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Memstar Bags RMB60-million Contract

Memstar Technology Limited announced Thursday that it has secured a RMB60.0-million (S$12.0 million) contract to supply membrane products for two wastewater treatment plants in China using Membrane Bioreactor (MBR) technology.

Under the contract, Memstar will supply its Polyvinylidene Diflouride (PVDF) hollow fibre membrane product for the two wastewater treatment projects.

The first project is a 200,000 cubic meters per day municipal wastewater treatment plant upgrading project in Liaoning province. The second is a 60,000 cubic meters per day industrial wastewater treatment plant in Shandong province.

Memstar Technology Limited closed Thursday at S$0.060.


GLP’s 4QFY2012 Bottomline Triples to US$156.5 million

Global Logistic Properties Limited (GLP) reported Thursday that its fourth-quarter net profit tripled from a year earlier, boosted by fair value gains on its properties in China and Japan.

The group earned US$156.5 million (S$199.9 million) for the three months ending 31 March 2012, up from US$49.2 million a year earlier. Earnings excluding revaluation rose 16 per cent to US$69.4 million on the back of a 23-per cent rise in revenue.

GLP said the higher revenue was due mainly to the completion and stabilisation of its development projects in China and contributions from Transfar Logistics Base and Airport City Development, as well as the strengthening of the Japanese yen and Chinese yuan against the US dollar.

The group said it sees solid demand from various customer segments in China. Demand from local companies in China accounted for an increasing proportion of its business, it said.

Japan’s economy has recovered from the earthquake and tsunami in March 2011, GLP said, adding the country’s logistics industry has been driven by the third-party logistics market and the e-commerce sector has seen strong growth.

Global Logistic Properties Limited closed Thursday at S$1.975.


Sarin Technologies Signs Borsheim

Sarin Technologies Limited announced Thursday that US-based Borsheim’s Fine Jewelry has signed on to Sarin’s Diamond Assay Service.

Borsheim’s Fine Jewelry is majority-owned by investor Warren Buffett’s holding company, Berkshire Hathaway, and is well known for hosting Berkshire Hathaway’s annual shareholders meetings.

Sarin said it is confident Borsheim will find many uses for this unique cloud-based subscription service in their retail operations.

Sarin Technologies Limited closed Thursday at S$1.130.


The Hour Glass Records 29-Per cent Increase in FY2012 Net Profit

The Hour Glass Limited reported Thursday a 29-per cent jump in year-on-year earnings to S$54.71 million for the fiscal year ending 31 March 2012.

Turnover for the same period rose 17 per cent to S$607.01 million from a year ago, as the group benefitted from the successful expansion of its retail network and customer acceptance of its new retail concepts.

Gross margin also improved to 24.1 per cent from 22.4 per cent, driven by a more dedicated focus on its portfolio of brands.


Hiap Seng Engineering in the Red for 4QFY2012


Hiap Seng Engineering Limited reported a loss of S$2.23 million for the fourth quarter ending 31 March 2012, despite a 21.3-per cent increase in turnover to S$39.34 million.

The group, which posted a profit of S$0.71 million a year ago, said the loss was due to the increase in administration costs and the share of loss of associated companies, primarily due to the low level of operations in Thailand.

For the full year ending March 31, the group made a profit of S$4.28 million, representing a 46.7 per cent decrease from a year ago.

Hiap Seng Engineering Limited closed Thursday at S$0.270.


Stamford Land’s FY2012 Net Profit Down 11.2 Per cent

Stamford Land Corporation Limited reported Thursday that its net profit for the financial year ending 31 March 2012 decreased 11.2 per cent from a year ago to S$53.39 million.

Turnover, on the other hand, increased 93.9 per cent year-on-year to S$486 million. However, other income declined in addition to increase in cost of development properties sold.

The group has proposed a S$0.02 per share final cash dividend and a S$0.02 per share special dividend.

Stamford Land Limited closed Thursday at S$0.550.