Far East Orchard
Far East Orchard's net profit dropped 17.9 per cent year on year to $29.1 million last year, as revenue slipped 14.2 per cent to $270.9 million, the property and hospitality group reported yesterday. Last year, a lower recognised revenue from its euHabitat residential development project here was a drag on the earnings, while an early hotel lease termination in Australia hit its hospitality division.
Sales in Australian and New Zealand dollars took a toll on the results as the currencies had weakened against the Singapore dollar.
Earnings per share was 7.18 cents as at Dec 31, down from 8.97 cents a year earlier. Net asset value was $2.86 a share as at Dec31, down from $2.92 a year earlier. Far East Orchard shares closed 2.5 cents or 1.67 per cent higher at $1.52
United Engineers reported a 17 per cent year-on-year drop in last year's net profit to $102.2 million. Revenue dropped 42 per cent year on year to $1.86 billion, the property and engineering firm announced yesterday.
Earnings per share were 16 cents, down from 19.4 cents a year earlier. Net asset value was $2.97 as at Dec 31, up from $2.93 a year earlier.
Last year's revenue was hit mainly by the absence of contribution from Austville Residences project, the revenue of which was already booked in 2014. As a result, property development revenue pared 54 per cent to $402 million last year. This was offset by higher contribution from its Nasdaq-listed unit Multi-Fineline Electronix, while the group's engineering and distribution revenue rose 8 per cent year on year to $285.6 million on the back of environmental engineering projects.
United Engineers shares fell one cent or 0.49 per cent to $2.04 before results were announced.
Indofood Agri Resources
Indofood Agri Resources pulled in lower earnings last year, when its agricultural businesses were rocked by falling commodity prices. Revenue in the three months to Dec 31 slid 10 per cent to $387 million from a year earlier. Net profit fell 23.2 per cent to $32 million.
For the full year, revenue dropped 7.5 per cent to $1.42 billion, leading to a 77.5 per cent slump in net profit to $31 million, the Indonesian agribusiness announced yesterday.
Full-year earnings per share was 0.4 cents, down from 5.5 cents a year earlier. Net asset was 105.7 cents a share as at Dec 31, down from 105.9 cents a year earlier.
Indofood Agri Resources shares closed flat at 43.5 cents ahead of the results announcement.