Stocks In Focus SG (AusGroup, AVIC Int’l Maritime Hldgs, TEE Land) – 06/04/15

AusGroup has been awarded a five-year maintenance services contract by Chevron Australia. Under the contract, work encompasses maintenance and brownfield execution services for the operational phase of Chevron’s assets in Western Australia.

AVIC International Maritime Holdings via its subsidiary, AVIC International Offshore, agreed to acquire three million shares in the paid-up capital of AVIC Zhenjiang Shipyard Marine for US$3.6 million (approximately $4.9 million). The target company is a 60:40 joint venture between Catico Investments (a subsidiary of AVIC International Maritime Holdings) and Jiangsu Zhenjiang Shipyard (Group), and the transaction represents an interested person transaction. The deal will be financed by cash.

KOP announced that it has obtained the Certificate of Title and the lease agreement issued by Singapore Land Authority and JTC Corp in respect of Scorpio East Building respectively for the first 30 years lease (starting from License Commencement Date of 25 December 2007). The extension of lease is subjected to a revision in land rent and zero existing breaches or non-observances of the lease under the current 30 years lease.

TEE Land saw a 5.5 percent drop in revenue to $29.9 million for the nine months ended 28 February 2015, as revenue was already recognised for three development projects in the corresponding period last year, as compared to one in the current period. However, gross profit was 17.5 percent higher, driven by better margin development projects. Consequently, earnings grew 11 percent to $6.3 million. For the third quarter, revenue fell 46.6 percent to $8.4 million while earnings dropped 65.6 percent to $1.2 million led by higher administrative expenses on top of the revenue fall.

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