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    Dow Jones Newswires 14/08/15

    14 August 2015 Ezion Holdings’ 2Q net profit down 36% to $41 mil
    SINGAPORE (Aug 14): Ezion Holdings, the owner of one of the largest fleet of liftboats in the world, saw a 36.3% fall in 2Q net profit to US$29 million ($40.6 million) from US$45.5 million a year ago.
    Revenue for the three months ended June decreased by 2.8% to US$90.1 million from last year mainly due to the absence of contribution from the marine and offshore logistic support services division as the projects in Queensland, Australia did not go into “additional trains” as originally planned.
    Cost of sales and servicing for the quarter also increased by 29.6% to US$58.7 million due to the deployment of additional multi-purpose self-propelled jack-up rigs.
    As a result, gross profit decreased 33.7% to US$31.4 million.
    Ezion says the operating environment in the oil and gas sector has remained challenging since the beginning of the year. The group expects oil majors to continue reducing capital expenditure on exploration and development and focus on extraction and production-related activities. Ezion closed 0.7% higher at 76.5 cents on Thursday.

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    14 August 2015 Highlight Olam’s

    14 August 2015 Highlight Olam’s 2Q earnings soar 198% to $94.7 mil on higher operational PATMI
    SINGAPORE (Aug 14): Olam International's 2Q earnings nearly tripled to $94.7 million from $31.8 million a year ago.
    This was despite a net loss of $19.2 million on the fair valuation of biological assets compared to a net gain of $17.1 million a year ago.
    Turnover for the agriculture company fell 16.4% to $4.81 billion from $5.76 billion previously.
    The lower revenue was part of the company’s strategy to grow in prioritised platforms while reducing volumes or exiting from lower-margin businesses, says Olam.
    However, operational PATMI (excluding exceptional items) in 2Q increased 96.3% to $95.2 million.
    EBITDA in 2Q increased 6.1% to $285.1 million with continued growth across most platforms.
    Despite the recent volatility in the commodity and currency markets, Olam believes its diversified portfolio with "leadership positions" in many segments provides a resilient platform to navigate these uncertainties.
    Olam has declared an interim one-tier tax exempt dividend of 2.5 cents per share. Shares of Olam ended higher yesterday at $1.76, up 3 cents or 1.7%.

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    14 August 2015 Otto Marine sinks into the red in 2Q

    14 August 2015 Otto Marine sinks into the red in 2Q
    SINGAPORE (Aug 14): Otto Marine has swung into the red with a net loss of $2.5 million in the second quarter ended June 30, from earnings of $17.5 million a year ago.
    Revenue fell 36.4% to $71.22 million from $111.97 million previously, due to a reduction in fleet size and lower charter rates, and decrease in ship conversion revenue.
    While the offshore marine group has reduced its fleet size in view of the depressed market conditions, it has secured additional new charter orders.
    New chartering contracts in 2QFY15 stood at US$132.2 million ($184.9 million), bringing total order book to US$307.2 million as at June 30, 2015.
    This has raised the utilisation rate to 74.0% to 2QFY15 from 59.2% in 1QFY15.
    Otto Marine say it will ride through the difficult times and emerge "stronger" and ready to embrace better performance when market starts to recover. Shares of Otto Marine ended marginally higher on Thursday at 3 cents.

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    14 August 2015 Valuetronics' 1Q earnings dip 1.1% dip to $6 mil

    14 August 2015 Valuetronics' 1Q earnings dip 1.1% dip to $6 mil
    SINGAPORE (Aug 14): Valuetronics, the electronic manufacturing service provider, reported 1Q earnings of HK$33.5 million ($6 million), a 1.1% dip from a year ago.
    For the three months to June, group revenue fell 12.2% to HK$550 million for the quarter ended June, as consumer electronics revenue declined 27% to HK$280.2 million, on the back of the slowdown in demand from its customer in the LED lighting business.
    That was mitigated by the 11.2% revenue increase from its industrial and commercial electronics segment, arising from the increased demand from some of the existing industrial and commercial electronics customers.
    Valuetronics says that its competitors in the consumer electronics segment have been ramping up their aggressive pricing strategies, particularly in the mass market LED lighting products business, which continues to erode the group’s margins.
    On the other hand, some of its existing LED mass market products are about to reach the end-of-life cycle, so the group expects to have a lower reliance on the revenue contribution from LED lighting products moving forward.
    The group says it will continue to grow its industrial and commercial electronics segment, as new business opportunities remain in the pipeline, and expects to remain profitable for the rest of the financial year.
    No dividends has been declared for the quarter. Valuetronics’ shares closed 2.7% higher at 38.5 cents on Thursday.

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    14 August 2015 IMF awaits steps from Europe on Greek debt relief

    14 August 2015 IMF awaits steps from Europe on Greek debt relief
    [WASHINGTON] The International Monetary Fund said Thursday it wants Greece's European partners to decide on a package of debt relief before determining if it will take part in Athens' next bailout.
    Senior IMF official Delia Velculescu made the comment after leading a team that met in Athens this week with Greek and European financial officials working on a rescue plan.
    "In the period ahead, we look forward to working with the authorities to develop their programme in more detail and for Greece's European partners to make decisions on debt relief that will allow Greece's debt to become sustainable," she said.
    She said the IMF would assess "its participation in providing any additional financing to Greece once the steps on the authorities' program and debt relief have been taken." Greek lawmakers are to vote on an 85-billion-euro ($94.8-billion) rescue plan negotiated with the European Union, European Central Bank and the IMF, its third bailout since 2010.
    A major Greek creditor, the IMF took part in talks on the package but has let it be known that its participation in a bailout depends on Europe agreeing to sustainable debt relief. Germany, the major eurozone economy and another Greek creditor, has "questions" about the planned deal. Eurozone finance ministers are to meet on Friday in Brussels. AFP

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    14 August 2015 Oil prices fall on supply glut

    14 August 2015 Oil prices fall on supply glut
    [LONDON] Oil prices fell again on Thursday after an up and down week, as traders tracked developments over China and an oversupplied market.
    Brent North Sea crude for delivery in September dipped 61 cents to stand at US$49.05 a barrel in London late afternoon deals after earlier rising 16 cents.
    US benchmark West Texas Intermediate for September dropped US$1.07 to US$42.23 a barrel compared with Wednesday's close.
    New York oil prices on Wednesday edged up from six-year low points as US oil supplies declined and the dollar retreated.
    The US Department of Energy Wednesday said the estimated amount of crude oil in the country's commercial storage tanks tumbled 1.7 million barrels to 453.6 million barrels in the week ending August 7.
    The report also said US domestic oil production fell 70,000 barrels a day to about 9.4 million barrels, which is positive for oil prices in an oversupplied market.
    The dollar has meanwhile taken a hit after China's surprise move to devalue the yuan, with analysts saying this could delay plans by the US central bank to raise interest rates, a move previously expected as early as September.
    A weaker US currency makes dollar-priced oil cheaper for holders of other units, perking up demand and supporting prices.
    But analysts said oil prices were being weighed down by continued concerns over a glut in the world crude market.
    "The market is just bearish overall," said Daniel Ang, an investment analyst with Phillip Futures in Singapore. "There's still no big change to the supply and demand fundamentals in the oil market," he told AFP.

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    14 August 2015 Highlight ST Engineering

    14 August 2015 Highlight ST Engineering posts 6% lower 2Q earnings of $123 mil on flat revenue
    SINGAPORE (Aug 14): ST Engineering, the defence contractor, posted 6% lower 2Q earnings to $125 million, or 4.01 cents per share, from $133.2 million a year ago.
    Revenue for the three months to June came in 3% lower at $1.55 billion, of which 64% came from commercial sales.
    Against the same period last year, its aerospace department recorded comparable PBT (profit before tax) at $70.6 million. PBT was comparable at $46.6 million due mainly to less favourable sales mix and lower contribution from satellite communication product sales.
    PBT for land systems sector was down 11% to $16.3 million due to higher allowance for inventory obsolescence and impairment of goodwill.
    Marine sector recorded 20% higher PBT of $29.6 million.
    As at end March, order book stood ar $12.4 billion.
    The group expects to deliver $2.3 billion of orders in the remaining months of 2015.
    For the second quarter, the group announced about $1.34 billion worth of contracts.
    Of these, $920 million was from the aerospace sector and $424 million from the electronics sector.

    ST Engineering has declared an interim ordinary dividend of 5.0 cents each. The stock closed 1.9% higher at $3.23 on Thursday.

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    14 August 2015 Global Invacom

    14 August 2015 Global Invacom sinks into the red in 1H with $3.9 mil net loss
    SINGAPORE (August 14): Satellite component maker Global Invacom reported a net loss of US$2.8 million ($3.9 million) for the six months ended June, compared to earnings of US$3.7 million a year ago. Revenue fell 22.7% to US$54 million.
    This was due to delayed sales to three of its major customers through destocking or changes in procurement procedures. The group says the majority of the delayed orders have now resumed, and management expects to return to profitability in 2H.
    In 1H, the group recognised six months contribution of US$1.7 million in revenue from its latest acquisition, OnePath Networks, in Israel.
    Gross profit margin fell to 20.7% in 1H from 24.9% same period last year due to the reclassification of products related to import duty taxes to the US and the weakening Malaysian Ringgit to the US dollar.
    Lack of availability of semiconductor devices also delayed production and raised logistics costs. Shares in Global Invacom were up 0.7% to 14.9 cents on Thursday.

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    13 August 2015 Falcon Energy

    13 August 2015 Falcon Energy Group posts five-fold increase in earnings in 1Q
    SINGAPORE (Aug 13): Marine and oilfield services provider Falcon Energy Group posted a five-fold increase in 1Q earnings to US$44.8 million ($63 million) from US$8.1 million a year ago.
    Group revenue fell 34.5% to US$60.7 million for the quarter ended June, as revenue from the marine division decreased by US$2.1 million to US$17 million with fewer chartering contracts secured. However, this was partially mitigated by the inclusion of CH Offshore’s revenue contribution of US$6.7 million, after the latter became a 86.7% owned subsidiary in February.
    Its oilfield services division recorded a decrease in revenue of US$29.9 million to US$41.7 million, as fewer engineering, procurement, construction & commissioning contracts were completed.
    Gross profit margins improved from 13.8% to 17.4% on the back of higher margins earned by CH Offshore and better profit margin projects undertaken by the oilfield projects division.
    Falson Energy says that the offshore support services industry remains challenging, with the extended low crude oil price impacting offshore oil and gas activities worldwide. The group says it will continue to improve on efficiency of its operations to maintain its competitive edge.
    The operational integration of its fleet with CH Offshore’s fleet is also expected to yield synergies between the two groups and increase the productivity of the enlarged group, it adds.
    The group did not declare dividends for the current financial period. Falcon Energy’s shares closed unchanged at 23.5 cents.

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    13 August 2015 Overseas Education posts 4.9% decline in 2Q earnings

    13 August 2015 SingHaiyi’s logs 17-fold increase in 1Q earnings
    Singapore (Aug 13): Real estate firm SingHayi Group's 1Q earnings rose almost 17 times to $17.5 million

    Revenue skyrocketed to $237.7 million from just $5.9 million a year earlier.
    The strong performance was due to the completion of its Design, Build & Sell Scheme (DBSS) project, Pasir Ris One. The project was awarded Temporary Occupation Permit (TOP) during the quarter.
    At the date of announcement, the project was 93% sold, and 87% of the project was recognised in the latest quarter. The remaining 6% of the project will be recognised when the buyers’ eligibility tests are met.
    The group expects to obtain TOP for a public housing project in the first quarter of next year. All profit will be recognised for the project upon receiving TOP, and 100% of the project has been sold, the firm says.
    The group recommended a special dividend of 0.2 cent a share. SingHaiyi closed 2.3% lower at 13.1 cents.

 

 

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