Company Briefs

Second Chance Properties

Second Chance Properties reported a first-quarter net profit of $2.5 million, a 48.36 per cent increase from 2014.

Revenue for the three months to Nov 30 came in 7.1 per cent lower at $8.2 million.

Second Chance operates apparel, gold and property businesses.

Revenue from the apparel business fell by $510,000 to $1.74 million in the first quarter, where $1.4 million came from the Malaysian apparel business.

The firm attributed the drop to the closure of four shops in Malaysia, the introduction of the Goods and Services Tax, the weakening ringgit, and intense competition in Malaysia.

Earnings per share for the quarter was 0.37 cent, up from 0.25 cent for the same period in 2014. Net asset value per share was 37.46 cents as at Nov 30, slightly down from 37.55 cents as at Aug 31.


YuuZoo Corporation

Social e-commerce and payments company YuuZoo Corporation and Infocomm Asia Holdings have settled all outstanding legal disputes. YuuZoo will now acquire 30 per cent of Infocomm Asia for 15 million YuuZoo shares.

The effective consideration paid by YuuZoo will be about US$2 million (S$2.8 million), given the last traded price of YuuZoo shares at 19.3 cents.

Infocomm Asia will pay its loan of S$6.5 million to YuuZoo by March 30, 2018, partly funded by proceeds from the new shares.


Abterra

Minerals and resources company Abterra said there was an accident in a mine under Zuoquan Xinrui Metallurgy Mine, which affected the mine's value.

The firm agreed for the price of proposed sale of 22.8 per cent in Zuoquan Xinrui to be reduced to $200,000, which has already been paid, which completes the sale.


Sin Heng Heavy Machinery

Sin Heng Heavy Machinery and its subsidiary PT SH Machinery Indonesia have been awarded the distributorship of the Grove range of all-terrain cranes for Indonesia with effect from today.

As part of the agreement, the company will also provide after-sales service and parts for the machines in Indonesia.

A version of this article appeared in the print edition of The Straits Times on January 01, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe