The absence of a one-time charge for its speciality vehicle business in China gave a fillip to results for Singapore Technologies (ST) Engineering for its third quarter.
Net profit leapt 67.5 per cent to $128.4 million from the previous year, the group said. For the three months ended Sept 30, revenue was little changed at $1.62 billion, up from $1.61 billion the previous year. Higher revenue in the aerospace and electronics segments had been offset by lower contribution from the marine and land systems segments, ST Engineering said.
The bottom line had been boosted by lower distribution and selling expenses and other operating expenses, due to the absence of a one-time charge. ST Engineering had made an impairment of $61.1 million for the same quarter last year for its speciality vehicle business in China.
Net profit for the nine months ended Sept 30 was up 9.3 per cent to $343.4 million, while revenue inched up 1.1 per cent to $4.92 billion.
Earnings per share rose to 4.12 cents from 2.47 cents in the previous year. Net asset value per share stood at 67.17 cents as at the end of the quarter, higher than the 63.39 cents as at the same time a year ago.
Keppel KBS-US Reit
The IPO of Keppel KBS-US Reit has drawn positive demand with about US$448.0 million raised. The public offer of some 34.1 million units was about 6.7 times subscribed. Trading commences on the mainboard of SGX at 2pm on Nov 9.
Alliance Mineral Assets
Australian miner Alliance Mineral Assets said it has completed its placement with Burwill Commodity after issuing a fourth and final tranche of 17.9 million shares to the Hong Kong-listed firm.
The number of its issued and paid up ordinary shares has correspondingly increased from 537.7 million to 555.6 million, after the recent allotment and issuance.
Alliance Mineral said early last month it was placing A$19.575 million (S$20.5 million) of shares to Burwill Commodity as its auditor flagged uncertainty about its ability to operate as a going concern if it is unable to raise more funds.
Burwill bought the shares in four tranches, with the subscription price representing discounts of up to 10 per cent of the stock's volume weighted average price of 29.72 cents on Sept 29.