Keppel Corporation Limited Friday announced that Keppel FELS Brasil S/A has secured two contracts worth a total of about US$950 million (S$186.8 million) from the Petrobras-led consortiums, Guara BV and Tupi BV, for the fabrication and integration of topside modules on the Floating Production Storage and Offloading vessels (FPSO) P-66 and P-69.
The FPSOs will have identical work scopes which includes the fabrication and integration of seven topside modules.
When completed, P-66 will be deployed to the Guara field while P-69 will work in the Tupi field in offshore Brazil. Both FPSOs will each have a production capacity of 150,000 barrels of oil per day (bopd).
“As the most established offshore yard in Latin America, we are continually upgrading our capabilities and have the capacity to take on more projects of different varieties. Our Near Market, Near Customer strategy has enabled us to better serve Petrobras. We look forward to continuing this win-win partnership and contribute to Brazil’s E&P programme,” stated Chow Yew Yuen, Chief Operating Officer of Keppel Offshore & Marine (Keppel O&M), the parent company of Keppel FELS Brasil.
Keppel Corp Limited closed Friday at S$11.40
Eratat Books 54.8 Per cent Decline in 1H2012 Earnings
Eratat Lifestyle Limited Friday announced a 20.3 per cent fall in turnover year-on-year to RMB416 million for the six months ended 30 June 2012.
The selling and distribution expenses, which represented about 15.9 per cent of the overall revenue, increased by RMB32.8 million to RMB66.2 million. The increase was mainly due to amortisation of renovation subsidy of RMB41.8 million, offset by decrease in advertising expenditure.
The renovation subsidy was given to distributors to upgrade about 370 of their existing shops to the ERATAT Premium shop-front image. The total amount of subsidy had been fully amortised over the first half of 2012, when the renovation of these shops were completed by 30 June 2012.
As a result, the group’s net profit declined 54.8 per cent to RMB40.8 million as compared with RMB90.4 million in 1HFY2011.
Eratat Lifestyle Limited closed Friday at S$0.08
Baker Increases Stake in Discovery Offshore
Baker Technology Limited Friday announced that its interest in DO (Discovery Offshore) has increased to 13,124,080 shares or 20.037 per cent of DO’s issued share capital, following the acquisition of additional 700,000 shares from the open market on 6 August 2012 for a total consideration of approximately S$1.4 million.
The total consideration for the investment in DO to date was approximately S$31.8 million.
“The company continues to designate its investment in DO as an available-for-sale investment as it currently does not have significant influence over DO’s financial and operating policy decisions,” said Baker Technology in a statement.
The investment was funded through internal resources and is not expected to have any material impact on the earnings per share and net tangible assets of the group’s financial year.
Baker Technology Limited closed Friday at S$0.31
Koh Brothers Enters JV to Build Parc Olympia
Koh Brothers Limited Friday announced a 80:20 joint venture with Japan’s Okumura Corporation to undertake the construction of Parc Olympia, a residential project at Flora Drive.
Parc Olympia, a 99-year leasehold site with a total land area of 322,368 sq ft, is located within an established residential estate in Pasir Ris. The development is within close proximity to both Tampines and Pasir Ris MRT stations, and is conveniently linked to major arterial roads and expressways.
“We are delighted to be partnering Okumura Corporation for this project. With Koh Brothers’ experience in developing quality, themed projects, and Okumura Corporation’s expertise and strong track record in co-ordinating heavyweight building and infrastructure projects, this synergistic milestone partnership is set to lift productivity when constructing Parc Olympia,” said Francis Koh, Koh Brothers’ Managing Director and Group CEO.
Koh Brothers Limited closed Friday at S$0.205
Golden Agri Posts 19 Per cent Decline in 1H2012 EBITA on Lower CPO Price
Golden Agri-Resources Limited Friday announced 19 per cent decrease in EBITDA to US$453 million for the first half of the year (1H2012).
The slowdown was largely attributable to lower Crude Palm Oil (CPO) prices coupled with a decrease in sales volume due to delayed shipments. Net profit stood at US$270 million, a 34 per cent decline compared to last year.
The group has been able to maintain its year-on-year fresh fruit bunch (FFB) production growth supported by larger area of mature plantations of approximately 27,800 hectares.
FFB production (include plasma) for 1H2012 grew by 4 per cent to 4.2 million tonnes from 4 million tonnes last year, while palm products output remained stable.
Compared to the previous quarter, 2Q2012 palm products output was 4 per cent higher in line with its seasonality trend.
The group remains positive on the outlook of palm oil industry as the long-term fundamentals are intact, although there are periods of volatility.
It has budgeted capital expenditure of US$500 million for this year, to expand its upstream business in plantation area and milling capacity, as well as expansion in the downstream business to boost refining capacity and its supporting facilities.
Golden Agri-Resources Limited closed Friday at S$0.695
BreadTalk Posts Double-Digit Growth in Turnover
BreadTalk Group Limited Friday announced that revenue jumped 21.8 per cent to S$104.8 million in 2Q2012 from S$86.0 million in 2Q2011. This was driven by growth across all business segments.
Group profit before tax improved 13.2 per cent to S$4.5 million in 2Q2012 from S$3.9 million in 2Q2011 mainly from higher contribution from the Restaurant segment which more than offset weaker performance from the Bakery and Food Atrium segments.
Restaurant segment result was significantly boosted by strong earnings from Din Tai
Fun Singapore and Thailand operations. Ramen Play and Carl’s Junior in Mainland
China remained underperforming.
Bakery segment contribution was weaker than last year due to higher manpower costs arising from recent regulatory changes such as higher employer contributions and foreign worker levies both in Mainland China and Singapore.
Performance in the Food Atrium segment was affected mainly by refurbishment brought forward at some outlets to lock in more favourable lease renewal terms offered.
Overall, group net profit attributable to shareholders rose 9.2 per cent to S$3.0 million in 2Q2012 from S$2.8 million in 2Q2011.
In 1H2012, the group recorded a net profit increase of 11.0 per cent to S$4.4 million from S$4.0 million in 1H2011.
BreadTalk Group Limited closed Friday at S$0.555
UOL’s Earnings Fall 19 Per cent
UOL Group Limited Friday announced 19-per cent decline in net attributable profit to S$171.7 million for the second quarter ended 30 June 2012 (2Q2012) down from S$212.9 million in the previous corresponding period.
This was due mainly to lower income from property development sales and lower fair value gains from investment properties.
For the six months ended 30 June 2012, UOL’s net attributable profit was down 42 per cent from S$442.9 million to S$255.7 million, on revenue of S$596.6 million, which was 49 per cent lower than the restated S$1.2 billion in the same period of FY2011.
The decrease in earnings was due mainly to lower income from property development and associated companies and lower fair value gains on investment properties of the Group and associated companies. The decline was also due to the adoption of INT FRS 115 for sale of units in Duchess Residences and Panorama, where recognition of development profits used the completion of construction method.
Gwee Lian Kheng, UOL’s Group Chief Executive, said: “Our second quarter results were largely affected by the absence of development profits from Nassim Park Residences and Duchess Residences which were completed in 2011.”
“We remain cautious in our outlook for the second half due to a weak US recovery, uncertainties in the Europe situation and the slowing growth engines in Asia. We expect demand for new homes in the mass- and mid- market segment to remain stable, supported by high liquidity and low interest rates.”
UOL Group Limited closed Friday at S$5.450