Company Briefs: Emas Offshore

Emas Offshore

The High Court has ordered the winding up of Emas Offshore's wholly-owned subsidiary Lewak Champion, the firm said yesterday.

Emas Offshore owed its unit US$68.8 million (S$95.2 million) as at Nov 30 last year, it said - so the July 14 winding up order "may result in a material impact on the financial position of the group".

Emas Offshore is a division of troubled oil and gas company Ezra Holdings, which filed for bankruptcy protection in the United States in March.

Viva Industrial Trust

Second-quarter net property income for Viva Industrial Trust rose 17.5 per cent to $20.2 million from the same period last year.

The gain mirrored an 18 per cent rise in revenue to $27.6 million for the three months to June 30.

The manager attributed the improvement to higher revenue from the renovated Viva Business Park in Chai Chee Road and rental contributions from two newer acquisitions.

Distribution per stapled security increased 6.3 per cent year on year to 1.861 cents.

Viva Industrial Trust units closed up by half a cent, or 0.55 per cent, at 92 cents after the announcement.

Lian Beng Group

Earnings at construction company Lian Beng Group rose 5.3 per cent for the fourth quarter to $32 million, thanks in part to revenue from a newly completed Mandai Foodlink industrial development project.

Turnover for the three months to May 31 jumped from $78.3 million to $125.4 million, an increase of 60.3 per cent.

But the gain was not enough to save full-year net profit from falling by almost half, from $102.9 million last year to $53.2 million - a decrease of 48.3 per cent.

The decline was due to a stiff drop in turnover from the construction and ready-mixed concrete segments.

Earnings per share for the quarter was 6.4 cents, up from 6.08 cents the previous year, while net asset value rose to 117.72 cents a share from 109.13 cents last year.

Lian Beng shares closed half a cent lower, or 0.79 per cent, at 62.5 cents before the results were announced.

A version of this article appeared in the print edition of The Straits Times on July 27, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe