Singapore Daily Bulletin – 31/01/13

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SymbolPriceChange
S58.SI4.85-0.02
T24.SI0.290.00
5GJ.SI0.044-0.003

SATS’ 3Q12 Net Profit Rises 23%
The absence of a loss from its UK subsidiary Daniels Group, which SATS disposed of in October 2011, was behind a 23 percent jump in SATS’ earnings to $47 million for the third quarter ended 31 December 2012. The double-digit growth in the bottom line was also driven by a 6.4 percent rise in revenue to $470.6 million as the leading provider of gateway services and food solutions in the region recorded broad-based growth. Revenue for the first nine months of the current fiscal year stood at $1.37 billion, a 9.4 percent increase on the back of more flights and higher meal volumes. Meanwhile, net profit was up by 14.7 percent at $138.6 million. Results were lifted by a turnaround of the group’s airline catering firm, TFK, as well. Excluding Daniels Group’s $10.1 million loss in the nine-month period of the year before that and other one-off items, underlying net profit grew 7 percent from a year ago. The company said that the start-up losses incurred by its new businesses in remote catering and cruise handling are set to continue into the following quarter as budgeted.

Significance: Moving ahead, SATS continues to expect moderate growth for its Singapore aviation business while generally, airlines are expecting demand for air travel to improve in 2013 but airfreight demand is likely to remain weak.

Fair Value Gains Lifts Tuan Sing’s 4Q12 Earnings
Mainboard-listed Tuan Sing Holdings got a boost from revaluation gains of investment properties in the fourth quarter ended 31 December 2012. Earnings for the three months more than trebled to $79.1 million from $25.2 million a year ago as fair-value adjustments rose from $24.8 million in 4Q11 to $67.5 million. Increased contribution from sale of development properties led to a 56.2 percent growth in revenue. For the 12 months period, revenue was up 55.1 percent at $371.8 million while earnings more than doubled to $109.5 million. Property remained the largest profit contributor, making up 84.7 percent of the group’s total profit after tax in FY12. The firm has commenced redevelopment of its investment property, the Robinson Towers. Construction is expected to be completed in 2016.

Significance: Tuan Sing expects this year to be a challenging one, particularly for the development property business of the group. It will launch its 99-year leasehold Sennett Residence in the first quarter of the year; a freehold residential project, Cluny Park Residence, is also slated for launch this year.

AusGroup Secures Contract Extension With Apache Energy
In a SGX filing released after trading hours yesterday, AusGroup snagged an extension of their existing contract with Apache Energy for ongoing works on Varanus Island and associated offshore facilities. Under the deal, the scope of works involves mechanical services, sheet metal fabrication, scaffolding and rigging and instrumentation and electrical services. Minor capital works services including the fabrication and installation of pipe and structural work, roofing and wall cladding, painting and protective coatings, piping and, electrical upgrades are also included. In addition, AusGroup’s involvement on the site located off the North West coast of Western Australia’s Pilbara region, will extend to shutdown works.

Significance: Delighted that Apache has elected to continue with the company’s work on Varanus Island, AusGroup’s chief executive officer said that the firm’s proficient delivery and skilled workforce was a factor in securing additional ongoing works.

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