Koon Holdings’ 2011 Net Profit Down 41.6 Per cent
Koon Holdings Limited reported Friday that its net profit for the year ending 31 December 2011 declined 41.6 per cent year-on-year to S$7.61 million.
Turnover for the year inched up 17.7 per cent to S$88.06 million, as the increased revenue from the precast division and maiden revenue contribution from the property division offset the decline in revenue from the construction division.
However, ongoing expansion plans drove administrative and distribution expenses up by 48.5 per cent and 331.4 per cent respectively.
The group proposed a S$0.005 per share dividend for 2011.
Banyan Tree’s 4Q2011 Bottomline Declines 93 Per cent
Banyan Tree Holdings Limited announced Friday that its net profit for the fourth quarter ending 31 December 2011 decreased 93 per cent to S$1.41 million from a restated S$20.21 million in the same period a year ago.
Revenue for the quarter was flat at S$85.4 million, with turnover in Thailand lower mainly due to the closure of Angsana Laguna Phuket for renovation since July 2011 and its soft opening in December 2011.
The group’s Banyan Tree Phuket performance was also affected by reduced demand from the European market and room cancellations arising from the flood crisis in Bangkok.
For the full year 2011, the group’s earnings fell 92 per cent year-on-year to S$1.55 million; turnover, however, rose 3 per cent to S$329.49 million from S$321.30 million the previous year.
Banyan Tree Holdings Limited closed Friday at S$0.635.
Petra Foods’ 4Q2011 Net Profit Rises 12.8 Per cent
Petra Foods Limited reported Friday a 12.8-per cent jump in net profit for the fourth quarter ending 31 December 2011 to US$18.42 million (S$23.15 million) from US$16.33 million in the previous year.
Turnover slipped 3.6 per cent year-on-year to US$405.68 million from US$420.98 million.
For the full year 2011, the group posted a 36.2-per cent increase in earnings to US$60.59 million from US$44.5 million, on the back of an 8.7-per cent increase in revenue to US$1.70 billion from US$1.57 billion the previous year.
The group recommended a S$0.0261 per share dividend. Petra Foods paid an interim dividend of S$0.0223 per share earlier in the year.
Petra Foods Limited closed Friday at S$2.000.
Sheng Siong Records 48.2-per cent Fall in 4Q2011 Net Profit
Sheng Siong Group Limited reported Friday a 48.2-per cent year-on-year decrease in net profit to S$3.75 million for the fourth quarter ending 31 December 2011.
Turnover for the quarter slipped 6.1 per cent to S$138.86 million from S$147.95 million a year ago.
For the full year 2011, the group’s revenue fell by 8 per cent year-on-year to S$578.44 million as it closed two outlets during the year.
Last year’s net profit, in turn, decreased 36.1 per cent to S$27.26 million from S$42.64 million in 2010, due to the absence of one-off investment gains.
The group has proposed a S$0.0177 per share dividend, which amounts to a payout ratio of 90 per cent.
Sheng Siong Group Limited closed Friday at S$0.480.
Memtech’s 2011 Bottomline Down 45 Per cent
Memtech International Limited announced Friday that its net earnings for the fourth quarter ending 31 December 2011 plunged 74.4 per cent year-on-year to US$1.55 million (S$1.9 million) from US$6.06 million.
Turnover for the quarter rose 6.3 per cent to US$42.97 million from US$40.43 million a year ago.
For the full year 2011, Memtech’s earnings declined 45 per cent to US$6.21 million from US$11.28 million the previous year.
The group said it incurred a substantial exchange loss due to the sharp strengthening of the US dollar against the Singapore dollar.
Turnover for the year increased 15.3 per cent from a year ago to a record high of US$154.72 million.
A first and final cash dividend of S$0.008 per share has been recommended.
A year ago, Memtech declared a first and final dividend of S$0.011 per share.
SMB United Posts 38.8-per cent Fall in 4Q2011 Net Profit
SMB United Limited reported Friday that its net profit for the fourth quarter ending 31 December 2011 fell 38.8 per cent year-on-year to S$2.47 million.
Revenue, however, was up 5.2 per cent to S$64.79 million.
For the full year 2011, net profit rose 12.3 per cent year-on-year to S$19.86 million.
Revenue was up 15.8 per cent at S$265.72 million.
SMB United Limited closed Friday at S$0.395.
Midas Inks JV Framework Agreement with Jilin Kaitong
Midas Holdings Limited announced Friday that it has signed a framework agreement with Jilin Kaitong Engineering Co Ltd to invest in Jilin Midas Light Alloy Co Ltd, a wholly-owned subsidiary of Midas.
Under the terms of the agreement, Jilin Kaitong will invest US$45.0 million (S$56.5 million) into Jilin Midas Light Alloy for a 45-per cent stake, while Midas will increase its equity contributions in Jilin Midas Light Alloy from US$30.0 million to US$55.0 million for a 55-per cent equity stake.
Upon completion of the proposed fund injections, Jilin Midas Light Alloy will have a registered capital of US$100.0 million.
The proposed fund injections will enable Jilin Midas Light Alloy to establish a new production plant located in Liaoyuan city, China’s Jilin province. With an estimated annual production capacity of 200,000 tonnes, the new production plant will undertake the manufacturing of high-precision, high-specifications aluminium alloy plates, sheets, strips and foils.
”Backed by continued urbanisation and the continued growth of the China economy, we expect demand for high-precision, high-specification aluminium alloy plates, sheets, strips and foils to increase. This new production plant will enable us to expand our current business and enhance our product offerings,” said Patrick Chew, CEO of Midas.
The total investment amount for this new production plant at Jilin Midas Light Alloy is estimated to be approximately RMB1.79 billion.
Midas Holdings Limited closed Friday at S$0.380.
CNA Group Returns to Black in 2011
CNA Group Limited announced Friday that it has recovered from a net loss of S$26.5 million for the year ending 31 December 2010 to a net profit of S$2.1 million for the financial year 2011.
The group achieved a 20.2-per cent increase in revenue to S$100.1 million for 2011 from S$83.3 million in the previous year, driven by higher turnover from its key growth markets such as Singapore, Vietnam and China.
The Singapore, Vietnam, and China markets recorded revenue growth rates of 23.2 per cent, 51.5 per cent and 17.2 per cent respectively.
“FY2011 was the year for CNA to get back on our feet. With the strategic decision to scale down our Middle East operations and place our focus on emerging markets like Vietnam and China, we not only managed to reduce our loss, but also increase our overall revenue and profit,” said CNA’s CEO and president, Michael Ong.
Design Studio’s 2011 Bottomline Falls 22.2 Per cent
Design Studio Furniture Manufacturer Limited reported Friday that its net profit for the fourth quarter ending 31 December 2011 declined 44.2 per cent year-on-year to S$4.39 million.
Revenue for the quarter was down 37.6 per cent to S$23.97 million due to the lower contribution from the residential property and distribution business segments.
For the full year 2011, net profit fell 22.2 per cent to S$15.26 million. Revenue was down 13.7 per cent at S$93.22 million.
The group declared a final dividend of S$0.0125 per share, unchanged from the previous year.
Kreuz Triples Earnings in 2011
Kreuz Holdings Limited, a subsea service provider for the oil and gas industry, announced Friday that its net profit for the full year ending 31 December 2011 more than tripled to US$26.6 million (S$33.4 million) on the back of a 182-per cent year-on-year surge in revenue to US$153.8 million.
The group attributed the higher revenue to the increased number of subsea service projects performed during the year. Notably, revenue from third-party customers stood at US$83.1 million, accounting for 54.0 per cent of 2011’s total revenue.
“The offshore subsea sector has remained relatively buoyant despite challenging economic conditions in 2011. Reflecting regional strength in the offshore oil and gas subsea business, we have grown tremendously in the past financial year and will continue our efforts towards securing new projects in-house with the Swiber Group as well as third-party clients,” said Kurush Contractor, Executive Director and CEO of Kreuz Holdings.
The group has a current orderbook of approximately US$155.0 million, for works to be executed in Southeast Asia, East Asia and India.
Kreuz Holdings Limited closed Friday at S$0.405.