Company briefs: AusGroup

AusGroup

Service provider to the oil, gas and mining sector AusGroup yesterday reported a whopping net loss of A$99.5 million (S$102 million) in the fourth quarter ended June 30, taking its full-year loss to A$192.7 million. The group posted a corresponding net profit of A$266,000 and A$6.2 million respectively last year.

To compound matters, AusGroup is in breach of its requirement to maintain a minimum net worth position as well as thresholds to cover interest payments that are required under all its banking facilities with DBS Bank and the trust deed stipulated in its bonds.

So far, the group has obtained a waiver for this breach from DBS. But its negotiations with bond holders are ongoing.

AusGroup said it is considering all funding alternatives, including the renegotiation of its borrowings to extend the planned repayment terms, disposal of assets and raising capital through share placements or rights issues.


Singapore Exchange

Singapore Exchange is launching the SGX APAC ex-Japan Dividend Leaders Reit Index, comprising 30 real estate investment trusts across the Asia-Pacific, excluding Japan.

It will be the first SGX index to be used as a benchmark index for a new exchange-traded fund (ETF), which will be issued by Phillip Capital Management.

The index is the first of its kind, comprised entirely of Reits in the Asia-Pacific region that are dividend weighted, whilst also becoming accessible through an ETF.

It measures the performance of Reits that pay the largest dividends within the Asia-Pacific ex-Japan, providing investors with the opportunity to participate in a portfolio offering significant and sustainable yields.

The index's total return over 12 months to July 29 was 19.97 per cent.


Lum Chang Holdings

Construction group Lum Chang Holdings said its net profit eased by 1 per cent to $29.5 million, despite revenue rising by 36 per cent to $426.1 million for the year ended June 30.

The group has begun to recognise revenue for two construction projects amounting to $141.5 million. The directors recommended an unchanged final dividend of 1.25 cents a share.

A version of this article appeared in the print edition of The Straits Times on August 30, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe