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Stocks In Focus SG (Centurion Corp, First Resources, Hotel Properties) – 11/05/15
Centurion Corp reported a 58 percent fall in 1Q15 net profit to $9.4 million due to the absence of an one-off gain last year. 1Q15 revenue rose 44 percent to $25.3 million, underpinned by its accommodation business, which gained 56 percent in revenue. Centurion states that its accommodation business remains positive, supported by stable demand for both its workers and student accommodation across Singapore, Malaysia, Australia and the UK. With Malaysia’s Westlite Tampoi commencing operations in January 2015 and Singapore’s Westlite Woodlands completing in the 3Q15, the group is on track to achieve continued growth in its core business in 2015.
Eastern Holdings announced that Riway has filed an appeal to the Court of Appeal to seek for additional payment of approximately $0.24 million in respect of pre-judgement interest and costs. The company has sought legal advice in respect of the appeal and considers the appeal to be without merit. The company intends to vigorously defend the Riway appeal.
First Resources reported a 38.5 percent drop in 1Q15 net profit to US$27.7 million. 1Q15 revenue also fell 46 percent to US$96.3 million. The firm says that weakness in crude oil and soya-bean oil prices, coupled with slowing demand in China continues to exert pressure on palm-oil prices. It is expecting the prices to remain weak in the near term as the industry enters the seasonally higher production period.
Hotel Properties reported a revenue of $158.9 million for 1Q15, representing some 26 percent decrease, mainly attributable to reduced contributions from the Property Division as the Tomlinson Heights condominium development was completed in 1Q14. 1Q15 net profit stands at $14.3 million. The Singapore residential property market sentiments continue to be soft and the global economic outlook remains mixed as the group continues marketing its residential properties in Singapore and London. The group’s hotels and resorts are expected to continue generate recurring income and operating profits.
Vallianz Holdings edged 5 percent in net profit to US$5 million for 1Q15, attributable to higher gross profit and share of profit of associate, although offset by an uptick in finance and administrative costs. Revenue jumped to $60.7 million, driven by higher revenue from charter and brokerage services in addition to ship management and shipyard services. Contributions from Jetlee Group, OER Group and Newcruz Group were recognised after acquisition in 4Q14. As at end March 2015, the group has a fleet of 39 offshore support vessels.
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