The Straits Trading Co

The Straits Trading Company said its subsidiary Straits Real Estate (SRE) has agreed to acquire an office building in Melbourne for A$125 million (S$125.1 million).

The office building at 114 William Street is 25 storeys high and situated on a freehold site of 1,858 sq m. It comprises 22 levels of office space, one level of ground retail space and two basement carparks.

The property, which is currently leased out to a mix of reputable high-quality tenants from the financial and legal sectors, will provide SRE with a ready stream of income, Straits Trading said.

Global Logistic Properties

Global Logistic Properties (GLP) reported a 49.4 per cent jump in first-quarter earnings on higher asset values, development gains and the continued expansion of its fund management platform.

The provider of modern warehouse facilities earned a net profit of US$268.1 million (S$368.2 million) for the three months ended June 30, up from US$179.4 million a year ago.

Revenue grew 12.3 per cent to US$190.2 million as the group completed development projects in China and saw increased rents and the inclusion of management fee income from the GLP US Income Partners I fund.

Earnings per share jumped by 50.3 per cent to 5.38 cents.

Cosco Corp (Singapore)

Shipbuilder Cosco Corp (Singapore) has reversed into a loss for the second quarter.

It posted a net loss of $4.8 million for the three months to June 30, compared to earnings of $14.3 million for the quarter last year. This was due to losses in shipyard and shipping operations amid unfavourable market conditions - the low crude oil price, languid dry bulk shipping and a slump in shipbuilding.

Group turnover fell 26 per cent to $853.5 million, owing to decreases in shipyard and shipping revenues.

Loss per share amounted to 0.21 cent against earnings of 0.64 cent in the same period last year.

Cosco said that it expects business conditions for the rest of the year to remain difficult.