Rotary Engineering

Oil and gas infrastructure engineering firm Rotary Engineering suffered a 72 per cent slide in second-quarter net profits to $3.7 million. Revenue slumped 65 per cent to $67.38 million for the three months ended June 30.

For the first half of the year, net profits fell 61 per cent to $10.77 million while revenue fell 60 per cent to $156.77 million.

The company said the weaker showing for the quarter came as several major projects reached completion.

Its business has also been hurt by the protracted weakness in oil prices, said Rotary chairman and managing director Roger Chia Kim Piow.

There have been "delays in the award of projects as the oil majors and terminal operators adopt a cautious approach towards their infrastructure plans", he said.

Earnings per share for the second quarter was 0.7 cent, down from 2.3 cents a year ago.

Net asset value per share at June 30 was 44.7 cents, down from 45.2 cents at Dec 31, last year.

Stats ChipPAC

Chip tester Stats ChipPAC recorded a net loss of US$21.5 million (S$29 million) for the three months ended June 28, against the US$4.18 million net loss posted a year earlier.

Revenues were US$346.87 million, down 15.38 per cent.

Losses for the half year were US$23.57 million. They were US$19.99 million in the corresponding period a year earlier.

Revenues fell 7 per cent to US$717.95 million.

Loss per share for the three months ending June 28 was one US cent, compared to an earnings per share of zero a year earlier.

Net asset value per share on June 28 was 42 US cents, down from 43 US cents on Dec 28, last year.

Frasers Centrepoint Malls

Frasers Centrepoint Malls has announced a 90 per cent committed occupancy at Waterway Point mall, six months ahead of its expected opening.

Waterway Point is part of Watertown, an integrated waterfront residential and retail development in Punggol developed by Frasers Centrepoint, Far East Organization and Sekisui House.

The 370,824 sq ft retail and lifestyle hub will include indoor shopping as well as al fresco dining spaces with waterfront views.