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Headliners | 30 July 2010
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By: Jade Lee
Articles (97) Profile

Raffles Medical Embarks On Local And Overseas Expansion

Raffles Medical registered a 20.3% rise in its 2Q10 earnings, mainly contributed by improvement in operating efficiencies, recruitment of more specialists, higher patient loads, and a wider range of clinical services and medical specialties. Revenue grew 8.7% to $58.6m as both hospital services and healthcare services saw higher contribution. Meanwhile, it is expanding its presence both locally and overseas. It announced that its flagship, Raffles Hospital, has received permission from the Urban Redevelopment Authority to build an additional 102,408 square feet of space on its site, boosting its gross floor area by about a third to 410,283 sq ft. The group also announced that it had begun operating a 13,000 sq ft medical centre in Shanghai as of June, providing medical and dental care. It expects to recoup its $1m investment in one to two years.

FSL’s 2Q10 DPU Slumps 61% To 0.95 US Cents

First Ship Lease Trust (FSL) registered a 2Q10 net loss of US$6.11m, compared with a US$2.35m net profit a year earlier. This resulted from the recognition of a US$7.87m charge after long-term charters for the vessels FSL Hamburg and FSL Singapore were terminated prematurely. Distribution per unit (DPU) fell 61.2 % yoy to 0.95 US cents per unit for 2Q10, as the trust sank into the red on an impairment charge following the re-delivery of two vessels in May. The vessels were subsequently seized in China and Japan respectively on claims by Daxin Petroleum that it had not been paid for bunkers supplied to them. The vessels have been released after FSL Trust posted bail for them.

SIA Returns To The Black As Industry Recovers

SIA reported a 1Q10 profit of $252.5m, reversing a loss of $307.1m in the April-June 2009 period. Revenue on the other hand jumped 20.7%, boosted by the recovery in passenger numbers and improved yields. Group operating profit was $251m, a turnaround of $570m from a $319m operating loss last year. The parent airline company made an operating profit of $136m, versus an operating loss of $271m last year. And SIA Cargo bounced back with an operating profit of $60m, versus a loss of $104m last year. SIA Engineering’s operating profit was $36m, up from $12m in 2009. And Silkair chalked up an operating profit of $15m, versus a $3m loss previously. SIA said the outlook is positive.

Starhill Secures $496m Credit Facility

Starhill Global REIT (Starhill), a Singapore-based investor in retail and office buildings, has secured a three-year, $496m facility from a five-bank syndicate. DBS, OCBC Bank, Commonwealth Bank of Australia, Societe Generale and ING Bank provided the loans, which include a $50m revolving credit facility and will be secured over Starhill Trustee’s interest in shopping and office complex Ngee Ann City. The facilities will be used to refinance $447m of secured debts comprising a $220m two-year facility of which $67m is outstanding and a $380m five-year term loan, both maturing in September 2010. The rest of the money raised will be used for working capital and general corporate funding.

Jade manages and oversees a portfolio of stocks which are mainly focused on the mining and property sectors at Shares Investment.

Please click here for more information about this author.

First Ship Lease Trust  -- -- --   
Business: Singapore-based business trust which owns a fleet of vessels across major shipping sub-sectors.

Insight: Feb-19, FY18 revenue fell 17.7% due to a reduced f... Read More
Singapore Airlines  9.040 -0.13 -1.42%   
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
Starhill Global REIT  0.745 -0.005 -0.67%   
Business: Invests primarily in real estate used for retail and office purposes. [FY18 Turnover] Wisma Atria (31.5%), Ngee Ann City (30.6%), Australia ppties (22.2%), M'sia ppties (13.4%), China/Japan ppties (2.3%).

Insight: Jan-19, 1H19 gross revenue fell 2.3% to $103.1m la... Read More

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