Company Briefs: Soo Kee Group

Soo Kee Group

Increased demand lifted revenue at home-grown jeweller Soo Kee Group in the second quarter, it reported yesterday.

Turnover rose 16.9 per cent to $35.6 million for the three months to June 30.

But net profit slumped 72 per cent to $552,000, down from $1.97 million for the same quarter last year. This was due to an increase in material costs, which rose 34.6 per cent, as well as higher expenses due to increased employee benefits, directors' remuneration and fees.

The Catalist-listed group last month launched SK Bullion, a platform providing buying, selling and insured storage services for investment-grade gold, silver and other precious metals. It will open a bricks-and-mortar SK Bullion store in Raffles Place this month.

Earnings per share fell to 10 cents, down from 44 cents for the same quarter last year.

Net asset value came in at 8.96 cents as at June 30, up from 8.88 cents as at Dec 31 last year.

Otto Marine

Otto Marine subsidiaries Swordfish 5 and Go Offshore have started arbitration proceedings against Vettal Mega Services.

Otto Marine claims that Vettal owes $6 million in charter contracts.

Last week, Otto Marine also started arbitration proceedings against Robert Knutzen Shipholdings for alleged default on charter parties.

Vicom

Vicom, the vehicle-testing and inspection unit of ComfortDelgro, posted a 12.6 per cent fall in earnings to $6.62 million for the second quarter.

Revenue fell 6.9 per cent to $25.4 million.

Earnings per share came in at 7.47 cents, down from 8.55 cents for the same period a year earlier.

Net asset value came in at $1.6105 as at June 30 this year, down from $1.6503 as at Dec 31 last year.

It attributed the reduced revenue to lower business volumes, adding that it expects demand for testing services to be impacted by more vehicles being deregistered.

A dividend of eight cents was declared, lower than the 8.75 cents for the same period a year earlier.

A version of this article appeared in the print edition of The Straits Times on August 11, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe