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Stocks In Focus SG (CapitaLand, GLP, OCBC) – 05/08/14
ARA Asset Management recorded a 16.6 percent increment in revenue to $40.4 million in 2Q14, mainly due to higher management fees and other finance income. Coupled with a decrease in finance costs, partially offset by increases in administrative and other expenses, net profit for the quarter jumped 36.2 percent to $20.8 million. For the six-month period, revenue climbed 22.6 percent to $78.6 million while net profit rose 20.4 percent to $38.7 million.
CapitaLand’s 2Q14 revenue fell 13.2 percent to $875.3 million, mainly attributable to lower revenue from the group’s development projects in Singapore and China. However, on the back of a higher other operating income, arising from the fair value gain on investment properties combined with a decrease in other operating expenses, net profit rose 14.5 percent to $438.7 million. For the six-month period revenue dropped 9.4 percent to $1.5 billion while net profit advanced 9.2 percent to $621.5 million.
Ezra Holdings’ subsea services division, EMAS AMC, has been awarded several projects worth close to US$110 million, including options. The project entails a broad scope of works including the transport and installation of subsea structures in Africa, inspection, maintenance and repair work in the Gulf of Mexico as well as support services for a deepwater project in the Asia Pacific.
Far East Hospitality Trust has reported a marginal 1 percent increase in gross revenue to $29.6 million in 2Q14 arising from additional revenue from Rendezvous Hotel Singapore which was acquired on 1 August 2013. Due to increases mainly in property tax and retail and office expenses, net property income shrunk 1.3 percent to $26.6 million for the quarter. Consequently, net income available for distribution contracted 4.9 percent to $22.1 million and distribution per stapled security fell 13.3 percent to $0.0124 in 2Q14.
Forterra Trust recorded a 34.5 percent decline in gross revenue to $13.4 million in 2Q14, mainly due to the divestment of Central Plaza and BLP in May 2013 and April 2014 respectively and the termination of rent guarantee for Central Park Mall. Coupled with a decrease in fair values of investment properties amounting $246.8 million, the group slipped into the red with net loss of $138.2 million.
Global Logistic Properties reported an 18 percent jump in revenue to US$169.3 million in 1Q15, mainly attributable to the completion and stabilisation of development projects in China with increasing rents, inclusion of a newly acquired portfolio in Brazil and higher dividend income from GLP J-REIT. However, due to three-fold increase in net finance costs, partially offset by a higher positive change in fair value of investment properties, net profit slid 12 percent to US$179.4 million in 1Q15.
Oversea-Chinese Banking Corporation registered a 54.3 percent surge in net profit to $921 million in 2Q14, underpinned by higher net interest income, strong non-interest income growth, mark-to-market gains in the insurance business and continued cost discipline. For 1H14, the group achieved a record net profit of $1.8 billion, a year-on-year increase of 40.8 percent, driven by healthy business momentum across all customer-related businesses.
Sembcorp Marine achieved a 19.3 percent increase in turnover to $1.3 billion in 2Q14, on the back of higher income recognition for rig building projects. Coupled with a higher share of results from associates and joint ventures, partially offset by an increase in finance costs, net profit was up 5.4 percent to $131.6 million in 2Q14. Similarly, for 1H14, revenue and net profit rose 23.1 percent and 4.3 percent respectively, to $2.7 billion and $254.1 million.
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