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  1. #21
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    13 August 2015 SIA buys back 446,600 shares during Wednesday's selloff

    13 August 2015 SIA buys back 446,600 shares during Wednesday's selloff
    SINGAPORE Airlines bought back some 446,600 of its own shares on Wednesday as the blue chip Straits Times Index (STI) plunged more than 2 per cent after China stunned the financial world by devaluing the yuan.
    In a filing to the Singapore Exchange, the national carrier said it spent S$4.57 million, buying back 446,600 of its own shares at S$10.16 to S$10.32 each in the open market.
    The STI spent the whole of Wednesday in the red before ending a net 91.57 points or 2.9 per cent lower at 3,061.49, on a high volume of 1.8 billion units worth S$2.1 billion. At 10.19am on Thursday, SIA was trading around S$10.21 a share, up one cent from its closing price on Wednesday. The STI was trading around 3,097.79, up 1.19 per cent or 36.30 points.

  2. #22
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    13 August 2015 Update: Noble's troubles seep into its bonds: Markit

    13 August 2015 Update: Noble's troubles seep into its bonds: Markit

    NOBLE Group's troubles have spread from its stocks into its bonds, according to Simon Colvin, a research analyst at financial information services Markit.
    Mr Colvin said accusations of accounting irregularities and the continuing global commodities slump have seen the credit markets turn bearish on the Hong Kong-based commodities group.
    Noble's Certificates of Deposit's (CDS) spread has tripled in the last 12 months. The latest 5 year CDS spread stands at 714bps, the highest level since 2009.
    "This jump came in two waves which occurred in March, when Iceberg's allegations first came to light, and July when the commodities slump started in earnest,'' he said.
    The bearish sentiment seen by Noble's CDS spread has also been felt by Noble's bonds, which have seen their yields shoot up in recent weeks. The entirety of the firm's yield curve has widened in the last 12 months, according to Markit's evaluated bond service.
    Markit noted that the widening has been most extreme at the long end, where the 30 year yield recently jumped above the 8 per cent mark for the first time ever in the closing week of July. This means that Noble's longest dated bond, the 6.95 per cent 2045 issue, is now yielding 8.3 per cent after having seen its price fall to 85 cents on the dollar since listing in March, according to Mr Colvin.
    "This increased bearish sentiment towards Noble's bonds could limit the firm's strategic options going forward as both the equity and debt portion of its balance sheet have come under pressure,'' the analyst said.
    Noble has lost more than half of its market value since February this year when Iceberg Research questioned its accounting policies as well as criticised the firm's poor disclosure and lack of transparency.
    Noble eventually engaged PricewaterhouseCoopers (PwC) to review the valuation of its contracts. On Monday, PwC said "Noble has adopted an approach to valuations which is consistent with the relevant criteria in all material respects".
    But the assurance provided little comfort to the market, which continued to sell the stock. Critics said the PwC review revealed nothing new and failed to address market concerns, including the controversial accounting treatment and valuation of its Australian subsidiary Yancoal.
    As the Yancoal valuation is an equity one, it was not part of PwC's assurance review which covered mostly the long-term and Level 3 mark-to-market (MTM) contracts. Under the US Financial Accounting Standards, 'Level 3' inputs are considered 'unobservable' due to the lack of data.
    However, The Business Times understands that derivatives contracts that are related to Yancoal, if they were of more than 2 years duration and held at Level 3 inputs, would have been tested in the review.
    At 03:25pm on Thursday, Noble was trading around S$0.50 a share, down half a Singapore cent, or almost 1 per cent. More than 66 million shares changed hands.
    On Wednesday, credit rating agency Moody's affirmed Noble's Baa3 rating - the lowest level of investment-grade ratings - but changed its outlook to "negative", which indicated a higher likelihood for a ratings downgrade.
    "Noble's ratings outlook was changed to negative, because first-half results indicated higher leverage and lower interest coverage, with a weaker liquidity profile that is less supportive of its current Baa3 issuer rating," Moody's analyst Joe Morrison said in the report. Standard & Poor's, which cut its outlook on Noble to "negative" from "stable" in June, said it is keeping its "BBB-" rating and outlook on Wednesday

  3. #23
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    13 August 2015 LHN posts 78.2% decline in 3Q earnings

    13 August 2015 LHN posts 78.2% decline in 3Q earnings


    SINGAPORE (Aug 13): LHN, a real estate management services provider that listed in April, reported a 78.2% decrease in 3Q earnings to $600,000.
    Group revenue rose 2% to $23.9 million for the quarter ended June, on the back of increased rental income from its industrial and commercial properties, and increased revenue from its facilities management and logistics services businesses. However, this was partially offset by the decrease in revenue from its residential properties business.
    LHN expects the next 12 months to be challenging because of the uncertain global economic outlook.
    The group has undertaken new projects that will add more than 460,000 sq ft of net lettable area to its property portfolio, including 18 Tampines Industrial Crescent, 85 Boyar Nyunt Street in Yangon, Myanmar and Plaza Marein in Jakarta, Indonesia.
    The group also intends to further expand its businesses in the ASEAN region and remains on the lookout for acquisitions, joint ventures and strategic alliances, it adds.
    The group did not declare any dividends for the current financial period. LHN’s shares closed 7.2% higher at 16.4 cents.

  4. #24
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    13 August 2015 Highlight Petra Foods’ 2Q earnings tumbles 40% to US$7.4 million

    13 August 2015 Highlight Petra Foods’ 2Q earnings tumbles 40% to US$7.4 million

    Singapore (Aug 13): Chocolate maker and distributor Petra Foods’ 2Q earnings plunged 40% to US$7.4 million.
    Revenue for 2Q was down 12.7% at US$115.1 million.
    The weaker performance was due to the slowdown in the Indonesian economy and the weakening of the Indonesian rupiah. The cost of raw and packaging materials, which increased due to the weaker rupiah, also affected earnings.
    “It is unclear at this stage how prolonged the present economic weakness in Indonesia will be but we do not expect the Y-o-Y decline in 1H 2015 in local currency terms to continue at the same rate throughout 2015,” says John Chuang, Petra’s CEO.
    The group declared an interim dividend of 1.28 US cents a share and a special dividend of 0.81 cents a share. Petra Foods closed flat at $3.

  5. #25
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    13 August 2015 Li Heng Chemical Fibre makes 2Q loss of RMB12.5 million

    13 August 2015 Li Heng Chemical Fibre makes 2Q loss of RMB12.5 million
    SINGAPORE (Aug 13): Li Heng Chemical Fibre Technologies, a high-end nylon yarn products manufacturer, posted net losses of RMB12.5 million ($2.74 million), compared with earnings of RMB 2.2 million a year earlier.
    Group revenue declined 16.6% to RMB533 million for the quarter ended June, on the back of falling average selling prices of its nylon yarn products amid a softening in China’s economy as well as its overseas markets.
    Li Heng says its downstream customers have been experiencing setbacks in orders, both from overseas and domestic markets, and selling price cuts will undoubtedly trigger a chain reaction and affect upstream suppliers of nylon yarns like Li Heng.
    Uncertainty in downstream demand and the overall global economic climate is expected to continue, as signs of further slowdown in emerging markets and China were seen in the earlier part of the year, it adds.
    The group did not declare any dividends for the current financial period. Li Heng’s shares closed 1.6% higher to 63 cents.

  6. #26
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    13 August 2015 Ocean Sky International sinks into the red

    13 August 2015 Ocean Sky International sinks into the red
    SINGAPORE (Aug 13): Construction and engineering company Ocean Sky International reported net losses of US$150,000 ($210,885) in 2Q, compared with earnings of US$2,000 a year ago.
    Group revenue remained flat at US$180,000 for the quarter ended June.
    Administrative and other operating expenses rose 2.1% to US$390,000 million on the back of professional fees incurred in relation to the proposed acquisition of Link (THM) Holdings.
    Share of results of associate declined by US$150,000 to US$90,000 on higher labour costs.
    Ocean Sky says the business environment for its associate company remains challenging on the back of rising business costs and a tight labour market in Singapore. On the other hand, its 20 year long term fixed rental rate land lease in Cambodia is expected to continue to generate stable rental income.
    Moving forward, the group expects to incur higher professional fees in relation to its proposed acquisition, it adds.
    The group did not declare any dividends for the current financial period. Ocean Sky shares closed 6.2% higher at 8.6 cents.

  7. #27
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    13 August 2015 BlackGold Natural Resources’

    13 August 2015 BlackGold Natural Resources’ 3Q loss widens to US$1.4 million after RTO
    Singapore (Aug 13): BlackGold Natural Resources, an Indonesian-led group of companies engaged in coal exploration and mining in Riau province, saw its quarterly net loss widen to US$1.4 million from US$301,956 a year ago.
    On March 10, BlackGold completed the reverse takeover of BlackGold Asia Resources, BlackGold Energy and their subsidiaries.
    The group says it is in the preliminary exploration phase of its mining activities, and has yet to commence production. There was no revenue generated as at end-June. Shares in BlackGold last traded at 20.5 cents on June 23.

  8. #28
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    13 August 2015 Highlight Thai Beverage’s 2Q earnings rise 6% to THB5.9 billion

    13 August 2015 Highlight Thai Beverage’s 2Q earnings rise 6% to THB5.9 billion

    SINGAPORE (Aug 13): Thai Beverage reported a 6% growth in earnings to THB5.9 billion ($234 million).
    Group revenue fell 3% to THB39 billion for the quarter ended June, owing to a 4.7% decrease in sales revenue in its spirits business, though this was offset by the 0.1% increase in sales revenue in its beer business, a 2.4% increase in its non-alcoholic beverages business and a 3.1% increase in its food business.
    Thai Beverage says that Thailand’s consumer confidence index was lower in 2Q on the back of the country’s slow economic recovery and the uncertain global economic recovery.
    Alcoholic beverage sales volumes were also hit by the 2% increase in taxes collected for the National Sports Development Fund.
    The group declared an interim dividend of THB0.15. Thai Beverage’s shares closed 1.3% lower at 75.5 cents.


  9. #29
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    13 August 2015 KSH’s 1Q earnings rise 5.8% to $10.2 mil

    13 August 2015 KSH’s 1Q earnings rise 5.8% to $10.2 mil
    SINGAPORE (Aug 13): KSH Holdings’ earnings rose 5.8% to $10.2 million in the first quarter ended June 30, 2015, from $9.6 million a year ago.
    Revenue, however, fell 1% to $61.9 million from 62.5 million previously.
    The property developer and construction firm says its construction revenue dipped 1.1% to $60.2 million from $60.9 million.
    KSH says it hopes to “optimise” its construction margins and protect shareholder interests amid rising operating costs. Shares in KSH ended down 0.5 cent or 1% at 49.5 cents.

  10. #30
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    13 August 2015 China Sky warns of operating losses in 1Q and 2Q

    13 August 2015 China Sky warns of operating losses in 1Q and 2Q


    SINGAPORE (Aug 13): China Sky Chemical Fibre Company says it may post operating losses in the first and second quarters of 2015.
    The manufacturer of chemical fibres will disclose more details of its financial performance when it releases its earnings on or before Aug 15, 2015. Trading in China Sky is suspended. The counter last traded at 10.2 cents on Nov 16, 2011.

 

 

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