China Environment
China Environment will receive $1.2 million as part of a settlement of a lawsuit it took out against former executive chairman Huang Min and his family.
The terms include full and final settlement of all claims between the parties, not only in relation to the suit, but also all issues outstanding and that may arise in the future, said China Environment, an industrial waste gas treatment company.
They include claims by the defendants and their associates against the company, as well as a 47 million yuan (S$9.4 million) claim made by Fujian Mintai Environmental Protection against the company. The resignation of Mr Huang's son-in-law, Mr Yang Meng Yang, from China Environment's board was also a settlement term.
China Environment took legal action against Mr Huang in 2016, alleging a breach of fiduciary duties and fraud. Those allegations were in relation to certain trade receivables that the company said were false or non-existent.
Last December, the Singapore High Court granted a worldwide Mareva injunction to freeze up to US$7 million (S$9.5 million) of assets owned by Mr Huang and his family.
Japfa
Mainboard-listed Indonesia agri-food firm Japfa reported a net profit of US$29.6 million (S$40.3 million) for the second quarter ended June 30, a turnaround from its net loss of US$3.4 million in the year-ago period.
Revenue rose 14 per cent to US$901 million, driven mainly by higher sales volume and improved margins in its Indonesia animal protein business and a recovery in Vietnam.
Earnings per share for the second quarter was 1.63 US cents, compared with a loss per share of 0.19 US cent for that period last year.
The Indonesian animal protein segment, PT Japfa, remained the largest driver of revenue and operating profit, with revenue rising 11.7 per cent to US$628.7 million and operating profit up 69.4 per cent to US$89.5 million. The improved bottom line was despite widening forex adjustment losses of US$15.8 million, from US$200,000 in the same period last year.
The second quarter also saw Japfa's animal protein operations in Vietnam, Myanmar, India and China back in the black, with an operating profit of US$10.1 million, compared with an operating loss of US$12.8 million previously.
This was due mainly to higher sales volume for poultry feed and higher average selling prices for its broiler and swine-fattening businesses in Vietnam.
