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  1. #11
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    27 August 2015 F J Benjamin narrows FY15 loss

    27 August 2015 F J Benjamin narrows FY15 loss Retail group F J Benjamin's net loss for the financial year ended 30 June narrowed from S$22.1 million to S$16.99 million.
    Revenue slid 20 per cent year on year to S$293.41 million amid a challenging year on the back of reduced business in North Asia, currency volatility as well as lower tourist arrivals. The group rationalised its store portfolio, which caused it to incur impairment charges for store closures, early termination of leases, stock provisions and redundancies.
    "While this has impacted turnover, it has yielded significant improvements in the productivity of its stores across the region," the group said.
    Loss per share came to 2.99 Singapore cents, versus a loss per share of 3.89 cents a year ago.
    No dividend was declared for the current year. In the corresponding period a year ago, a first and final dividend of 0.25 cents per share was announced.
    It said: "The group will complete its rationalisation and planned closure of two remaining stores by end December 2015. To address the shift in consumer trend and structural change in retail environment, it has also undertaken a restructuring of its in-house brand, Raoul, to improve performance on a reduced cost base."
    It expects consumer sentiment to remain muted given global economic and political uncertainty. Meanwhile, it is striving to further improve inventory management and cost efficiencies.

  2. #12
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    Magnus Energy posts narrowed losses for FY15

    27 August 2015 Magnus Energy posts narrowed losses for FY15 SINGAPORE (Aug 27): Oil drilling equipment supplier Magnus Energy Group reported a 67.3% decrease in net losses to $2.7 million for FY2015 ended June.
    Group revenue fell 2% to $44.5 million, on the back of weakened demand in its oilfield equipment supplies and services segment, arising from the sharp decline in oil prices.
    Expenses fell 40% to $12 million on the back of the group’s cost reduction efforts.
    Magnus energy says the fall in oil prices may hit its core business in oilfield equipment supplies and services. However, it remains cautiously optimistic about the segment’s growth prospects, and expects to remain profitable in the next twelve months.
    The group will also be actively pursuing new acquisitions and investments opportunities across the Asia Pacific region in the near future, it adds.
    The group did not declare any dividends for the current financial period.
    Magnus Energy’s shares closed 9.1% higher at 1.2 cents.

  3. #13
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    Cordlife Group posts 6.4% earnings growth in FY15

    27 August 2015 Cordlife Group posts 6.4% earnings growth in FY15 SINGAPORE (Aug 27): Cordlife Group, the cordblood banking services provider, has reported a 6.4% increase in earnings to $32.5 million for FY2015 ended June.
    Group revenue rose 17.3% to $57.6 million, on the back of an increase in client deliveries from 15,880 to 21,085. The increase in client deliveries was attributed to the growing awareness of its service from its increased marketing and client acquisition efforts, particularly in its India subsidiary.
    Cordlife says will continue to develop its market leadership in cord blood and umbilical cord lining banking in Asia, and plans to introduce new consumer healthcare products for mothers and children.
    It also expects its core business to remain profitable for FY2016.
    The group declared a final dividend of one cent for the current financial period.
    Cordlife’s shares closed 0.4% higher at $1.17.

  4. #14
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    Asian Micro turns profitable in FY2015

    27 August 2015 Asian Micro turns profitable in FY2015 SINGAPORE (Aug 27): Asian Micro Holdings, which provides recycling and precision cleaning of packaging trays and media and disk cassettes for the hard disk drive and semiconductor industries, reported earnings of $609,000 for FY2015 ended June, compared with net losses of $602,000 in FY2014.
    Group revenue fell 8% to $6 million, following the cessation of its tray washing business by its Thailand subsidiary. This was offset, however, by the higher revenue contribution from its Thai subsidiary’s natural gas vehicle business.
    There was also a decrease in administrative expenses from the recovery of professional fees in relation to the terminated reverse takeover transaction by Oxley Global.
    Asian Micro its operating business environment to remain challenging in the next 12 months due to pricing pressures from customers and rising operational costs.
    The group did not declare any dividends for the current financial period.
    Asian Micro’s shares closed 9.1% higher at 1.2 cents.

  5. #15
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    PEC posts 21% decrease in earnings for FY2015

    27 August 2015 PEC posts 21% decrease in earnings for FY2015 SINGAPORE (Aug 27): PEC, a engineering, procurement and construction services provider, reported a 21% decline in earnings to $7.2 million for FY2015 ended June.
    Group revenue rose 11% to $499.6 million, on the back of an increase in project works and maintenance services.
    However, other operating income fell by $2.5 million to $4.6 million, owing to the writeback of impairment on trade receivables and sale of scrap in FY2014, which were not repeated in the current financial year.
    PEC’s order book stood at $419.5 million as at end-June.
    PEC says the operating environment of the process industry remains difficult with rising costs in Singapore, as well as the oil companies’ decision to scale back, defer or cancel projects due to the fall in oil prices.
    The group declared a final dividend of two cents for the current financial period.
    PEC’s shares closed 11.9% higher at 33 cents.

  6. #16
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    Lum Chang’s FY15 earnings jump 19% to $29.8 mil

    27 August 2015 Lum Chang’s FY15 earnings jump 19% to $29.8 mil SINGAPORE (Aug 27): Construction firm and property developer Lum Chang Holdings’ earnings jumped 19% to $29.8 million in the financial year ended June 30, 2015, from $25.1 million the year before.
    Revenue leapt 13% to $312.4 million from $276.6 million, mainly due to the commencement of revenue recognition for two construction projects.
    Lum Chang says the higher gross profit and cost of sales in the year was in line with the increase in revenue.
    The group’s order book balance stood at $845 million as at June 30, 2015.
    Lum Chang says it is continually looking for “sound” investment opportunities and has recently acquired two freehold commercial properties in London, UK.
    The firm proposed a final tax-exempt dividend of 1.25 cents per ordinary share.
    Shares in Lum Chang ended up 1.5 cents or 4.5% at 35 cents.

  7. #17
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    27 August 2015 Civmec decides against buying Technip unit

    27 August 2015 Civmec decides against buying Technip unit SINGAPORE (Aug 27): Civmec has decided not to acquire PT Global Industries Asia Pacific, a subsidiary of Technip, as the parties involved could not reach a commercial agreement.
    “While the acquisition will not proceed, we look forward to continuing and strengthening our relationship with Technip,” Civmec’s CEO Patrick Tallon says in a statement to the stock exchange.
    The heavy engineering and construction service provider says it will continue to pursue other opportunities in the Southeast Asia region for both contract awards and acquisitions.
    It is also eyeing opportunities in Australia, particularly in public infrastructure.
    On April 14, Civmec had proposed acquiring PT Global Industries Asia Pacific, which includes securing 21 hectares of strategically located waterfront land with deep-water access in Batam, Indonesia.
    Civmec ended up 2.5 cents or 8.2% at 33 cents.

  8. #18
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    Singapore can do better in many areas as a financial centre: panel

    27 August 2015 Highlight Singapore can do better in many areas as a financial centre: panel SINGAPORE (Aug 27): The Republic as a financial centre is well established but it can still do better to attract more institutional investors, promote innovation and the use of technology, says an industry panel.
    At its inaugural meeting on Aug 25, the Monetary Authority of Singapore's (MAS) Financial Centre Advisory Panel (FCAP) discussed strategies to grow Singapore's financial centre, promote innovation and the use of technology, as well as build deep skills and capabilities.
    In a statement on Thursday, MAS says Ravi Menon, its managing director, chaired the meeting, which was attended by 24 FCAP members from across the country's banking, insurance, and asset management segments.
    FCAP members noted that Singapore as a financial centre has made strong gains in asset and wealth management, reinsurance and specialty insurance, and foreign exchange (FX) and derivatives. However, there was scope to do better in several areas, such as attracting more institutional investors like pension funds and family offices to strengthen the buy-side ecosystem for the capital markets.
    Members also said more could be done to promote digital distribution, advanced analytics and other innovations to drive growth in the insurance industry; provide more seamless capital-raising across the spectrum from start-ups to global companies; and build up FX electronic trading capabilities and enhance liquidity in Asian bond markets.
    FCAP members discussed the importance of developing the right mindsets as well as skillsets within the financial sector workforce so that the industry continued to be adaptable and nimble in the face of new demands and technologies.
    The FCAP plans to meet biannually. The next meeting will be held in January 2016. In the meantime, MAS will work with FCAP members to further develop the ideas discussed and co-create initiatives to take them forward.

  9. #19
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    Widodo’s new Indonesia stimulus starts with old tax holidays

    27 August 2015 Highlight Widodo’s new Indonesia stimulus starts with old tax holidays JAKARTA (Aug 27): Two weeks after a cabinet reshuffle, Indonesian President Joko Widodo’s revamped economic team promised a "big" stimulus plan as global market turmoil increases pressure on policy makers. The team’s first act: an expansion of past tax holidays.
    Chemicals, machinery, agricultural, maritime transport and upstream oil and gas companies investing more than 1 trillion rupiah ($100 million) will get lower taxes for between 5 years and 15 years, Finance Minister Bambang Brodjonegoro told reporters in Jakarta on Thursday. Tax reductions will be between 10% and 100%, he said.
    The move widens an existing policy of tax holidays for industrial investors previously announced by the current and previous governments. Widodo, known as Jokowi, brought in new trade and economics ministers in a reshuffle on Aug. 12 aimed at improving coordination and policy making to shore up slowing growth in Southeast Asia’s largest economy.
    “This is helpful but just one of many things that any FDI investors will look at, at the end of the day,” said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp. in Singapore. “It sounds like a re-packaging of what has been talked about for a while.”
    The Jakarta Composite Index extended gains to 4.6 %, the most in nearly two years, after the tax plans were announced. The rupiah climbed 1% at the close in Jakarta, according to prices from local banks. The currency is the second-worst performer against the dollar in Asia this year and the stock market has fallen more than 15%.
    Investor deterrents
    On Aug. 20, Jokowi ordered the cabinet to conduct a major deregulation to improve the investment climate. The government plans a “big” economic stimulus package in coming days, aimed at increasing investment flows and strengthening the rupiah, Darmin Nasution, the coordinating minister for economic affairs, said on Thursday.
    Telecommunications companies will be able to apply for a tax holiday with only 500 billion rupiah investment, Brodjonegoro said. Indonesia has previously offered tax holidays to build oil refineries and to other investors.
    The challenge is convincing investors who are put off from starting businesses in Indonesia by the poor state of its roads and ports, rising labor costs, corruption and a lack of legal certainty, long-term problems that may take years to fix.
    Mixed messages and protectionist policies aren’t helping. Also on Thursday, the Agriculture Ministry said it was proposing a 10% tax on soybean imports. It plans to order traders to buy from local farmers, Director General of Food Crops Hasil Sembiring said.
    Foxconn Technology Co., which has been in talks for years to potentially build a phone manufacturing plant in Indonesia, wanted a “large amount” of free land on Java island in requests for a deal that the government couldn’t grant, Industry Minister Saleh Husin said.
    The government is looking to attract manufacturers to meet domestic demand in the world’s fourth-largest population and replace imports to narrow a persistent current-account deficit. Foreign direct investment stagnated last quarter.

  10. #20
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    Huan Hsin appoints RHB Securities as financial adviser

    27 August 2015 Huan Hsin appoints RHB Securities as financial adviser SINGAPORE (Aug 27): Huan Hsin Holdings has appointed RHB Securities Singapore as financial adviser to the company.
    RHB will assist the company in identifying new viable businesses to boost the group’s financial performance and strategic investors who will provide funding for suitable investments or acquisitions.
    The appointment was in response to a requisition notice submitted by USP Group, Huan Hsin’s 16.2% shareholder, to Singapore Exchange on July 8.
    The requisition notice requested for an independent financial adviser to review the viability of Huan Hsin’s existing core business, recommend an appropriate strategy for the valuation and deployment of property assets, to maximise shareholder returns.
    In particular, USP noted that in the sale of Huan Hsin’s Shanghai assets, two separate independent valuations of its land use rights had a discrepancy of RMB100 million ($22 million). It also pointed out that Huan Hsin’s borrowings had been increasing despite the inflow of cash from the Shanghai disposal.
    Huan Hsin was placed on the SGX watch-list in March 2014, following three consecutive years of net losses.
    Huan Hsin’s shares closed unchanged at three cents.

 

 

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