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Headliners (Treasury China Trust, Q&M Dental Group, Swiber Holdings, Berlian Laju)
Headliners | 02 March 2012
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By: Jade Lee
Articles (97) Profile

TCT Reports Steady NPI Growth During FY11
Treasury China Trust (TCT) has announced FY11 earnings of $235.5m underpinned by net property income of $58.1m. The bulk of the trust’s earnings came from a gain in fair value of investment properties which amounted to $312.5m. The trust which was established to acquire, develop and manage real estate in China, mentioned that its FY11 financial report card showed a strong operating performance as revenues increased sequentially quarter-on-quarter. Across its office property portfolio, TCT attained a committed occupancy of 97.9% after beginning the year at 87.8%. Importantly, TCT remarked that the increase in occupancy, included in the 123 leases negotiated throughout FY11, was a major factor in TCT in achieving gross rental income of $92.7m. During the year, TCT expanded its balance sheet through the acquisition of a 55% interest in Central Avenue Mall In Qingdao and a 100% interest in Huai Hai Mall Shanghai.

Q&M Rides On Record Revenue To Deliver 14% Earnings Growth
Q&M Dental Group, a private dental healthcare group in Asia reported FY11 earnings growth of 14% to $4.6m on the back on a healthy 22% increase in revenue. The FY11 record revenue of $47.7m was underpinned by growth in revenue from Q&M’s existing dental clinics and contributions from new clinics in Singapore and Malaysia. During FY11, Q&M had opened six dental clinics and one dental centre in Singapore, while opening an additional outlet in Malaysia. The dental group intends to further expand its presence in Southeast Asia, in particular, Malaysia, as it sees rising demand for private dental healthcare. Q&M attributes this to rising consumer affluence and medical tourism as well as a growing pool of dentists in Malaysia. Setting its sights on China, the dental group intends to sink Rmb400m to establish its business through the opening of 50 dental clinics and 20 laboratories in China by 2015.

Swiber Reports Stellar FY11 Results
Swiber Holdings, an integrated construction and support services provider to the offshore oil and gas industry, registered a record top line performance of US$654.5m, a 40.5% jump from FY10 figures. In tandem with the record top line performance, earnings grew 7.1% to US$42.2m. The stellar revenue performance was supported by progressive revenue recognition from contracts in Southeast Asia and South Asia that had been awarded in the last two years. Francis Wong, chief executive officer, opined that Swiber’s strategy of offering a full suite of integrated services was gaining traction with its clients and that the firm would continue to expand its capabilities further to entrench its position in the Asia Pacific and Middle East. Wong also commented that global oil demand is expected to rise as India and China try to boost energy security. This could translate further into robust demand for offshore support services, which Swiber will be well-positioned to capture.

Berlian Laju Defaults
Following earlier debt restructuring and debt standstill announcements in Jan-12, Berlian Laju, Indonesia’s largest oil and gas shipping group, defaulted on six of its debt instruments. The shipper is the latest to cave in amidst a weak global market. Berlian Laju said on 27 Feb-12 that it had defaulted on an approximately $57.8m worth of scheduled payments. The shipper said that it is working with its financial advisor and will provide an update with respect to its restructuring of its indebtedness in due course. In Feb-12, business trust, First Ship Lease Trust, said that some subsidiaries of Berlian Laju had defaulted on their payment obligations to three Singapore-flagged tankers. In total, Berlian Laju’s outstanding debt stands at US$1.9b, with about US$418m in scheduled payments being due in FY12.

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.

Berlian Laju Tanker  -- -- --   
Business: Co is a seaborne liquid bulk cargo transportation specialist.

Insight: Jun-17, Co remains suspended since 27 Jan-12. (06/... Read More

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