Company Briefs: Qian Hu Corporation

Qian Hu Corporation

Integrated ornamental-fish service provider Qian Hu Corporation has posted a 66.7 per cent jump in net profit to $25,000 for the second quarter ended June 30.

Revenue was up 13.7 per cent to $21.7 million, on the back of growth across all its segments - ornamental fish, accessories and plastics.

"Despite the improvement in profit contribution from our accessories business, the reduction in operating profit generated from the ornamental fish business segment has slashed the growth in profitability registered in the second quarter," said Qian Hu, adding that it also incurred higher corporate expenses due to a brand building exercise.

Earnings per share rose to 0.02 cent from 0.01 cent previously. Net asset value per share came in at 44.52 cents as at June 30, little changed from 44.48 cents as at Dec 31 last year.

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Swissco Holdings

The judicial managers of Swissco Holdings have sold five of the group's vessels for US$11.2 million (S$15.3 million).

They said yesterday that Swissco Maritime has sold a vessel, Swissco Venus, to an unnamed buyer, and Swissco Offshore has agreed to sell four Selat vessels to Selat Offshore.

The sales are expected to result in a net loss of about US$4.5 million, but the judicial managers said this is a more advantageous realisation of the group's assets than in a winding up, and would help ensure Swissco's survival. Proceeds from the Swissco Venus sale have been used to repay all the amounts owed to Credit Suisse, while the Selat vessels sale will be sufficient to repay all the amounts owed to CIMB and RHB that are related to the vessels.

ST Engineering

The aerospace arm of ST Engineering, Singapore Technologies Aerospace (ST Aerospace), secured new contracts worth about $650 million in the second quarter.

These were for services ranging from heavy airframe and engine maintenance, component repair and overhaul to freighter conversion.

ST Engineering said in a statement yesterday that the aerospace sector redelivered 862 aircraft for airframe maintenance and modification work in the quarter.

ST Aerospace continued to build its capacity during the quarter, and made further progress in developing its aircraft seats business.

ST Engineering shares closed 1.1 per cent or four cents higher at $3.73 yesterday, before the announcement was made.

A version of this article appeared in the print edition of The Straits Times on July 19, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe