Company briefs: Cheung Woh Technologies

Cheung Woh Technologies

Cheung Woh Technologies , a locally listed hard disk drive manufacturer, reported a net profit of $3.19 million for the three months to May 31.

This was little changed from a net profit of $3.16 million for the same period a year earlier. Revenue dipped 1 per cent to $21 million.

Revenue in the precision metal stamping components segment fell by 16.7 per cent year on year, due to weaker customer demand and the depreciation of the ringgit against the Singapore dollar.

However, revenue in the HDD components segment rose 2 per cent, due to greater demand and the US dollar rising against the Singdollar.

Earnings per share for the first quarter was 1.05 cents, unchanged from a year earlier.

Net asset value per share was 37.23 cents, up from 36.81 cents a year earlier.

Raffles United Holdings

Bearings and seals distributor Raffles United Holdings, formerly known as Kian Ho Bearings, told shareholders yesterday that it expects marginal net operating profit for the first half of the year to be "significantly lower" than that for the same period last year.

This is mainly due to active inventory clearance at reduced prices during the period to generate cashflow in light of tough market conditions.

The firm also said that "given the volatility and uncertainty of the foreign exchange market during the period, the group was exposed to significant unfavourable foreign exchange fluctuations".

The group will release further details in its first-half results next month.

Tee Land

Property developer Tee Land announced that Development 35, a unit in which it has 51 per cent ownership, completed the acquisition of a property at 20 Lorong 35 in Geylang yesterday.

The site was bought for $20 million and has an area of about 1,115 sq m.

Development 35 plans to build a block of residential flats on the site, subject to approval from the relevant authorities.

The acquisition is not expected to have any material impact on the net tangible assets per share and earnings per share of the group for the current financial year ending May 31 next year.

A version of this article appeared in the print edition of The Straits Times on July 12, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe