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Headliners | 17 December 2010
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By: Gilbert Chia
Articles (13) Profile

EMS Energy Wins US$12m Pipelay System Job

EMS Energy (EMS) has secured a US$12m contract from Koastal Industries to design, manufacture and commission a pipelay system for Vietnam oil company, Joint Venture Vietsovpetro. EMS, a provider of engineered solutions for the marine oil and gas industry, won the contract through its subsidiary, Engineering & Marine Services. The project will involve conversion of an existing crane vessel “Truong Sa”, to a pipelay vessel. “EMS is able to tap on Koastal ability to provide turnkey projects by offering EMS’ range of equipments,” said executive chairman and CEO of EMS Ting Teck Jin. He added that the recent global economic recovery has aided the demand for oil and gas, generating new investments in the oil and gas industry to explore new production locations which will directly support and sustain demand for EMS’ products and services. The contract is scheduled for delivery in 12 months time.

Low Keng Huat’s 3Q11 Net Profit Falls 9%

Low Keng Huat has recently posted its 3Q financial results, citing a 9% drop in net profit. The group said that net profit for the three months ended 31 Oct-10 dropped to $15.2m from $16.6m. Revenue for the same period fell 70% to $61.5m from $205m. The plunge in revenue was because of lower construction revenue due to the completion of Meritus Mandarin Hotel and Hard Rock Hotel at Sentosa. For the nine months ended 31 Oct-10, revenue had fallen 48% to $233.2m. However, net profit for the nine months had risen 31% to $62.6m, which the group attributed to ‘increased contributions from project Nex at Serangoon Central and decrease in accruals in completed projects’. The group had announced in 3Q11 that it had won the tender for a HDB land parcel at Upper Serangoon Road for $155.2m, to build approximately 630 apartment units under the Design, Build and Sell Scheme. It had also secured a $62.5m renovation contract for an office building at 6 Battery Road. The group maintains that it will continue to search for new projects and businesses to generate consistent revenue and profitability streams.

Datapulse’s 1Q11 Net Profit Down From $3.9m To $3m

Datapulse Technology recently announced its 1Q11 financial results for the period ended 31 Oct-10. The media storage products maker reported a 23% drop in 1Q net profit to $3m. Earnings per share for the period came down to 0.51 cent, down from 0.66 cent. The company cited higher raw material and component costs as the reason for the fall in net profit. First quarter revenue rose 4.6% to $21.4m as the company benefited from a seasonal increase in orders in the second half of 2010. The higher revenue was offset by a 12.2% increase in operating expenses to $18m, arising from higher raw material costs and purchase of higher value components for certain projects. The company expects outlook to remain challenging due to competition in the industry, pricing pressures and rising raw material costs. It added that the launch of a new gaming accessory by one of its major customers could improve demand for its media storage products and services.

Freight Links’ 2Q11 Bottomline Rises 25%

Freight Links Express Holdings has reported an impressive 25.1% jump in net profit for 2Q11. Net profit increased to $952,000 from $761,000 in 2Q10. The logistics group recorded a 17.9% growth in revenue to $36.1m, helped by freight forwarding business and chemical storage and logistics business. For the half-year ended 31 Oct-10, freight forwarding contributed $17.5m in revenue, an increase of 19% from 1H10. Chemical storage and logistics contributed $12m to overall revenue, a 20% jump from $10m in the year before. The group said that the gains from freight forwarding business and lower foreign exchange losses were offset by lower gross profit from chemical logistics business due to higher property taxes and the absence of job credit grants from the government. The group also has a 51% stake in Sabana Investment Partners, which owns Sabana REIT and added that it is planning to redevelop an existing warehouse at 146 Gul Circle into a three-storey ramp-up warehouse.

Low Keng Huat (S)  0.445 +0.010 +2.30%   
Business: [FY19 Turnover] Development (78.8%), hotels (11%), investments (10.2%).

Insight: Apr-19, FY19 revenue jumped 135.9% due to increase... Read More

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