Company Briefs: Raffles Education Corp

Raffles Education Corp

Raffles Education Corp's full-year net profit fell by 7 per cent to $15.8 million.

Revenue for the 12 months to June 30 also dropped by 7 per cent to $111 million, mainly due to the discontinuation of a joint-venture college in Shanghai. This resulted in a revenue decrease of $4.6 million. Revenue also fell due to a drop in the foreign student intake at Raffles Sydney, which saw revenue fall by $7.8 million.

Earnings per share slipped to 1.63 cents from 1.68 cents previously while net asset value per share eased by 2.39 cents to 54.71 cents.

Raffles said it is facing increasing competition, higher manpower costs and a more stringent regulatory environment, all of which are expected to have an adverse effect on the group's operations.

The company is not recommending a dividend. Last year, it paid a final dividend of one cent a share.


Midas Holdings

Midas Holdings unit Jilin Midas Aluminium Industries has won two supply contracts worth 53.8 million yuan (S$10.93 million) from customers in mainland China.

The first contract, worth 34.6 million yuan and awarded by CRRC Tangshan, is to supply aluminium alloy extrusion profiles and fabricated parts for high-speed trains. This contract is slated for delivery this year.

The second contract, from CRRC Changchun Railway Vehicles and worth 19.2 million yuan, is to supply aluminium alloy extrusion profiles to the Haerbin Metro Line 1, with delivery this year and in 2017.


ISOTeam

ISOTeam has posted a net profit of $9.2 million for the 12 months to June 30, up 13.6 per cent from the same period a year ago.

Revenue was $94.1 million, up 15.3 per cent from a year ago, driven mainly by a leap in revenue from new business segments, namely coating, painting and others, as well as double-digit growth in its addition and alteration segment.

Full-year earnings per share was 3.23 cents, unchanged from a year ago, while net asset value per share was 18.79 cents as at June 30, from a restated 16.20 cents as at June 30 last year.

A final dividend of 0.75 cent per share was proposed, down from a final dividend of 1.15 cents a share last year.

A version of this article appeared in the print edition of The Straits Times on August 25, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe