UOB-Kay Hian Holdings
Stock broker UOB-Kay Hian Holdings said its third-quarter net profit fell by 26 per cent to $14.7 million.
Total revenue slumped by 9 per cent to $76.7 million for the three months to Sept 30, on the back of an 11.8 per cent drop in commission income to $51.2 million.
UOB-Kay Hian said trading volumes in major regional markets where it operates remained low.
Interest income slipped 6.4 per cent to $19.6 million, owing to lower financing activities. Other operating revenue increased 11.7 per cent to $5.9 million, due to higher corporate finance activities.
Commission expense dropped 2.2 per cent to $12.1 million, a smaller decrease relative to a reduction in income, due to the conversion of employed dealers to remisiers.
Earnings per share fell to 1.87 cents from 2.56 cents previously, while net asset value per share eased to 168.76 cents compared with 169.69 cents as at Dec 31.
Looking ahead, the stockbroker expects investors to maintain a more risk adverse approach given the many prevailing uncertainties, including volatile currency fluctuations.
AnnAik said its 60-per-cent-owned subsidiary, ChangXing HengYi Wastewater Treatment Co, yesterday entered into a build-operate- transfer project with the municipal government of Lijiaxiang which gives service concession rights to HengYi to construct and operate a wastewater treatment plant in the Chinese town.
The total investment in the project is estimated at 10 million yuan (S$2.06 million).
The daily wastewater treatment capacity of the plant is 10,000 tonnes of wastewater a day.
The local government has guaranteed the sale of treated water under a stipulated formula. The contracted unit price is 1.50 yuan per tonne of treated water, and will be adjusted to the national pricing for the treatment of wastewater.
Accordingly, the local government will compensate for any shortfall from the guaranteed amounts.
The concession rights are for 30 years from the commencement of commercial operation of the plant, which is expected to be completed by end 2017.