Company Briefs: Keppel T&T

Keppel T&T

First-quarter earnings at Keppel Telecommunications & Transportation (Keppel T&T) dropped 13.1 per cent on weaker contributions from the data centre and logistics divisions.

The company, a unit of Keppel Corporation, reported a net profit of $11.6 million in the three months to March 31, down from $13.3 million in the same period a year ago. Revenue fell 15.6 per cent to $40.7 million, dragged down by the logistics and data centre divisions, Keppel T&T said in a statement yesterday.

Turnover from the data centre division fell due to the disposal of subsidiaries: a 90 per cent interest in Keppel DC Singapore 3 to Keppel DC Reit on Jan 20, and a 50 per cent interest in Keppel DC Reit Management to Keppel Capital on July 1, 2016. Both firms have since been classified as associated companies of the group.

Earnings per share came in at 2.1 cents against 2.4 cents previously, while net asset value per share was $1.44 as at March 31, compared to $1.43 as at Dec 31, 2016. The counter closed half a cent or 0.3 per cent lower at $1.755 yesterday, before the results were announced.


Nippecraft

Paper products manufacturer Nippecraft is set to be delisted from the Singapore Exchange (SGX) mainboard, and has until May 9 to make a cash exit offer to its shareholders.

The firm announced yesterday that the SGX said on April 10 it was unable to grant the company an extension of time to exit from the watch list. But the SGX has given it more time to make a cash exit offer to its shareholders.

Trading of Nippecraft shares will continue until 5.05pm on May 9, and the trading will remain suspended from 9am on May 11 until the completion of the cash exit offer.

Nippecraft was put on the SGX watch list on March 5, 2014. To exit the list, a firm is expected to return to profitability or lift its market capitalisation above $40 million.

Meanwhile, Nippecraft is still hoping for an extension to make its exit from the watch list.

"The board is discussing the decision with the SGX with the aim of obtaining the extension, as, inter alia, the company would have been profitable for the financial year ended Dec 31, 2016, had the company not incurred various one-off expenses which amounted to approximately US$2.37 million for (financial year) 2016," it said.

Based on its audited results for 2016, without the one-off expenses, Nippecraft would have a pre-tax profit of US$318,000 (S$445,000), it said.

A version of this article appeared in the print edition of The Straits Times on April 19, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe