Stocks In Focus SG (EMAS Offshore, Global Logistic Properties, Triyards Holdings) – 08/01/15

EMAS Offshore has released its 1Q15 financial results, showing a 9.1 percent decrease in revenue to US$72.7 million, because of the returning of a vessel to its owner and weakness in the shallow water platform support vessels segment. As a result, gross profit margin decreased from 22 percent in 1Q14 to 19.6 percent in 1Q15. Net profit rose by 13 folds to US$148.4 million because of the US$137.5 million boost in other operating income from the consolidation of EOC and EMAS Marine.

Global Logistic Properties has agreed to lease a total of 70,000 square metres of its logistic facilities to industry-leading retailers and a third party logistics service provider in Tokyo. Two among the four leases are with GLP’s existing long-term customers, Senko Co and H&M Hennes & Mauritz Japan Co. The new customers were not revealed, however it was hinted that one is a leading entertainment company while the other is a major international retailer.

Triyards Holdings was awarded two liftboat contracts worth US$75.4 million, extending its earnings visibility into FY16. Triyard also announced the release of its 1Q15 financial results, showing a 37.1 percent fall in revenue to US$56.7 million. Gross profit margin increased by 8.7 percentage points from 14.2 percent in 1Q14 to 22.9 percent in 1Q15, due to higher margin from an offshore fabrication project and different mix of projects at their respective completion stages. Net profit rose by 12.5 percent to US$8.2 million, after a US$3.9 million boost from provisional negative goodwill on acquisition of SM Group and increase in sales of scrap, which offset the increase in administrative expenses.

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