Company Briefs: Keppel Corporation; Stamford Tyres Corporation; CapitaLand

Keppel Corporation

A unit of Keppel Offshore and Marine has won four contracts worth $85 million for the conversion, repair and modification of vessels.

The contracts include one for a new customer, MTC Engineering.

Keppel Shipyard will carry out repair work for the life extension and conversion of an oil tanker into a floating production storage and offloading vessel. Upon its completion in the third quarter of next year, it will be deployed to a field in offshore peninsular Malaysia.


Stamford Tyres Corporation

Stamford Tyres saw profits more than triple to $8.1 million for the financial year ended April 30. The strong showing came despite revenue slipping 1.7 per cent to $235.8 million, which the firm said was due to lower sales in Africa and South-east Asia.

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The company attributed its stellar results to higher profit from its joint ventures in Hong Kong and India, which climbed from $1.8 million in 2016 to $2.6 million.

Earnings per share was 3.44 cents for the year, while net asset value as at April 30 was 52.59 cents, up from 49.88 cents as of April 30 last year. It declared a final dividend of 1.5 cents per ordinary share.

Despite its strong performance, the company said its operating environment will continue to be challenging.


CapitaLand

CapitaLand announced yesterday it had clinched three new management contracts in Chengdu, Foshan and Shanghai - all in China.

The contracts with its wholly owned CapitaLand Mall Asia will add more than 115,000 sqm of gross floor area, excluding car park, to the group's retail footprint.

In Chengdu, CapitaLand has been commissioned by Sichuan Da Yi Real Estate to manage the retail component of Leshijie, an integrated development in the up-and-coming Pidu district. With this contract, CapitaLand will be managing seven malls in Chengdu.

In Foshan, CapitaLand will be managing the retail component of Hehua International Commercial Plaza, a landmark integrated development near Foshan's border with Guangzhou, while it will manage the retail component of Capital Square in Shanghai, an integrated development it is jointly developing with Shanghai Shentong Metro Group, which develops, constructs and operates railway and metro lines in the city.

A version of this article appeared in the print edition of The Straits Times on June 29, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe