ComfortDelGro Expands Australia Footprints
ComfortDelGro Corporation Limited Thursday announced that its subsidiary ComfortDelGro Cabcharge Pty Ltd (CDC), is acquiring the entire issued and paid-up capital of Baypalm Pty Ltd, which owns Deanes Bus Lines Pty Ltd and the assets of Deanes Investments from Deanes Transit Group (DTG) in Australia.
The purchase consideration for the acquisitions is A$53 million (approximately S$69.2 million). The purchase consideration is approximately 6.8 times EBITDA (earnings before interest, taxes, depreciation and amortization).
The acquisitions will be financed by internal funds and are not expected to have any material impact on the net tangible assets per share and the earnings per share of the ComfortDelGro Group for the financial year ending 31 December 2012.
ComfortDelGro Corporation Limited closed Thursday at S$1.690
Parkway Life REIT Books 7.7% Surge in Gross Turnover
Parkway Life REIT Limited Thursday announced that gross revenue of S$23.4 million for 2Q 2012, a 9.5 per cent increase from the previous corresponding period (2Q 2011). This was primarily due to a full quarter’s revenue contribution from the three Japan properties acquired in March 2012, and higher rent from the Singapore properties mainly due to increased growth rate of CPI + 1 per cent (i.e. 5.3 per cent) in Year 5 of the lease term commencing 23 August 2011.
For 1H2012, gross revenue increased 7.7 per cent from the same period last year (1H2011) to S$46.2 million due to revenue contribution from the properties acquired in 2011/2012, and higher rent from the existing properties.
As a result of the yield accretive Japan acquisitions, higher rent from Singapore properties and savings from lower financing costs, distributable income for 2Q 2012 and 1H 2012 increased 4.9 per cent and 6.7 per cent respectively to S$15.0 million and S$30.5 million. Distributable income per Unit (DPU) for 2Q 2012 grew from 2.37 S-cents in the same period last year to 2.48 S-cents.
Mr Yong Yean Chau, Chief Executive Officer of the Manager said, “We are pleased to report a fruitful first half of 2012 as we continued to grow both organically and through yield accretive acquisitions and strengthen our financial position, despite challenging market conditions.”
Parkway Life REIT Limited closed Thursday at S$1.995
OCBC Posts Better-Than-Expected 1H2012 Results
Oversea Chinese Banking Corporation Limited Thursday announced a record net profit of S$1,480 million for the first half of 2012 (1H2012), an increase of 23 per cent from S$1,205 million a year ago (1H2011). The record results were driven by robust net interest income growth, higher fee, trading and investment income, and healthy insurance revenue from Great Eastern Holdings (GEH).
The company’s asset quality remained healthy. The non-performing loans ratio was 0.9 per cent, compared with 1.0 per cent in 1Q2012 and 0.8 per cent in 2Q2011, and total non-performing assets of S$1,280 million were 15 per cent lower quarter-on-quarter and 7 per cent higher than a year ago.
Commenting on the company’s performance, CEO Samuel Tsien said: “We are pleased with the resilient set of results for the first half, which reflects the underlying strength of our customer businesses. Our asset quality also remains strong as a result of continued prudent risk management and active portfolio reviews. While the economic environment remains uncertain, we will continue to grow our customer franchise across all key markets with our strong capital and liquidity base.”
At the same time, he warned that loans growth will slow and margins remain under pressure.
Oversea Chinese Banking Corporation Limited closed Thursday at S$9.44.
Ezion Holdings Clinches LNG-Related US$71m Contract
Ezion Holdings Limited Thursday announced that the company has been awarded a third contract to provide full logistics and support services activities for the haulage of equipment and modules for the development of LNG facilities on Curtis Island, Queensland, Australia.
The LNG facility, the third of the eight proposed in Queensland, Australia, has an initial capacity of 9 million tonnes per annum (Mtpa) and expected to increase production to 16 Mtpa.
The Queensland government has estimated that 50 Mtpa of LNG could be produced from the Surat and Bowen Basins in Queensland that could be piped to the coast for export.
The contract value of approximately US$71 million is in relation to the development of the first two LNG trains. There could potentially be up to four LNG trains to be developed for the project which will require similar types of logistics vessels.
Ezion Holdings Limited closed Thursday at S$0.970.
SembCorp Marine Announces 4.6% Dip in 2Q Earnings
Sembcorp Marine Limited Thursday announced that the company has achieved a net profit of S$143 million for the 2Q2012.This was 4.6 per cent lower than the correspond period due to timing in recognition of projects and value of the rig designing projects.
For the six months ended 30 June 2012, net profit was $256 million in 1H 2012 as compared with $300 million in 1H 2011, attributable mainly to the product mix and timing in recognition of the rig building and ship conversion/offshore projects.
Amid the economic uncertainty and volatile global market conditions, the fundamentals for offshore oil and gas activities remain intact driven by demand for technically advanced, versatile and efficient rigs that are capable of shallow and deepwater drilling.
For the deepwater segment, continued growth is expected given the tight supply of deepwater rigs.
Sembcorp Marine Limited closed Thursday at S$4.88.
Roxy-Pacific Holdings’ Topline Grew 8% in 2Q2012
Roxy-Pacific Holdings Limited Thursday announced net profit growth of 8 per cent to S$17.7 million for the second quarter ending 30 June 2012 (2Q2012).
This was achieved on the back of a 13 per cent increase in topline to S$52.7 million in 2Q2012 from S$46.7 million in the quarter ending June 30, 2011 (2Q2011).
The increase in turnover was mainly due to higher revenue from the Property Development and Hotel Ownership segments. The company’s gross profit margin also improved by 6 percentage points to 39 per cent on the back of an increase in gross profit margins from Property Development and Property Investment segments
The company has decided to declare its first interim dividend (one-tier tax exempt) since its IPO in 2008 of 0.0067 S-cents per share.
Roxy-Pacific Holdings Limited closed Thursday at S$0.450.