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Raffles Medical Submits Bid for Hong Kong Site

Raffles Medical Group Limited Friday announced that Medical Properties Limited, a wholly owned subsidiary company submitted today a tender called by the Government of Hong Kong Special Administrative Region for development of a private hospital on the Aberdeen Inland Lot No. 458 site.

In submitting its tender, RafflesMedicalGroup hopes to add to the overall healthcare capacity in Hong Kong and contribute to meeting the growing needs and demand of the community for good quality specialist and hospital services.

The company operates a network of more than 70 ambulatory clinics in Singapore, and operates three medical clinics in Hong Kong. It also runs a medical centre in Shanghai.

Raffles Medical Group closed Friday at S$2.46.


Ascott Residence Trust’s 2Q Turnover Up 8%

Ascott Residence Trust Limited Friday announced that it achieved revenue of S$78.9 million and gross profit of S$42.7 million for 2Q 2012, representing an increase of 8% and 4% respectively compared to the same period last year.

For the six month ended 30 June 2012, revenue was up 7 per cent at S$150.5 million and gross profit improved 3 per cent to S$79.9 million.

Revenue grew mainly due to the contribution from the newly acquired Citadines Shinjuku Tokyo and Citadines Karasuma-Gojo Kyoto, as well as stronger performance from serviced residences in United Kingdom, Philippines and China.

Ascott Residence Trust Management Limited’s Chairman, Mr Lim Jit Poh said, “Going forward, we remain confident in the markets where we operate in and will explore opportunities in Asia, London, Paris and key cities in Germany. Ascott Reit’s income stability is supported by our extended stay business model despite the uncertain global economic conditions for the rest of 2012.”

Ascott Residence Trust Limited closed Friday at S$1.210.


Jardine Cycle & Carriage Books 19% Surge in Turnover

Jardine Cycle & Carriage Limited Friday announced a 19 per cent jump in turnover to US$11.2 billion year-on-year for the six month ended 30 June 2012.

Net profit rose 5 per cent to US$515 million for the same period.

Earnings rose on Astra’s profit contribution of US$518 million, up 6 per cent, with benefits of the good growth in most of its major businesses being partly offset by a weaker rupiah. Further, other motor interests contributed a profit of US$31 million, 12 per cent higher than the previous year.

Company declared an interim one-tier tax exempt dividend of 18 US-cents per share. The interim dividend is available in cash in US dollars or Singapore dollars.

The second half of 2012 is expected to be more challenging due to a weaker rupiah and the adverse impact on automotive sales in Indonesia arising from the more restrictive financing regulations introduced in June.

Jardine Cycle & Carriage Limited closed Friday at S$45.60.


Tiger Airways Narrow Losses for 1Q

Tiger Airways Holdings Limited Friday announced that it narrowed its losses for the three months ended 30 June 2012.

Loss after tax for the quarter was S$14 million compared to a S$21 million loss recorded the previous year.

Total revenue for the quarter was S$181 million, 1.4 per cent higher than the S$179 million recorded in the previous year. The increase was largely due to higher yield (measured in revenue per revenue passenger-kilometre) (+7.8 per cent), offset by a 4.5 per cent decline in capacity (measured in available seat-kilometres) and lower passenger load factor (-2.2 percentage points to 83.3 per cent).

Chin Yau Seng, Group CEO said, “The Group’s financial performance is gradually coming back on track with Tiger Singapore turning in an operating profit of $4 million this quarter. It recorded a healthy passenger load factor of 85.1 per cent as demand has caught up with capacity, which grew 14.3 per cent during the quarter.”

The company continues to rebuild the business with a strong focus on safety, operational excellence and customer experience, and is striving to improve on its financial performance.

Tiger Airways Holdings Limited closed Friday at S$0.680.


SMRT’s  1Q Profit Up 4.7%

SMRT Corporation Limited Friday announced that it recorded revenue growth of 8.8 per cent to $275.2 million for the first quarter ended 30 June 2012 as both Fare and Non-Fare businesses recorded higher revenue of 8.9 per cent and 8.2 per cent respectively.

Operating profits rose 3.5 per cent to $43.9 million with better performance from Circle Line, taxi, rental and advertising businesses, and a $8.0 million insurance compensation for a rail asset.

Company booked after-tax profit of S$36.5 million, up 4.7 per cent. Profit was impacted by a $2.0 million penalty imposed by LTA, COI related legal and professional fees and higher staff costs, repairs and maintenance, and depreciation in the Train operations.

Revenue growth is expected to continue in 2QFY13 but profitability remains under pressure from higher staff costs, depreciation, and repairs and maintenance.

The company remains in discussion with LTA on cost sharing for the S$900 million asset renewal plan based on the principles of the current Licence and Operating Agreement (LOA) for the North-South East-West Line. About two-thirds of the asset renewal costs is for the rail infrastructure. Under the LOA, SMRT is responsible to maintain, repair, replace, renew or refurbish all or any part of the operating assets for the train system and can apply to LTA for asset replacement grants for eligible operating assets. SMRT can request LTA to fund for major replacement or renewal of part or whole of the rail infrastructure. The amount of grants and funding will mitigate the impact of the S$900 million asset renewal plan

SMRT Corporation Limited closed Friday at S$1.620.