Company Briefs: Mapletree Logistics Trust

Mapletree Logistics Trust

Mapletree Logistics Trust is planning to sell a warehouse at 20 Old Toh Tuck Road for $14.25 million.

The 18-year-old property, which has been vacant since March last year, has a gross floor area of about 81,063 sq ft on a plot of about 54,896 sq ft.

Its manager said trustee HSBC Institutional Trust Services (Singapore) entered an option- to-purchase agreement with MSS Toh Tuck.

The manager said the proposed sale is part of efforts to improve the quality of the portfolio.

The property was bought in 2006 for $11.6 million and was valued at $13 million as at March 31 last year. The sale proceeds will be used to fund investments, reduce debt or for distributions to unitholders.

Lee Metal Group

Lee Metal Group, which distributes and fabricates steel products, reported a 9.2 per cent rise in fourth-quarter net profit to $3.4 million.

Turnover fell 10.1 per cent to $81.6 million for the three months to Dec 31, owing to the steel merchandising business - which is being wound down - falling 98.2 per cent to $100,000.

Full-year revenue fell 28.5 per cent to $318.6 million, while net profit dropped 14.5 per cent to $13.3 million. Quarterly earnings per share was 0.71 cent, up from 0.65 cent a year earlier. Net asset value per share was 38.96 cents as at Dec 31, up from 38.09 cents a year earlier.

The firm said construction demand this year should provide sustainable demand for its fabrication and manufacturing business. It proposed a final dividend of one cent per share.

ValueMax Group

ValueMax Group's net profit rose 54.9 per cent to $15.6 million for the 12 months to Dec 31, despite revenue dipping 6.2 per cent to $253.3 million.

Turnover from the retail pre-owned jewellery and gold and trading business unit decreased by $23.6 million, while revenue from pawnbroking increased by $1.9 million.

Contributed revenue from moneylending rose by $5 million. Gross profit margins improved from 10.3 per cent in 2015 to 14.2 per cent last year.

Earnings per share for the year was 2.92 cents, up from 1.88 cents previously, while net asset value per share was 31.08 cents as at Dec 31, up from 29.14 cents previously.

A final dividend of 1.08 cents a share was proposed, up from 0.95 cent previously.

A version of this article appeared in the print edition of The Straits Times on February 22, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe