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Stocks In Focus SG (Ecowise Hldgs, The Straits Trading Co, Wee Hur Hldgs) – 26/12/14
Ecowise Holdings has released its financial reports for FY14, showing a fall in its full-year revenue by 8.8 percent to $73 million due to lower revenue from its resource recovery segment. Gross profit margin was also affected as it fell of 1.4 percentage points from 23 percent in FY13 to 21.6 percent in FY14. The company incurred a net loss of $6.7 million this year, contrasting to a profit of $1.9 million in the previous year, mainly due to a higher impairment loss on property plant and equipment and allowance for doubtful debt.
The Straits Trading Company has entered into a share transfer agreement to dispose all shares of its indirect subsidiary Shanghai Straits Trading Co, to Baijia International Group (Hong Kong) for a consideration of Rmb19.3 million. After the disposal, Shanghai Straits Trading Co will cease to be a subsidiary of the company.
Wee Hur Holdings has acquired a 16,946 square metres plot of land located in Woolloongabba, Brisbane, from a third party for a consideration of AUD51.3 million ($55.2 million). The acquisition is in line with the company’s strategy to venture into overseas property development, and the company will in due time acquire an additional 2,194 square metres of land for AUD5.2 million ($5.6 million), a necessary acquisition as it forms part of the intended development.
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