Company Briefs: Wing Tai Holdings

Wing Tai Holdings

Developer Wing Tai Holdings has posted a 92 per cent drop in first-quarter earnings to $2 million, mainly due to the absence of a one-off gain in the corresponding quarter last year.

The group had recorded a gain of $21.2 million on disposal of a subsidiary company in Indonesia last year.

Revenue for the three months to Sept 30 rose by 6 per cent to $170.3 million.

Earnings per share shrank to 0.26 cent from 3.07 cents previously, while net asset value per share firmed to $4.17 compared to $4.07 as at June 30.

Looking ahead, Wing Tai noted that buying sentiment for private residential property in Singapore is expected to remain subdued.


Sing Investments

Sing Investments & Finance reported a

6.7 per cent drop in third-quarter net profit to $3.5 million.

This was despite net interest income and hiring charges for the three months to Sept 30 rising by 11.4 per cent to $9.1 million.

The finance company was hit by a widening of allowances for impairment losses on loans and advances to $915,000 from $89,000 previously.

Earnings per share slipped to 8.92 cents from 9.56 cents in the same period last year, while net asset value per share eased to $1.96 compared to $1.99 as at Dec 31.


Keppel DC Reit

Keppel DC Reit has expanded its data centre footprint to Germany with a forward sale and purchase agreement to acquire mainCubes Data Centre (mainCubes DC), a data centre that is expected to be completed in 2018.

The Reit will pay mainCubes One Immobilien GmbH & Co KG €84 million (S$130 million), of which 10 per cent will be paid upon contract signing, while the remaining will be paid upon completion of the data centre.

The acquisition is backed by a 15-year triple-net lease agreement with mainCubes One GmbH, a related party of the seller.

During the construction period of the data centre, Keppel DC Reit will receive regular coupon payments from the seller, making the acquisition immediately accretive to the Reit's distribution per unit.

A version of this article appeared in the print edition of The Straits Times on October 29, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe