great Eastern’s Profit Soars 65 Per cent in 1Q2012

Great Eastern Holdings Limited Friday reported profit attributable to shareholders of S$262.5 million for the quarter ending 31 March 2012 (1Q2012), up 65 per cent year-on-year.

It said net profit was supported by growth in underwriting profit, reflecting the successful shift in product mix over past quarters. The group’s performance also benefited from an increase in investment income as well as mark-to-market gains from the recovery of global financial markets.

Great Eastern reported total weighted new sales of S$176.8 million, with a significant shift from single to regular premium products. The Singapore business benefited from the strong, sustained demand for regular premium products from the bancassurance channel, particularly the premier banking customer segment. Malaysia also continued to register healthy sales of investment-linked products.

Commenting on the group’s 1Q2012 financial results, Group CEO Chris Wei said:

“I am heartened by the group’s performance in 1Q2012. We achieved strong results for our underwriting business and continued to record healthy growth in terms of long-term economic profitability. With a sizeable protection gap in Asia, we are confident that our strategy of promoting regular premium, protection-based products will continue to address the needs of customers while delivering sustained value-creation across the markets in which we operate.”

“In Singapore, we see opportunities to enhance protection coverage alongside health concerns of an ageing population and evolving needs of a growing, affluent middle class. Our recent launch of Supreme Protect, an innovative whole life plan, as well as a suite of enhanced Personal Accident plans and riders, seek to provide customers with greater benefits, flexibility and superior value. In Malaysia, there is further potential for us to serve the needs of young working adults and to increase the penetration of takaful (Islamic insurance) products,” he added.

“In response to changing customer behaviour and their preference to be engaged through digital and social media, we have strengthened our customer engagement efforts through Facebook, YouTube and Twitter. Customers can also look forward to exciting new initiatives in the coming months,” Wei said.

Great Eastern Holdings Limited closed Friday at S$13.350.

www.greateasternlife.com

 

Keppel T&T Appoints Two New Board Members

Keppel Telecommunications & Transportation Ltd (Keppel T&T) Friday announced it has appointed Professor Neo Boon Siong and Mr Michael Chia Hock Chye to its board of directors with effect from 2 May 2012.

An independent non-executive director, Professor Neo was also appointed as chairman of the audit committee and a member of the board risk committee. Mr Chia was appointed as a non-independent non-executive director and a member of the board risk committee.

Commenting on the appointment, Teo Soon Hoe, Chairman of Keppel T&T, said: “Boon Siong and Michael together will bring to Keppel T&T a wealth of experience, which will help to strengthen the company’s foundation and capabilities in capturing opportunities in the logistics and data centre markets.”

A Certified Public Accountant (Singapore), Professor Neo currently serves as independent director on the board of directors of OCBC Bank and k1 Ventures Ltd.

Mr Chia is Director (Group Strategy & Development) of Keppel Corporation Limited and Managing Director (Offshore) of Keppel Offshore and Marine Ltd.

Keppel Telecommunications & Transportation Ltd closed Friday at S$1.160.

www.keppeltt.com.sg

 

ISDN’s 1QFY2012 Net Profit Slides 45.4 Per cent

ISDN Holdings Limited, an integrated engineering solutions provider for diverse industries, generated net earnings of S$2.4 million on revenue of S$32.8 million for the first quarter of FY2012 ending March 31 (1QFY2012).

Compared with the same period last year, net profit slid by 45.4 per cent from S$4.4 million, while group revenue eased by 26.3 per cent from S$44.5 million mainly due to a slowdown in customer demand.

In line with the lower earnings, earnings per share fell from S$0.01 to S$0.0067. Net asset value per share remained relatively firm at S$0.2638, marginally up from S$0.2605 in the corresponding period last year.

Teo Cher Koon, ISDN Managing Director and President, said: “We expect the business outlook to remain challenging for the group in the next reporting period and over the next 12 months due to the lacklustre general economic sentiments. Nonetheless, we remain cautiously optimistic on the group’s performance in its key markets due to our established reputation, strong business network and diversified customer base.”

ISDN’s key markets in China and Singapore both chalked in creditable sales albeit lower than last year, in line with the tepid business climate.

On the new business front, ISDN said it is on track with its planned developments in hydroponics. Following the recent joint venture between Agri Source Pte Ltd, ISDN’s wholly-owned subsidiary, and the Ho Lee Group, new land has been secured for the Malaysian operations. The JV seeks to establish and operate new hydroponics farms across Asia-Pacific. Meanwhile, the first farm in China has begun supplying to local wholesalers.

The group is also awaiting the production licence to commence production work in its coal mining venture at the associate company level with PT Putra Perkasa Indah, a company engaged in the business of coal mining exploration based in Kalimantan, Indonesia.

Teo said: “There is still healthy demand for coal as a fuel commodity worldwide and we have thus set aside the necessary resources so that production can take off as soon as the requisite documentation is received.”

ISDN Holdings Limited closed Friday at S$0.120.

www.isdnholdings.com

 

CapitaMalls Asia Establishes Three Wholly-owned Subsidiaries for Investment Holding

CapitaMalls Asia Limited (CMA) Friday announced the establishment of three wholly-owned subsidiaries as part of its ongoing business development.

Incorporated in Singapore, the subsidiaries ‒ CMA3 Investment 1 Pte Ltd, CMA3 Investment 2 Pte Ltd, and CMA3 Investment 3 Pte Ltd ‒ each has an issued and paid-up share capital of S$1 comprising one ordinary share.

Their principal activity is investment holding.

CMA said the establishment of the subsidiaries is not expected to have any material impact on its consolidated net tangible assets or earnings per share for the financial year ending 31 December 2012.

CapitaMalls Asia Limited closed Friday at S$1.475.

www.capitamallsasia.com

 

STX OSV Unit to Acquire 34-per cent Stake in Castor Drilling Solution

Norway’s STX OSV Holdings Limited Friday announced that Seaonics AS is in the process of acquiring a 34-per cent shareholding interest in Castor Drilling Solution AS from an unrelated party.

Seaonics AS is a subsidiary of STX OSV AS, which in turn is wholly-owned by the company.

STX OSV said the investment, in two tranches of 22.52 per cent and 11.48 per cent, would be completed by the end of the year.

The total consideration for the transaction is NOK13.9 million (about S$3 million), which will be satisfied in cash.

STX OSV said the investment will be funded by internal resources and will not have any material impact on its earnings per share and net tangible assets per share.

STX OSV Holdings Limited closed Friday at S$1.615.

www.stxosv.com

 

StarHub’s 1Q2012 Net Profit Jumps 28 Per cent to S$88 million

StarHub Ltd Friday announced that net profit after tax grew 28.0 per cent year-on-year to S$88.0 million for the first quarter ending 31 March 2012 (1Q2012).

Total operating revenue rose 6.0 per cent from a year ago to S$591.0 million in 1Q2012.

StarHub said Pay TV revenue registered the highest growth for the quarter at 5 per cent year-on-year. This was followed by Mobile revenue at 4 per cent. In terms of total revenue mix, Mobile remained the major contributor at 52 per cent. Pay TV, Broadband, Fixed Network Services and Sales of Equipment contributed 16 per cent, 10 per cent, 15 per cent and 7 per cent respectively to the revenue mix.

“We have delivered a set of good results with revenue growth in all our lines of business in the first quarter of 2012,” said Neil Montefiore, CEO of StarHub.

“Despite increased competition, we see an increase in the momentum of our high-speed broadband plans on both platforms – cable and fibre. However, in the enterprise space, we continue to face provisioning difficulties on the Next Gen NBN.”

Regarding the outlook for FY2012, StarHub said that it maintains its 2012 operating revenue year-on-year growth to be in the low single-digit range and Group EBITDA margin as a percentage of service revenue to be about 30 per cent.

It added that it intends to maintain its annual cash dividend payout of S$0.20 per ordinary share for 2012.

The company declared a final dividend of S$0.05 per share on a one-tier tax exempt basis in respect of the financial year ending 31 December 2011. The dividend was paid on 30 April 2012.

StarHub declares an interim dividend of S$0.05 per ordinary share for 1Q2012.

StarHub Ltd closed Friday at S$3.190.

www.starhub.com