Yeo Hiap Seng
Beverage maker Yeo Hiap Seng said its third-quarter net profit fell by 45.8 per cent to $5.1 million.
Revenue for the three months to Sept 30 fell by 13.5 per cent to $94.7 million. This was almost entirely due to weaker performance from the food and beverage (F&B) business, which posted a 13.7 per cent fall in revenue to $93.4 million. The F&B division gross profit fell by 19.9 per cent to $32.2 million, mainly due to lower revenue and higher raw material costs.
There was no property development or sale of unit during the quarter.
Earnings per share eased to 0.88 cent from 1.64 cents previously while net asset value per share fell to 103.35 cents compared to 103.88 cents as at Dec 31.
In the next 12 months, the group expects the F&B margins to come under pressure, mainly due to soft economic conditions and weak outlook for its key markets, competitive selling prices and uncertainty in raw material prices.
Yeo Hiap Seng expects to realise a gain of about $138.4 million from the sale of its 11.7 per cent stake in Super Group, which has received a $1.45 billion buyout offer from Dutch beverage giant Jacobs Douwe Egberts.
Singhaiyi Group
Singhaiyi Group has quadrupled its second-quarter net profit to $3.9 million from $918,000 in the same period last year.
Revenue for the three months to Sept 30 was flat at $13.3 million, mainly from sales of completed units from Vietnam Town - a project in the US. It also reported lower rental owing to an enhancement initiative (AEI) programme by Tri-County Mall in the US.
Earnings per share swelled to 0.136 cent from 0.032 cent previously while net asset value per share inched up to 16.19 cents, compared with 16.15 cents as at March 31.
The group said redevelopment of Park Mall started last month and is expected to be completed by the end of 2019. Singhaiyi will provide professional and development management services to redevelop the mall into a new Grade A commercial development.
TripleOne Somerset has commenced AEI works for its retail podium while the sale of Somerset Tower was officially launched in late August and several units have been sold at an average price of above $2,600 psf.
Singhaiyi also expects to obtain temporary occupation permit for City Suites, a 17-storey freehold residential project, by the first half of next year. It is preparing to market this project within financial year 2017.
