Company briefs: Frasers Centrepoint

Frasers Centrepoint

Frasers Hospitality, a member of Frasers Centrepoint, has opened its second serviced residence in Tianjin.

The 192-unit Fraser Place Tianjin complements the 104-unit Modena by Fraser Heping Tianjin, which was launched in 2010.

This is Frasers Hospitality's 15th property in China, where its footprint is expected to double to 30 properties with more than 7,000 serviced apartment units by 2019.

Fraser Place Tianjin offers fully furnished serviced apartments ranging from 45 sq m to 121 sq m. An introductory rate starting from 12,000 yuan (S$2,660) a month, inclusive of daily breakfast and housekeeping, is available for stays commencing from Dec 1 this year to Feb 29 next year.

Cosco Corp (Singapore)

A unit of Cosco Corp (Singapore) has acceded to the request of a European client to cancel one of two bulk carriers that the latter had ordered. The other carrier is expected to be delivered to the client, a shipowner, in the second quarter of next year.

The shipowner has separately placed fresh orders with Cosco Dalian for two oil tankers, which are scheduled for delivery in the fourth quarter of 2017 and first quarter of 2018, respectively.

TPV Technology

TPV Technology has reported a widening of its third-quarter net loss to US$26.8 million (S$37.9 million) from US$13.9 million in the same period last year.

Revenue for the three months to Sept 30 fell by 9 per cent to US$2.8 billion. The group's results were affected by lacklustre end-market demand for TVs and monitors as well as unfavourable currency movements, said TPV.

Global TV shipments stood at around 57 million units for the quarter, the same as last year, while shipments of PCs, and that segment's peripheral products, continued their secular decline.

Although gross profit margin was maintained at 8.8 per cent, a loss of US$50 million in foreign exchange translations, largely attributable to Brazilian real and Chinese yuan depreciation, meant TPV barely broke even at the operating level.

Loss per share worsened to 1.14 US cents from 0.59 cent previously.

The group anticipates a robust fourth quarter as it approaches the year-end holiday season.

A version of this article appeared in the print edition of The Straits Times on November 20, 2015, with the headline 'CompanyBriefs'. Subscribe