Company Briefs: Frasers Property and Hitachi Asia

Frasers Property and Hitachi Asia

Frasers Property Group and Hitachi Asia are investing up to $50 million each to drive digital transformation in the Asia-Pacific real estate industry over the next five years.

According to a memorandum of understanding signed in Bangkok, both companies will explore opportunities to accelerate digital transformation for Frasers Property and the real estate industry - starting first with Singapore, Thailand and Australia. They will also potentially co-develop and invest in new services, the companies said.

Following Hitachi's research, the size of the addressable property market for the Asia-Pacific region, excluding Japan and China, is estimated to hit US$82 billion (S$112.5 billion) by 2025. In addition, Hitachi Asia, Frasers Property and Japanese financial institutions have been working closely to develop a new multi-generational approach to provide technology and Infrastructure as a Service solution for the industry, the companies said.

Qian Hu

Mainboard-listed integrated fish service provider Qian Hu yesterday announced a 72 per cent year-on-year increase in net profit for the third quarter ended Sept 30, on the back of improved margins from the aquaculture business.

It posted a net profit of $301,000 compared with $175,000 in the year-ago period. This was achieved despite a 10.2 per cent drop in revenue to $19.2 million from $21.4 million. Lower revenue was a result of poorer sales recorded in the group's core fish and accessories business segments.

Qian Hu, which exports ornamental fish to more than 80 countries, saw fish sales fall by 12.6 per cent to $7.5 million from $8.6 million in the year-ago period, impacted by intense price competition in its prized Dragon Fish since the 2018 financial year. However, its aquaculture business in Hainan contributed positively, generating $560,000 in operating profit, an increase of 16.7 per cent from $480,000 for the same period last year.

Earnings per share rose to 0.27 cent in the third quarter from 0.15 cent in the year-ago period, while net asset value per share increased marginally by 1.5 per cent to 45.43 cents as of Sept 30.

Qian Hu enjoyed a 61.2 per cent increase in net profit of $574,000 for the nine months of FY2019 compared with $356,000 for the same period in FY2018. But revenue stood at $57.3 million, an 11.8 per cent decline from $65 million in the year-ago period.

A version of this article appeared in the print edition of The Straits Times on October 17, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe