Company Briefs: Hong Fok Corporation

Hong Fok Corporation

Property developer Hong Fok Corporation's net profit almost halved for the second quarter ending June 30. It fell 42 per cent to $2.3 million from $4.1 million a year ago.

Earnings per share was 0.34 Singapore cent for the quarter, down from 0.59 cent in the same quarter last year, according to the group's filing on Wednesday night.

Group revenue fell 35 per cent year on year to $20 million from $30.9 million.

This was mainly because there was no recognition of sales of its development properties here during the quarter, compared with the $13 million recognised for the period a year ago. It was partially offset by a rise in revenue from investment properties and dividend income.

The group said on Wednesday it expects to recognise revenue from the sale of some apartments of Concourse Skyline in Beach Road for the second half of this year. The contribution from its investment properties is also expected to stay positive.

"However, the group will take a cautious approach in its search for investment opportunities," Hong Fok added.

No dividend was declared for the period, the same as a year ago. Hong Fok shares ended trading at 82 Singapore cents yesterday, up one Singapore cent or 1.24 per cent.

Synagie Corporation

Catalist-listed e-commerce player Synagie Corporation said yesterday it has signed a memorandum of understanding with Henkel Singapore to manage the distribution and sales of Henkel's beauty care brands in Singapore and the region. Henkel Singapore is a subsidiary of Frankfurt-listed Henkel AG & Co.

The agreement will see Synagie manage and expand the online and offline distribution of Henkel's beauty care brands, including Schwarzkopf, Dial and Theramed, in Singapore, Malaysia, Vietnam, the Philippines and Indonesia.

Synagie said Henkel's revenue last year was €19.9 billion (S$30.8 billion), with 20 per cent of it coming from its beauty care segment.

Ms Olive Tai, co-founder and executive director of Synagie, said: "We believe that 'new retail' is the future of retail in South-east Asia... When implemented, consumers will no longer need to think in terms of separate shopping channels and will be able to use both... for product research, comparison and purchase."

Synagie shares closed at 15.2 Singapore cents yesterday, up 0.2 cent or 1.3 per cent.

A version of this article appeared in the print edition of The Straits Times on August 16, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe