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Stocks In Focus SG (ComfortDelGro Corp, Del Monte Pacific, XMH Hldgs) – 15/12/14
ComfortDelGro Corporation reported a divestment of its 25 percent equity interest in Hengyang Citycab Bus Services Co for a cash consideration of Rmb1.7 million. Additionally, the group announced an acquisition of a 49 percent stake in Australian-based bus planning and scheduling specialist, Phillip Boyle & Associates, for A$0.5 million.
Del Monte Pacific saw a rise in turnover in its 2Q15 operations by three-folds to US$548 million, with huge contributions by Del Monte Foods. Despite revenue rising, there was a fall in gross profit margin from 26.4 percent to 20.9 percent, mainly attributable to higher cost of goods sold. An increase in overall expenses eroded profitability, resulting in a net profit of US$0.2 million in 2Q15.
LionGold Corporation saw a 22.9 percent fall in 3Q14 revenue to $18.5 million, due to a decrease in gold sales. Gross profit margin fell by 18.4 percent points to 7.7 percent, due to higher unit cost of production in Castlemaine Goldfields resulting from a fall in grade of gold extracted. However, a substantial decrease in other expenses saw net loss for the quarter contracting 73.6 percent to $11.6 million.
Sinarmas Land has entered into an agreement for the sale of New Brook Buildings, a property in the United Kingdom, for GBP113.4 million. The disposal presents an opportunity to realise an attractive rate of return from the upturn in value of properties in the area. Net proceeds will be used to repay bank loan on property, as working capital and for future acquisition and investment purposes.
XMH Holdings recorded a 28.9 percent fall in revenue to $19.2 million in 2Q15, due to slower sales in its distribution business segment. However, the group saw a rise in its gross profit margin by 6.5 percent points to 29.7 percent due to lower cost of sales. A rise in expenses generally led to a fall in net profit by 64.9 percent to $0.7 million.
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