Company Briefs: Pacific Andes Resources Devt

Pacific Andes Resources Devt

Fishery group Pacific Andes Resources Development's third-quarter net profit slumped by 89.9 per cent to HK$37.7 million ($6.7 million) on the back of a 6.6 per cent drop in revenue to HK$2.05 billion.

The sharp fall in profit for the three months ended June 28 was due mainly to lower sales volume of fishmeal and fish oil, the absence of a one-off gain that had boosted earnings in the same period last year, as well as the cost associated with early redemption of bonds.

Earnings per share shrank to 0.44 HK cent from 7.66 HK cents previously, while net asset value per share eased to HK$1.45 compared with HK$2.35, as at Sept 28 last year.

Soo Kee Group

Jewellery firm Soo Kee Group is aiming to raise net proceeds of $31.6 million through a listing on the Catalist board.

It is offering 112.5 million new shares at 30 cents each, of which 103.5 million are placement shares and the remaining nine million shares are being offered to the public.

The firm has three brands - Soo Kee Jewellery, SK Jewellery and Love and Co - which are distributed across 60 stores here and in Malaysia.

The initial public offering closes on Aug 18.

Keppel Corporation

Keppel Shipyard, an indirect subsidiary of Keppel Corp, has secured four contracts worth a total of about $125 million.

These include a floating production storage and offloading (FPSO) conversion contract, as well as three repair, upgrade and modification contracts. The FPSO conversion project is for Armada Madura EPC, a joint venture between long-standing customer Bumi Armada, a Malaysian oilfield services provider, and Indian conglomerate Shapoorji Pallonji.

Gallant Venture

Diversified group Gallant Venture yesterday said its second-quarter net loss widened to $31.1 million from $14.3 million previously.

Revenue for the three months ended June 30 fell by 12 per cent to $490.3 million, mainly due to lower vehicle sales and heavy equipment business. Loss per share worsened to 0.646 cent from 0.296 cent previously.

Net asset value per share eased to 40.17 cents, compared with 41.67 cents as at Dec 31.

A version of this article appeared in the print edition of The Straits Times on August 12, 2015, with the headline 'Company Briefs: Pacific Andes Resources Devt'. Print Edition | Subscribe