Company Briefs: Ascendas Hospitality Trust

Ascendas Hospitality Trust

Ascendas Hospitality Trust (A-HTrust) has, through Ascendas Hospitality Business Trust, agreed to acquire a majority stake in KY-Heritage Hotel Dongdaemun for 72.1 billion won (S$89.4 million).

It will hold a 98.7 per cent stake in the 215-room hotel, while the rest will be held by Ascendas (Korea), a wholly-owned subsidiary of Ascendas Land International (ALI).

ALI is a controlling stapled security holder and sponsor of A-HTrust, which is a stapled group comprising the business trust as well as Ascendas Hospitality REIT.

The freehold, 20-storey hotel, which was completed in 2015, is in the prominent Dongdaemun area and close to some of the city's other attractions, such as Doota Mall.

Tianjin Zhong Xin Pharmaceutical Group

Tianjin Zhong Xin Pharmaceutical Group Corporation has posted a net profit of 173.4 million yuan (S$36.3 million) for the first quarter ended March 31, up 29.6 per cent from the preceding year.

Revenue for the group, which is involved in the manufacturing and sale of traditional Chinese medicine, expanded 9 per cent to 1.62 billion yuan from the year-ago period. Other gains for the company in the first quarter stood at 23 million yuan, up 34 per cent. The rise was mainly due to reversal of allowance for impairment on other receivables.

Net asset value per share edged up to 6.03 yuan as at March 31, from 5.82 yuan as at Dec 31.

Yangzijiang Shipbuilding

Shipbuilder Yangzijiang (YZJ) Shipbuilding recorded a 10.9 per cent fall in net profit to 595.1 million yuan (S$124.5 million) for the first quarter mainly due to the appreciation of the Chinese currency against the US dollar and the increase in raw material prices.

Revenue expanded 6 per cent to 4.96 billion yuan despite fewer deliveries.

This was mainly due to progressive construction of more larger-sized container ships in the latest quarter. YZJ delivered nine vessels during the quarter, compared with 14 in the same period last year.

Revenue from other shipbuilding-related businesses, such as shipping logistics and chartering, and ship design services, was 88.1 million yuan in the first quarter compared with 64.1 million yuan in the year-ago period, owing to higher charter income.

A version of this article appeared in the print edition of The Straits Times on April 28, 2018, with the headline 'Company Briefs: Ascendas Hospitality Trust'. Print Edition | Subscribe