Keppel Land China is selling its stake in Waterfront Residences in Nantong, the firm said yesterday. The developer entered an agreement to sell its 100 per cent interest in Keppel Lakefront (Nantong) Property Development for 1.43 billion yuan (S$292.3 million) to Nantong Wanjun Commercial Information Consultancy.
Keppel Land China will get a net divestment gain - inclusive of exchange rate gains - of about 368.5 million yuan after the sale, which is slated to be completed by end-September.
Keppel Lakefront owns Waterfront Residences, which is in the economic and technological development area of Nantong. The project site has a total land area of 167,051 sq m. The first phase of 111 landed homes and 10 commercial units was completed in 2015. As at the end of July, more than half of the 111 units have been sold and handed over to homebuyers, said Keppel Land China.
Earnings at Avi-Tech Electronics, which provides services and products for the semiconductor industry, soared 62 per cent to $2.2 million in the fourth quarter.
Revenue rose 29.2 per cent to $12 million for the three months to June 30, compared with the same period a year earlier.
Full-year net profit rose 13 per cent to $7 million, while turnover increased 17.8 per cent to $40 million.
Quarterly earnings per share was 1.3 cents, compared with 0.8 cent a year ago, while net asset value per share was 28.62 cents as at June 30, compared with 26.5 cents a year ago.
The firm declared a final dividend of one cent per share, the same as a year ago, and a special dividend of 0.8 cent a share.
Lubricant manufacturer and trader United Global, which listed on Catalist on July 8 last year, reported a 33.7 per cent rise in net profit to US$3.6 million (S$4.9 million) for the first half.
Revenue advanced 8.3 per cent to US$45.8 million for the six months to June 30, owing to increased turnover from the manufacturing business segment on the back of higher sales and average selling prices.
Earnings per share was 1.3 US cents, compared with 1.1 US cents in the same period a year ago, while net asset value per share was 7.2 US cents as at June 30, compared with 6.3 US cents a year ago.