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Headliners | 13 November 2009
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By: David Lee
Articles (57) Profile

SingTel’s 2Q Net Profit Up 19% To $952m
Southeast Asia’s largest telco SingTel has reported an 18.8% yoy rise in net profit for 2Q10 ended 30 September, thanks to robust performance in its Singapore and Australia businesses and strong earnings recovery by its Indonesian associate, Telkomsel. Revenue in Australia and Singapore grew 7.4% and 8.2% respectively, buoyed by strong results in the mobile markets with robust growth in customer base, bringing total 2Q revenue up 5.4% yoy to $4.1b. Pretax earnings from its regional mobile associates increased a strong 32% to $571m, reflecting Telkomsel’s strong performance after it registered its 3rd consecutive quarter of market share gain to approximately 51.4%.

The company has given a cautious outlook for its core Singapore and Australian markets, which are both expected to grow at a single-digit level in terms of sales and EBITDA. The company said it plans to muscle into the fast-growing markets of Africa to grow further despite an unsuccessful attempt earlier in October to buy South Africa’s MTN through its Indian associate, Bharti Airtel. The company would now either look at options in Africa on its own or support its partners such as Bharti Airtel in their quests for telecom assets.

REITS Must Hold AGM From 2010 Onwards: MAS
The Monetary Authority of Singapore (MAS) will now require Real Estate Investment Trusts (REITs) to hold Annual General Meetings (AGMs), with effect from 1 January 2010. These new requirements come under the revised property funds appendix, within the Code of Collective Investment Schemes, which MAS issued on Wednesday.

The REITs have to hold AGMs once every calendar year, and no more than 15 months from its last AGM. As this takes effect from 1 January next year, this means all REITs will have held an AGM by 31 December 2010. In line with SGX’s rule on the timing of AGMs for other listed issuers, REITs will have to hold their AGMs within four months of their financial year-ends.

SIA Posts Net Loss For Second Quarter Running
A combination of fuel hedging losses and poor yields has led Singapore Airlines (SIA) to post a second consecutive quarterly loss in its latest 2Q10 results ended 30 September. However, the net loss of $159m for the quarter – against a net profit of $323.8m a year ago – improved significantly against the $307m of red ink in 1Q10. 2Q10 revenue of $3.08b was 30% down but 7.3% up from 1Q10’s $2.9b.

The pick-up in fuel prices has helped reduce SIA’s fuel hedging loss by $87m to $200m. Passenger yield for 2Q10 was $0.098/km, versus $0.102 in 1Q10 and was down 23.5% on a yoy basis, versus a 17.7% annual fall in 1Q10. Despite capacity cuts, the 2Q10 passenger load factor was 79.6%, versus a breakeven level of 88.8%. Still, this was a sequential improvement from the load factor of 71.6% in 1Q10. In its forward-looking statement, SIA said advance bookings indicate demand for air travel has stopped declining and is gradually recovering.

Midas’s 3Q09 Net Profit Rises 17.4%
Midas Hldgs has reported a 17.4% rise in its net profit to $9.4m for 3Q09 ended 30 September spurred by higher gross margins and profit share from associate. The 3 months saw revenue rise 3% to nearly $37m, bringing total revenue for 9M09 to $106.2m which was a 3.9% yoy drop though.

The company said it is in the process of expanding its capacity to meet the impending demand as PRC’s Ministry of Railway continues to invest heavily in railway projects. By end 2010, Midas expects to have a total of 5 production lines and total annual production capacity of 50k tonnes – up from the current 2 production lines and annual production capacity of 20k tonnes. The company has declared a 3rd interim cash dividend of $0.0025 per share.

Singapore Airlines  9.160 +0.10 +1.10%   
Business: Co provides air transportation services to destinations spanning a network spread over 6 continents. [FY19 Turnover] SIA (80%), Budget Aviation (10.5%), SilkAir (6.2%), SIAEC (3.1%), others (0.2%).

Insight: May-19, FY19 revenue edged up 3.3% to $16.3b. Pass... Read More
Singtel  3.170 -- --   
Business: Asia's leading communications group. [FY19 Turnover] Mobile Comm (31.1%), Data & Internet (19.2%), Infocomm Technology (17.5%), Sale of Eqmt (16.5%), Digital Biz (7.2%), Fixed Voice (5.2%), Pay-TV (2.1%), Leasing (0.8%), others (0.4%).

Insight: May-19, FY19 operating revenue remained flat at $1... Read More
Midas Hldgs  -- -- --   
Business: Manufacturer of aluminium alloy extrusion products for China's rail transportation sector. [FY16 Turnover] Aluminium alloy (99.3%), polyethylene pipe (0.7%).

Insight: Jan-18, Co announced that its JV company, CRRC Nan... Read More

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