Company Briefs: China Aviation Oil (Singapore)

China Aviation Oil (Singapore)

Earnings at jet fuel trader China Aviation Oil (Singapore) sank by 7.7 per cent to US$21.4 million (S$29 million) in the third quarter, it said yesterday.

But revenue rose 32.6 per cent to US$5.22 billion in the three months to Sept 30 on the back of a rise in trading volume and oil prices.

The drop in profit was largely due to higher cost of sales, said the company.

Earnings per share stood at 2.49 US cents against 2.70 US cents the previous year, while net asset value was 81.51 US cents a share, compared with 75.53 US cents as of Dec 31 last year.

China Aviation shares closed down by 1.5 cents, or 0.8 per cent, at $1.76, before results were announced.

Raffles Education Corporation

Raffles Education Corporation has called an extraordinary general meeting for Nov 29 to vote on the removal of founder, chairman and chief executive Chew Hua Seng, it announced yesterday.

Shareholders will also be asked to vote on a resolution to force the disclosure of the identities of and the number of shares placed to each of the people who received stock in the recent placement of 95 million new shares.

A third vote will be held on appointing an independent director as non-executive chairman, or searching outside for a suitable candidate.

Tycoon Oei Hong Leong stated his desire last month to oust Mr Chua.

Raffles Education shares closed up one cent, or 2.9 per cent, at 35 cents.

Frasers Logistics & Industrial Trust

Frasers Logistics & Industrial Trust has posted a distribution per unit of 1.77 cents for the fourth quarter.

Gross revenue for the three months to Sept 30 came in at A$42.2 million (S$44 million), while adjusted net property income was A$32.3 million.

The real estate investment trust was formed in June last year, so no year-on-year comparisons were provided.

The units closed up half a cent, or 0.5 per cent, to $1.115, after results were announced.

A version of this article appeared in the print edition of The Straits Times on November 03, 2017, with the headline 'Company Briefs'. Subscribe