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MTQ Books Twenty-Fold Jump in Earnings

MTQ Corporation Limited Thursday announced topline growth of 57 per cent from a year ago to S$38.4 million for the three months ended 30 June 2012.

Net profit for the same period soared more than twenty fold to S$4.7 million.

Surge in turnover was attributed to revenue contribution from Premier Sea & Land Pte Ltd and Pemac Pte Ltd (together the Premier Group), which were acquired subsequent to 1QFY2012.

The Premier Group contributed about 30 per cent to the company’s revenue in 1QFY2013. The company’s underlying businesses, both Oilfield Engineering and Engine Systems, have performed well during the quarter under review.

Mr Kuah Boon Wee, Chief Executive Officer said, “While oil prices have dipped recently, drilling activity continues to remain robust in the offshore sector.

We remained committed to enhancing our business fundamentals and expanding our

product portfolio to stay relevant and also to better support our customers. Premier

and Bahrain have been examples of this expansion.

Given the encouraging industry outlook, we will step up our efforts to grow new businesses and find more opportunities that make sense for our customers and shareholders.

Prospects are encouraging but considering the overall market uncertainties, we

continue to maintain a cautious approach in threading forward.”

MTQ Corporation Limited closed Thursday at S$0.850.


SingTel’s Optus Acquires Eatability

Singapore Telecommunications Limited Thursday announced that its subsidiary, Optus has signed an agreement to acquire 100 per cent of Eatability Pty Limited, one of Australia’s leading restaurant and review websites, for A$6 million.

Under the agreement, which is subject to approval from the Foreign Investment Review Board, Eatability will become a wholly owned subsidiary of Optus. Today’s announcement follows the SingTel Group’s recent acquisition of Singapore’s leading food portal, HungryGoWhere, and forms part of the SingTel Group’s strategy to build a stable of local digital services across the region.

Singapore Telecommunications Limited closed Thursday at S$3.440.



CapitaMall Asia Chalks up Double-Digit Growth in Earnings

CapitaMalls Asia Limited Thursday announced a 28.7 per cent jump in turnover to S$145.5 million year-on-year for the six month ended 30 June 2012.

Net profit rose 39.6 per cent to S$298 million for the same period.

Revenue improved on the acquisition of the three malls in Japan in February 2012 and acquisition of Queensbay Mall in April 2011. Management fee revenue improved by S$14.7 million mainly due to higher fund, project and property management fees arising from better performance of shopping malls and new projects undertaken.

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said, “The outlook for our key markets of Singapore, China and Malaysia remains positive, with retail sales expected to continue to grow.

In Singapore, we expect retail sales this year to be boosted by GDP growth of between 1.0% and 3.0%, and higher tourist arrivals of between 13.5 million and 14.5 million.

In China, retail sales are expected to grow between 16.0% and 17.0%, driven by economic expansion of 8.0% forecast for the whole year.

In Malaysia, retail sales are expected to increase 6.0% this year on the back of projected economic growth of 4.0% to 5.0%.”

CapitaMalls Asia Limited closed Thursday at S$1.610.


Gul Technologies’ Profit Surge 63%

Gul Technologies Limited Thursday announced a 17 per cent growth in the Group’s turnover from US$117.3 million in 1H2011 to US$137.0 million in 1H2012. Consolidated pre-tax profit of the company improved 63 per cent from US$18.4 million to US$30.0 million, compared to the same period last year.

Growth was mainly contributed by its niche products and continued support

from long-term customers which contributed more than 70 per cent of the revenue.

During the period under review, the company had committed resources to refine and upgrade its capacity mainly to meet customers’ new requirements as well as to make further inroads into new products with higher average selling prices.

Despite the challenging global economic conditions and pressures from rising labour cost in China, barring any unforeseen circumstances, the company is cautiously optimistic of achieving good performance for the rest of the year.

Gul Technologies Limited closed Thursday at S$0.061.


STATS ChipPAC’s Profit Plunge on Thai Flood

STATS ChipPAC Limited Thursday announced a decline in revenue to US$812.8 million from US$836.4 million year-on-year for the six months ended 30 June 2012.

Net earnings plunged to US$11.7 million for the period as compared with US$25.5 million.

The decrease in sales in the three and six months ended 24 June 2012 compared to the same periods in 2011, respectively, was primarily due to weak demand in the personal computers market and consumer, multi-applications and others market, as well as revenue reduction resulting from the partial operations of the Thailand plant, which has been suspended due to the flooding in Thailand during the fourth quarter of 2011.

MR Tan Lay Koon President and Chief Executive Officer of STATS ChipPAC commented, “Based on current visibility, we expect net revenues in the third quarter of 2012 to be flat compared to the prior quarter, with adjusted EBITDA in the range of 21 per cent to 23 per cent of revenue.”

STATS ChipPAC Limited closed Thursday at S$0.380