Company Briefs: Chip Eng Seng

Chip Eng Seng

Construction and property group Chip Eng Seng Corporation has posted a 30 per cent fall in net profit for the first quarter to $6.1 million as a result of increased administrative expenditures and loss of other income.

Earnings per share dropped to 0.98 cent from 1.39 cents in the same period last year.

Gross revenue for the three months ended March 31 increased 22.3 per cent to $204.3 million, mainly driven by a 52.3 per cent increase in revenue from its property development division to $137.2 million and a more than twofold increase in revenue to $18.1 million in its hospitality division.

Revenue from its construction division fell 29.4 per cent to $47.1 million.

Net asset value per share edged up to $1.275, from $1.273 as at Dec 31.

Roxy-Pacific Holdings

Feature-Roxy, an indirect associate company of Roxy-Pacific Holdings, has entered into a non-binding heads of agreement to sell a freehold property in Sydney for A$153 million (S$153.4 million) to an Australia-domiciled institutional investor.

The deal is subject to a due diligence exercise to be carried out by the buyer.

Singapore Exchange

The Singapore Exchange (SGX) has acquired a stake in foreign exchange (forex) post-trade processing network Cobalt.

The exchange declined to disclose the size of the investment but Cobalt said the investment will support its continued expansion into the forex space, further accelerating technology development and the build-out of the team.

Cobalt creates a single, shared view of a transaction for its customers, freeing up back-and middle-office resources that currently have to reconcile across multiple systems.

Its chairman and co-founder, Mr Adrian Patten, said: "Singapore is an important global hub for forex and we are delighted to welcome SGX on board as we continue to expand our footprint in the region."

SGX head of derivatives Michael Syn said Cobalt's important forex market infrastructure is complementary to its growing forex futures business, and "a natural fit" for SGX, given its commitment to product and platform innovation.

A version of this article appeared in the print edition of The Straits Times on May 05, 2018, with the headline 'Company Briefs: Chip Eng Seng'. Print Edition | Subscribe