Architecture and property firm Rowsley yesterday announced a net loss of $5.29 million for the three months to June 30, a sharp reversal from the $516,000 profit a year ago. Earnings weakened amid the ongoing slowdown in Singapore's property market, Rowsley said in its announcement after market close.
Revenue for the period still grew 26 per cent to $22.32 million, owing mainly to a higher contribution of $4.2 million from its hospitality businesses acquired in Britain last November.
But the new British assets also incurred more costs. Staff costs rose 9 per cent to $15.2 million while other operating expenses shot up 75 per cent to $10.6 million.
The Brexit uncertainties may affect Britain's property market, but the weakening of the sterling has also lowered investment costs and may encourage more foreign buyers, Rowsley noted.
Rowsley shares added 0.2 cent or 1.5 per cent to 13.5 cents yesterday.
Ascendas India Trust
Ascendas India Trust, which has six information technology parks across India, yesterday reported a distribution per unit of 1.36 cents for the quarter to June 30, unchanged from a year ago.
This came as net property income grew 7 per cent year on year - or 12 per cent in Indian rupee terms - to $23.64 million, as newly acquired assets aVance 3 and CyberVale boosted the top line along with positive rental reversions.
In its results announcement after the market closed, the Reit manager noted several growth initiatives in the pipeline, including the development at The V in Hyderabad, to be completed in 2017.
Ascendas India Trust shed one cent or 0.99 per cent to $1 yesterday.
Offshore and marine firm Ezra Holdings yesterday announced that Emas Chiyoda Subsea, its joint venture with Chiyoda Corporation, has won a contract by Saudi Arabian oil giant Saudi Aramco.
The contract, valued at over US$1.6 billion (S$2.17 billion), was won in partnership with Larsen & Toubro Hydrocarbon Engineering.
The duo will provide integrated services to the second phase development of the Hasbah offshore gas field.
Emas Chiyoda Subsea will take up close to 40 per cent of the contract value.