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Stocks In Focus SG (FJ Benjamin, Great Eastern Hldgs, Kitchen Culture Hldgs) – 06/02/15
F J Benjamin Holdings posted a 16.7 percent reduction in revenue to $87.1 million for the second quarter ended 31 December 2014 amid a significant decline in local and tourist footfall into the company’s stores. Helped by an 81.9 percent shrink in foreign exchange losses and a multi-fold increase in share of results of associates and joint venture, net profit soared 112.3 percent to $1.2 million. Pursuant to a softer economic outlook in Asia, the company intends to cope by focusing on improving productivity through store rationalisation, managing inventory levels and enhancing cost efficiencies.
Great Eastern Holdings saw a 5.6 percent gain in gross premiums to $2.3 billion for the fourth quarter ended 31 December 2014. Further driven by higher segmented profits from both the group’s insurance and investment businesses, net profit advanced 25.3 percent. For the full year, gross premiums were up 2.9 percent to $8.2 billion while net profit climbed 30.2 percent to $878.6 million. The group has declared a final and special dividend per share of $0.40 and $0.05 respectively.
Kitchen Culture has completed the acquisition of another 30 percent of issued and paid-up share capital of Kitchen Culture (Hong Kong) for HK$6 million (approximately $1 million). The purchase consideration includes HK$3 million of advance payments made by the previous owners. The acquisition which will be funded by internal resources, is aligned with the group’s intention of further expansion of its business in Hong Kong.
Sim Lian Group has been awarded the tender for a land parcel at Anchorvale Crescent which will be developed into an executive condominium housing development. The land parcel measures 17,450.1 square metres and has a gross floor area of 52,350.3 square metres. The acquisition and development of the land parcel will be funded by internal resources and bank borrowings.
Technics Oil & Gas bagged contracts worth $6 million to supply process and rotating equipment to customers in Malaysia. The award of contracts came hot on the heels of $7.2 million in deals from a Singapore customer announced earlier in the same month.
YuuZoo signed an exclusive partnership agreement with JW Lottedi Mega Malls for the development of a social e-commerce network in China. Under the agreement, YuuZoo will develop JW Lottedi’s own social e-commerce network where the developed system will subsequently be integrated into YuuZoo’s e-commerce system.
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