Singapore Daily Bulletin – 31/12/12

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G54.SI0.0140.000
K17.SI0.00

China Flexible Packaging Sinks Into Red On Impairment Loss
China Flexible Packaging sunk into the red for the fourth quarter ended 31 October, posting a net loss of Rmb425.1 million. A gross loss of Rmb39.6 million was recorded in the quarter as revenue declined 28.4 percent to Rmb158.1 million while cost of sales rose 3.4 percent to Rmb197.6 million, the chief weight was however an impairment loss of Rmb355.5 million following an independent review of its non-current assets. This was in line with its earlier guidance, which noted that production problems and the revaluation of its assets would weigh the company into a significant loss. For the full year, it posted a loss of Rmb548.8 million with revenue falling 24.8 percent to Rmb650.3 million.

Significance: China Flexible Packaging has been plagued by production problems all year. With issues such as high rejection rates and sub-standard products continuing, the company expects to post a loss in FY13.

China Essence Sees Difficulty Redeeming HK$30m Bonds
China Essence Group, the Mainboard-listed potato products manufacturer, is seeing difficulty to redeem HK$30 million worth of convertible bonds due 31 December. The payment is part of an instalment repayment plan for a HK$250 million issue of zero coupon guaranteed convertible bonds issued in 2006 and originally due in 2011. The instalment repayment plan came about following an amendment in December 2011: the principal amount was restated as HK$260 million, the maturity date was postponed to 31 December 2014 and the bonds were to be redeemed in instalments on various specified dates. Explaining the situation, the company cited an adverse operating environment in light of lower potato starch prices worldwide – not only were its sales volume and turnover dampened, the difficult environment affected customers and in turn slowed repayment of its receivables.

Significance: China Essence has started discussions with bondholders and trustee, Hongkong and Shanghai Banking Corporation, with regard to postponement of payment. Notably, it is looking to hasten recovery of its receivables to satisfy the payment as soon as possible.

Keppel Land Acquires Site For Fifth Wuxi Project
Keppel Land has, via its wholly-owned subsidiary Keppel Land China, acquired a 6.6-hectare prime city centre site in Beitang District to develop its fifth project in Wuxi, Jiangsu province. Acquired at Rmb417.6 million, the site is located three kilometres north of the city centre and is a five-minute drive away from Wuxi’s central business district. Also, it will be next to the future MRT Line 1 station that starts service in mid-2014 that will ultimately connect the project with the rest of the city and nearby provinces through the Wuxi railway station. The site is to be transformed into a mixed-use development project – comprising 1,135 high-rise residential apartments and “commercial components” that include small office-home office (SOHO) units and a shopping street.

Significance: According to the Wuxi Statistics Bureau, the city’s gross domestic product growth has averaged 12.8 percent yearly in the last five years. The project will target the middle-upper-class homebuyers and is expected to be launched in the first half of 2015.

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