Gardenia bread maker QAF posted soaring profits, even though it posted lower revenue.
Its earnings rose by 136 per cent to $28.8 million in the second quarter ended June 30.
This was despite a 17 per cent fall in revenue to $208.4 million, from a year earlier. The firm said this was because it sold 20 per cent of its shares in Gardenia Bakeries KL, reducing its stake in the company to 50 per cent.
The company's profits soared off the back of increase in sales in all its business segments. This translated to higher quarterly earnings per share at 5.1 cents, up from 2.2 cents. Net asset value per share also increased to 81.2 cents as at June, up from 76.1 cents as at Dec 31.
The firm declared an interim dividend of one cent per share, unchanged from last year.
Haw Par Corporation
Haw Par Corp took a hit on its earnings because of its equity investments.
While revenue increased 2.8 per cent to $52.6 million for the second quarter ended June 30, its net profit fell 58.3 per cent to $48.4 million.
The company attributed the fall to lower dividend income from equity investment and one-off gains recorded in the same period a year earlier from the partial disposal of its associated firm, Hua Han Heath Industry Holdings.
A higher number of visitors at Underwater World Singapore in its last month of operations boosted the leisure unit's revenue by 15.5 per cent to $4.1 million, while revenue from property increased 34.2 per cent to $4.3 million.
Earnings per share came in at 22.1 cents for the second quarter, down from 52.9 cents for the same period a year earlier. Net asset value per share was $10.67 as at June 30, down from $11.57 as at Dec 31.
The company declared a dividend of 10 cents per share, up from six cents last year.
Ho Bee Land
Property group Ho Bee Land's second-quarter earnings surged 151.8 per cent to $42 million as overseas investments made contributions.
Earnings per share was 6.31 cents, compared with 2.5 cents for the same period a year earlier. Net asset per share was $4.13 as at June 30, down from $4.23 as at Dec 31. Revenue soared 464.2 per cent to $175.5 million, owing mainly to the sale of two residential projects in Melbourne and Gold Coast.
It said the share of profits from associates during the quarter amounted to $7.6 million, mainly from a joint-venture project in Shanghai.