Company briefs : Ascott Residence Trust

Ascott Residence Trust

Distribution per unit (DPU) for the first quarter at Ascott Residence Trust (Ascott Reit) fell 1 per cent to 1.75 cents as the number of units increased.

If effects of an equity placement last month are excluded, DPU would be $1.76, the same as the first quarter last year.

Revenue grew 17 per cent to $105.5 million. Total distributable income rose 1 per cent to $27.3 million. This was mainly due to additional revenue of $16.4 million from Ascott Reit's acquisitions last year.

The increase was offset by the decrease in revenue of $800,000 owing to the sale of six rental housing properties in Japan.

SP Corporation

SP Corporation's first-quarter net profit more than quadrupled to $299,000 as revenue and interest income grew.

Revenue for the three months ended March 31 rose 5 per cent to $27.9 million from a year earlier.

The higher revenue was mainly due to higher sales from commodities trading. This was offset by a fall in tyre distribution revenue.

Interest income shot up 143 per cent to $399,000, due to a higher proportion of overdue trade receivables.

Earnings per share was 0.85 cent, higher than an adjusted 0.2 cent last year. Net asset value per share was $1.42 as at March 31, down from $1.43 as at Dec 31 last year.

The group said it expects the business environment for commodities trading to remain challenging, due to volatile global markets and the continual softening of commodities prices. The intense competition in the tyre business will continue to affect tyre sales in the local and export markets, it said.

Cosco Corporation (Singapore)

A unit of Cosco Corporation (Singapore) announced that the date it was due to deliver a drilling unit has been postponed further.

Cosco (Qidong) Offshore Co and Sevan Drilling Rig VI have agreed to extend the delivery deadline to Oct 15. The parties had originally agreed to extend the delivery deadline to yesterday.

Cosco (Qidong) is required to refund Sevan Drilling Rig VI US$26.3 million (S$35.9 million), which is 5 per cent of the contract price, plus interest, by May 25.

The final payment for the contract has also been amended to 90 per cent of the contract price, up from 85 per cent.

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A version of this article appeared in the print edition of The Straits Times on April 16, 2016, with the headline Company briefs : Ascott Residence Trust. Subscribe