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Singapore Daily Bulletin – 31/08/11
Daily Bulletin | 31 August 2011
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Olam Posts 38% Profit Jump In 4Q11
Olam International (Olam) posted a 38% profit jump to $127.4 million for the final quarter ended 30 June. Revenue spiked by 46.1% to $4.6 billion, benefiting from the higher commodity prices. For the full year, strong results were achieved with top line surging 49.7% from $10.6 billion to $15.9 billion and bottom line climbing up 19.6% from $359.5 million to $429.8 million. Notably, earlier this year, the company had raised $740 million in an equity fund raising exercise and a further $1.5 billion through debt borrowings. Henceforth, it is well-positioned to ‘navigate through the current dislocation in the capital markets and to take advantage of opportunities that are consistent with its long-term strategies.’ A first and final dividend of 5 cents per share has been proposed.

Significance: In light of the strong results, Olam’s group managing director and chief executive Sunny Verghese remarked that the company is ‘well ahead of its original strategic plan target and are poised to achieve the prior FY15 profit-after-tax (PAT) goal of US$454 million at least two years ahead of plan’ and has reset its FY16 PAT target to US$1 billion.

Kian Ann’s Profit Jumps 27.7% In 4Q11, Reaches Record High For FY11
Kian Ann Engineering’s (Kian Ann) profit jumped 27.7% to $4.3 million in the final quarter ended 30 June, supported by a 4.7% revenue increase to $43.6 million. For the full year, the bottom line jumped 26.6% from $13.2 million to a record high of $16.8 million while the top line climbed up 8.7% from $149.4 million to $162.3 million. The stellar performance was largely attributed to higher demand of machinery parts in Malaysia and Indonesia. Specifically, sales in Malaysia grew 22.4% to $51.2 million while that of Indonesia grew 17.2% to $25.1 million. A final dividend of 0.775 cent per share has been proposed, together with its paid out interim dividend of 0.325 cent per share, this represents a 10% increase compared to the preceding year’s total of 1 cent per share.

Significance: Notwithstanding the economic woes in the United States of America and Europe, Kian Ann remains cautiously optimistic about its prospects for the coming financial year. It foresees demand from the forestry, mining and infrastructure segments to remain stable and looks to seek new business opportunities in regions such as Africa and South America.

Sun East And Grand Banks Yachts To Join SGX Watch-list
Sun East Group (Sun East) and Grand Banks Yachts are poised to join the Singapore Exchange (SGX) watch-list, after both companies incurred pre-tax losses for the third consecutive financial year. Beauty and skincare firm Sun East reported a pre-tax loss of HK$115.5 million for the year ended June 30, sinking deeper into the red after incurring a pre-tax loss of HK$21.3 million last year. Meanwhile, motor yachts producer Grand Banks Yachts reported a pre-tax loss of $7.8 million for the year ended June 30, improving marginally from its previous year’s pre-tax loss of $8 million.

Significance: A company is placed on the SGX watch-list when it reports pre-tax losses for three consecutive financial years, and has an average daily market capitalisation of less than $40 million over the last 120 market days. Quarterly reviews are conducted to identify such companies, so far this year, Jackspeed Corporation, Gems TV Holdings and Lottvision have already entered the list.

Olam Int'l  1.830 +0.020 +1.10%   
Business: Co is engaged in sourcing, processing, packaging and merchandising agricultural products. [FY18 Turnover] Food staples & packaged foods (47.6%), confectionery & beverage ingredients (23.4%), industrial raw materials, infrastructure & logistics (14.9%), edible nuts & spices (14.1%).

Insight: May-19, 1Q19 revenue rose 16.7% due to increased t... Read More
AnAn Int'l  -- -- --   
Business: Engaged in trading petroleum and petrochemical products. [FY18 Turnover] Distribution (99.1%), wholesale (0.1%).

Insight: Feb-19, FY18 revenue decreased 12% due to a cessat... Read More
Grand Banks Yachts  -- -- --   
Business: Leading mfr of world-class motor yachts with factory in M'sia, marketed thru an int'l network of dealers.

Insight: May-19, 9M19 revenue slid 19.7% due to fewer boats... Read More
Jackspeed Corp  -- -- --   
Business: Sales of leather trim, accessories & OEM to car distributors & dealers, automobile, marine & aviation mfr. [FY19 Turnover] Accessories (65%), non-accessories (35%).

Insight: Apr-19, FY19 revenue slid 11% to $46.7m due to a d... Read More

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