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Stocks In Focus SG (ARA Asset Mgmt, PetraFoods, NeraTel) – 08/05/14
Asia-Pacific Strategic Investments reported an 11.1 percent year-on-year decline in revenue to RM2 million in 3Q14, due to a decrease in revenue from tomb construction and funeral services. Consequently, gross profit dipped 12.4 percent to RM1 million. A net loss of RM2.5 million was recorded for 3Q14, a 36.5 percent year-on-year increase, as a result of a further increase in professional fees and staff costs.
ASJ Holdings received a voluntary conditional cash offer at $0.065 per share for all its issued and paid-up ordinary shares by Taiwan-based company Ralec Electronic Corporation, that currently owns an approximately 28 percent stake in ASJ. This is in line with Ralec Electronic’s expansion plans to strategic growth regions in South East Asia.
ARA Asset Management saw an 18.4 percent growth in revenue to $38.2 million for the quarter ended 31 March 2014, boosted by higher management fees and acquisitions fees. Administrative expenses spiked $3 million on the back of increased headcount to facilitate the company’s expansion. Subsequently, earnings registered a modest 6 percent gain to $17.8 million.
AusGroup posted a 47.2 percent year-on-year decline in revenue to A$73 million for 3Q14. This was a result of significant downsizing of the business over the recent six months. In line with the significant downsizing, gross profit declined 27.8 percent year-on-year to A$8.7 million. Consequently, mainly due to the write-off of ASX listing consultancy fee of A$1.9 million, AusGroup recorded a net loss of A$1.3 million in 3Q14, compared to net profit of A$0.1 million a year ago.
Courage Marine Group’s indirect wholly-owned subsidiary Cape Ore Marine Corporation, has agreed to sell MV Cape Warrior, a Capesize vessel with carrying capacity of approximately 151,688 deadweight tonnage for a consideration of US$8.7 million. The consideration offered for the disposal is deemed to be attractive in the current market conditions and will be used for the group’s general working capital. A gain on disposal of US$1.5 million will be recorded for the FY14.
HISAKA Holdings’ revenue edged down 2.4 percent to $8.3 million for the quarter ended 31 March 2014, on the back of a decrease in demand for its products and services due to the weaker economic climate. However, earnings returned to a positive territory due to a higher gross margin and decreased allowance for impairment on inventories. For the six-month period, revenue fell 6.4 percent to $12.6 million, while the company reversed losses to recognise earnings of $0.1 million.
Nera Telecommunications recorded an 11.5 percent gain in turnover to $40.7 million for the quarter ended 31 March 2014, mainly due to higher sales in Asia Pacific as a result of contribution made by a newly acquired subsidiary. Dragged by a $0.7 million reduction in other operating income caused by a fall in accounts receivable collection fee, earnings dropped 21.3 percent to $4.6 million.
Petra Foods recorded 3.3 percent year-on-year dip in revenue to US$122.7 million for 1Q14. This resulted in a 3.7 percent year-on-year decline in gross profit to US$39,1 million. However, due to a divestment of its entire Cocoa Ingredients Division in FY13, financial results of the loss-making Cocoa Ingredients Division were not included in 1Q14. Therefore, Petra Foods registered total profit of US$13.5 million in 1Q14 as compared to a total loss of US$14.9 million in 1Q13.
Tiong Woon Corporation posted an 18.6 percent fall in revenue to $36.9 million for the quarter ended 31 March 2014, mainly due to a decrease in contributions from the Marine Transportation, Engineering Services and Trading segments. A 4 percentage point improvement in gross margin to 29.6 percent and an increase in government grant of $0.4 million provided reprieve. Earnings were flat at $3.9 million. For the nine-month period, revenue contracted 12.7 percent to $125.9 million, while earnings grew 32.1 percent to $17.2 million.
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