Company Briefs: Mewah International

Mewah International

Earnings at Mewah International more than doubled in the fourth quarter on the back of higher turnover. Net profit for the three months to Dec 31 surged 197.9 per cent to US$5.4 million (S$7.6 million), well up from the US$1.8 million in the same period a year earlier. Revenue rose 37 per cent to US$740 million on higher sales volume, supported by an increase in average selling prices.

Earnings per share came in at 0.36 US cent, up on 0.12 US cent previously. Net asset value per share stood at 32.57 US cents as at Dec 31, which is little changed from the 32.47 US cents at the same time a year earlier. The group has proposed a final dividend of 0.55 cent per share, higher than the 0.45 cent paid out previously.

Global Logistic Properties

The special committee of mainboard-listed Global Logistic Properties (GLP) is in talks with several parties it has shortlisted regarding a possible acquisition of the company.

The special committee, which is tasked with overseeing the firm's independent strategic review, has evaluated various non-binding proposals received. These may involve a possible acquisition of all or some of its shares, which could lead to an offer for the company.

GLP added that all the terms of the proposals received, including price, are non-binding and that "there is no certainty that any definitive transaction will materialise".

Roxy-Pacific Holdings

Roxy-Pacific Holdings saw fourth-quarter earnings slip 4 per cent to $11.9 million amid higher costs and a drop in other operating income. But revenue for the three months to Dec 31 grew 14 per cent to $93.1 million, thanks to higher contribution from the development and property investment segments.

Other operating income sank 57 per cent to $2 million, mainly due to lower net fair value gain on its investment property in Australia. Selling and distribution expenses jumped 118 per cent to nearly $1 million, while other operating expenses surged 153 per cent to $6.8 million.

Earnings per share was 1 cent, slightly lower than the 1.03 cents previously. Net asset value per share rose to 41.2 cents as at Dec 31, compared with 38.34 cents at the same time a year earlier.

The group has declared a special dividend of 0.622 cent per share and a final dividend of 0.542 cent, lower than the payout of 1.297 cents previously.

A version of this article appeared in the print edition of The Straits Times on February 28, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe