Company Briefs: Nam Cheong; SunMoon Food; Yoma Strategic Holdings

Nam Cheong

Offshore vessel builder Nam Cheong's indirect subsidiary SKOSV has clinched long-term chartering contracts for three offshore support vessels worth about RM80 million (S$26.3 million), with an option for extension valued at RM50 million.

The three-year chartering contracts are for one platform supply vessel and two anchor handling tug supply vessels.

The clients are Malaysian oil majors, and the vessels will be used to service works on floating liquefied natural gas facilities and other production operations in Malaysian waters until 2022, with an optional extension to 2024.

The group's chartering order book now stands at RM295 million. Nam Cheong shares were unchanged at 0.9 cent yesterday.

SunMoon Food

Lower profit from discontinued operations and fair value losses on financial liabilities arising from the contingent issuance of shares took a toll on SunMoon Food, which went into the red with a full-year net loss of $4.3 million, reversing a net profit of $1.6 million a year ago.

This translated to a loss per share of 0.6 cent from earnings per share of 0.27 cent previously.

Revenue for the fruit distributor and food ingredients maker, however, rose 62 per cent to $72.6 million. This was mainly due to higher sales to Shanghai Yiguo E-Commerce Co. Sales to Yiquo constituted 63.2 per cent of the group's full-year revenue, SunMoon said.

No dividend has been declared, unchanged from the previous year.

Yoma Strategic Holdings

Myanmar-focused Yoma Strategic Holdings yesterday posted a net profit of US$25.7 million (S$35.5 million) for the fourth quarter ended March 31, up from US$432,000 a year ago, mainly due to net fair value gains from investment properties.

It said this was partially offset by increased financing costs from higher borrowings and the rising interest rate environment.

Earnings per share came to 1.36 US cents, up from 0.02 US cent a year ago. No dividend has been recommended for the quarter, unchanged from the previous year.

Revenue for the quarter jumped 77.9 per cent to US$31.8 million from US$17.9 million a year ago, driven by what Yoma said was a "modest recovery" in development activities and more investment properties in its portfolio.

This was supported by growth at Yoma F&B and Yoma Financial Services, partially offsetting a slower performance by Yoma Motors.

Shares of the company fell 3 per cent to 33 cents yesterday.

A version of this article appeared in the print edition of The Straits Times on May 30, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe