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Stocks In Focus SG (Sarin Technologies, Ntegrator, Keppel Corp) – 05/08/13
Sarin Delivers Strong Performance For 2Q13
Sarin Technologies announced a sterling set of financial results for the second quarter ended 30 June 2013, with net profit rising 26 percent to US$8.3 million on the back of a 21.9 percent increase in revenue to US$22.1 million. The strong performance was mainly attributed to the improved overall business sentiment and accelerated Galaxy TM penetration following the expansion of the Galaxy TM family systems to 122 with the deployment of a record 17 systems during the period. Notably, many of the systems delivered were to first-time users. For the half year, revenue was up 11.9 percent to US$42.3 million while net profit jumped 13.5 percent to US$16.3 million. Sarin announced an interim dividend of US$0.015 and a special dividend of US$0.025, translating to a more than two-fold jump from US$0.0125 in 1H12. Shares of Sarin were up $0.015 at $1.53 in early trading today.
Significance: Notably, Galaxy TM -related recurring revenue jumped over 50 percent and overall recurring revenues were about 30 percent of its 1H13 total revenue, which is testimony to Sarin’s successful penetration in the markets. Sarin remain confident of this performance as well as its other rough diamond processing offerings in 2H13 as economic conditions remain stable.
Ntegrator Records 1HY13 Net Profit Up 73.7%
Ntegrator International’s net profit jumped 73.7 percent to $554,000 for its 1HY13, from $379,000 in the previous corresponding financial period. The significant increase in net profit was mainly attributed to a 49.6 percent surge in revenue to $21 million for 1HY13, as the group recorded higher contributions project sales and project management and maintenance services business segments. “We are pleased with the strong financial performance achieved at mid-year, which reflects the continual growth of our core businesses. It is encouraging that our growth efforts in Singapore as well as emerging markets such as Vietnam and Myanmar are paying off,” citing managing director of Ntegrator, Jimmy Chang. Ntegrator holds a healthy balance sheet with shareholders’ equity of $21.6 million, and a healthy cash position of $4.5 million in cash and cash equivalents as at the end of June 2013.
Significance: As at 30 June 2013, the group maintains a healthy order book of approximately $60.7 million, which is expected to contribute positively to its financial performance within this financial year. The group continues to see strong opportunities in its key operating markets and to remain focused on increasing recurrent incomes.
Keppel FELS Delivers Premium Rig For Mexican Customer
Keppel FELS delivered a KFELS B Class jackup rig, to Constructora y Perforadora LATINA (CP LATINA), a private Mexican company. It was delivered on time and with a perfect safety record, and will be chartered to PEMEX, Mexico’s national oil company, for deployment in offshore Mexico. The second rig is on schedule to be delivered in 4Q13. Keppel FELS highlighted that this is the third such rig Keppel FELS has delivered to Mexican customers since 2012 with another nine on order. “We chose the KFELS B Class for its excellent track record, strong capabilities and cost-efficiencies. We were also looking for a rig that could be delivered to our timeline and this early delivery has shown that Keppel FELS is the right partner for us,” citing chairman of CP LATINA, Santiago del Valle Toca. On the same day, Keppel had secured a US$206 million jackup order for the Mexican market
Significance: Mexico’s proven reserves of oil and gas at the start of 2013 is almost 14 billion barrels of crude-oil equivalent. With PEMEX planing to add between eight and 12 offshore platforms to its drilling fleet and having investment plans of US$25.3 billion for 2013, Keppel FELS’s established presence and reputation in the country will enable it to seize more contracts for its rigs.
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