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Stocks In Focus (ASL Marine, Ezion Hldgs, BreakTalk) – 09/05/13
ASL Marine Posts 21% Jump In 3Q13 Earnings
ASL Marine Holdings posted earnings of $9.6 million for its third quarter ended 31 March, up 21 percent from $8 million a year ago. Revenue for the third quarter jumped to $144 million, up 26.6 percent from $114 million a year ago, contributed by shipbuilding and shipchartering segments, and also with maiden revenue contribution from VOSTA LMG group classified under Engineering segment. The healthy revenue growth was partially offset by the revenue decline from shiprepair and conversion segment where repair works were undertaken on five units of oil rigs and completion of these is only expected in the upcoming quarters.
Significance: As at 31 March 2013, ASL Marine’s outstanding shipbuilding order book from external customers stood at approximately $458 million for 32 vessels (including Offshore Support Vessels, AHTS, selfpropelled cutter suction dredger, tugs and barges) with progressive deliveries up to 4Q14. ASL Marine is optimistic about the outlook of offshore and marine industry for 2013 given the current oil prices.
Ezion’s 1Q13 Profit More Than Tripled To US$46.2m
Ezion Holdings’ earnings for the first quarter ended 31 March 2013 more than tripled to US$46.2 million, from US$14.1 million in the previous year, contributed by a net gain of US$17.8 million derived from the sale of a joint venture in Australia. Revenue surged 79.3 percent year-on-year to US$54.8 million, driven by chartering contribution from deploying additional units of service rigs, as well as higher contribution from its offshore logistic support vessels services from the Queensland Curtis Liquefied Natural Gas project and the start of the Australia Pacific LNG (APLNG) project. As at 31 March 2013, Ezion’s cash and cash equivalents stood at US$149.9 million as compared to US$133.7 million as at 31 March 2012.
Significance: Ezion expects more service rigs to be deployed in 2013. In addition, the firm is also expected to enjoy higher revenue from Australia with the commencement of the APLNG and GLNG projects in 2013.
BreadTalk’s Earnings For First Quarter Up 14.9%
Food and beverage operator BreadTalk released earnings for the first quarter of 2013 with profits up by 14.9 percent to $1.6 million from $1.4 million a year earlier. The group’s revenue grew 13.4 percent to $120.3 million as its network (including franchise) expanded to 627 Bakery outlets, 50 Food Atrium and 35 Restaurants as at March 2013. Bakery Division revenue and bottom-line improved by 10.7 percent and 4.7 percent respectively while higher profits in Singapore, Hong Kong and Thailand helped to defray lower earnings by other markets. Food Atrium Division experienced growth in all markets except Taiwan as revenue increased with stronger contributions from China, Hong Kong and a turnaround in Singapore. However, the restaurant division took a dip of 8.8 percent despite a growth of 10.1 percent in revenue. BreadTalk opened higher at $1.005 this morning.
Significance: BreadTalk is expected to remain profitable for rest of FY13. It looks to refine its current business model to offset the tighter foreign labour conditions in Singapore and rising rentals and food costs in some countries through cost rationalisation and productivity enhancement.
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