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City Developments’ 4Q2011 Bottomline Down 32 Per cent to S$163 million

Property developer City Developments Limited posted Wednesday a 32-per cent fall in net profit for the fourth quarter ending 31 December 2011, hurt by lower rental income.
The group, which owns 54 per cent of London-listed hotel group Millenium & Copthorne (MLC.L), said net profit fell to S$163.0 million in October-December, from a restated S$241.0 million a year ago.

Looking ahead, Executive Chairman Kwek Leng Beng said the hotel operations are expected to perform well, with its London properties boosted by the upcoming Olympics, the Queen’s Diamond Jubilee and Farmborough International Airshow.

City Developments Limited closed Wednesday at S$11.130.


First Resources Sees CPO Output Rising 10 Per cent in 2012

First Resources Limited, which has oil palm plantations in Indonesia, announced Wednesday that it sees its crude palm oil (CPO) output rising by 10 per cent this year as a larger number of trees become more productive.

The group produced 452,113 tonnes of CPO in 2011, a 20-per cent rise from the previous year.

First Resources Limited closed Wednesday at S$1.835.


Yongnam’s 2011 Earnings Up 16.5 Per cent to S$63.4 million

Yongnam Holdings Limited announced Wednesday that its net earnings for the full year ending 31 December 2011 rose 16.5 per cent to S$63.4 million from S$54.4 million in the previous year. Revenue fell 0.7 per cent year-on-year to S$332.72 million.

Higher margin specialist civil engineering projects helped boost its gross profit 8.2 per cent higher to S$103.6 million while gross margin improved to 31.1 per cent from 28.6 per cent in 2010.

Yongnam’s orderbook stood at S$462.0 million as at end-2011.

A first and final dividend of S$0.01 per share has been proposed.

Yongnam Holdings Limited closed Wednesday at S$0.255.


Advance SCT’s 2011 Net Profit Falls 69.8 Per cent 

Advance SCT Limited reported Wednesday a 69.8-per cent year-on-year decrease in net profit to S$1.76 million for the year ending 31 December 2011.

Turnover for the year nearly quadrupled to S$178.4 million from S$45.56 million the previous year, on revenue generated by the new smelting plant in Qingyuan, China’s Guangdong province.

However, significant start-up costs of the new smelting plant and a lower utilisation rate in the initial period of operation squeezed the group’s profit line.

“We are confident that demand for copper products in China will continue to increase and our production is slated to increase this year. Besides, profit margin will improve as some of the start-up costs have been absorbed in 2011,” said Simon Eng, Chairman and CEO of Advance SCT.

Looking ahead, the group said it is now exploring the possibility of adding new copper products to optimise the use of the production capacity and to vertically integrate in the copper value chain.

Advance SCT Limited closed Wednesday at S$0.037.


Sunningdale Turns Red in 4Q2011 


Sunningdale Tech Limited sank into the red in the fourth quarter ending 31 December 2011 with a net loss of S$19.68 million.

Impairment loss on goodwill of S$23.72 million and foreign exchange loss of S$1.08 million hurt the group’s bottomline despite a 30.9-per cent increase in turnover to S$120.0 million.

In 4Q2010, the group reported earnings of S$2.25 million on the back of S$91.23 million in revenue.

For the full year, Sunningdale booked a net loss of S$11.42 million, due to the non-cash impairment loss on goodwill and a foreign exchange loss of S$4.4 million.

Turnover for the year jumped 5.8 per cent year-on-year to S$426.11 million from S$402.79 million, with a reduction in gross margin due to product mix, increased labour costs and the weakening of the US dollar and euro.

A final dividend of S$0.006 per share has been proposed.

Sunningdale Tech Limited closed Wednesday at S$0.128.


Fuxing China Sinks Into the Red in 4Q2011

Fuxing China Group Limited sank into the red in the fourth quarter ending 31 December 2011 with a net loss of RMB36.18 million (S$7.2 million).

Turnover fell 19 per cent year-on-year to RMB165.92 million due mainly to the decrease in the trading segment, partially offset by the increase in revenue contributions from the newly acquired processing operations.

For the full year 2011, the group reported a 94-per cent decline in bottomline to RMB4.12 million from RMB71.6 million the previous year.

The group said the consolidation of the three new subsidiaries, a RMB17.5-million impairment loss on goodwill for the Shanghai subsidiary and a RMB11-million impairment loss hurt its bottomline.

No dividend has been declared for 2011. The previous year, Fuxing declared a RMB0.02 cash dividend.

Fuxing China Group Limited closed Wednesday at S$0.059.


PSC Corp Records 83.7-per cent Fall in 2011 Earnings 

PSC Corporation Limited announced Wednesday that its net profit for the year ending 31 December 2011 declined 83.7 per cent year-on-year to S$2.32 million from S$14.24 million.

Turnover grew 5.1 per cent year-on-year to S$392.84 million.

PSC Corporation Limited closed Wednesday at S$0.200.


Midas Posts 22-per cent Drop in 2011 Bottomline

Midas Holdings Limited reported Wednesday a 22-per cent drop in bottomline for the year ending 31 December 2011 to RMB187.4 million (S$37.2 million) from RMB240.8 million in 2010.

Group revenue increased by 4.9 per cent to RMB1.08 billion, compared with RMB1.03 billion in 2010, due mainly to higher turnover from the group’s aluminium alloy division.

Selling and distribution expenses increased by approximately RMB11.1 million in 2011, driven mainly by an increase in staff costs and higher transportation costs as compared with 2010. Administrative expenses increased by about RMB21.4 million last year mainly due to higher payroll costs from an increase in headcount to cater to the group’s expansion plans as well as an increase in depreciation, travelling and property taxes.

Midas has proposed a final cash dividend of S$0.005 per ordinary share. This works out to a total dividend payout amounting to S$0.01 per ordinary share for 2011.

Midas Holdings Limited closed Wednesday at S$0.395.