Company Briefs: Singapore Press Holdings

Singapore Press Holdings

SPH Interactive, a unit of SPH, has incorporated a wholly-owned subsidiary.

The unit Fastco was incorporated yesterday with a paid-up capital of $2.

It is involved in the development of software for interactive digital media and investment holding.

The incorporation will not have a material impact on the earnings and the net tangible asset per share of SPH for the year ending Aug 31.

SPH said that none of its directors has any interest, direct or indirect, in the matter.


Hyflux

Hyflux said yesterday it expects to report a loss for the second quarter ended June 30, largely driven by the weak Singapore power market.

The profit guidance is based on the available preliminary assessment of the group's second-quarter unaudited financial results.

Further details will be disclosed when the firm reports its earnings on or before Aug 14.


Ascott Residence Trust

Ascott Residence Trust has reported a 14 per cent drop in distribution per unit (DPU) for the second quarter ended June 30 to 1.84 cents.

It said that for a same-store comparison, DPU would have risen 8 per cent to 2.1 cents if one-off realised foreign exchange gains, the effects of a rights issue and equity placement were excluded.

Distributable income grew 34 per cent to $46.9 million. It included a one-off realised foreign exchange gain of $11.9 million arising from the repayment of foreign currency bank loans.

Revenue climbed 4 per cent to $123.6 million, mainly due to the additional revenue of $3 million from Sheraton Tribeca New York Hotel and $900,000 from Citadines City Centre Frankfurt and Citadines Michel Hamburg. The increase was partially offset by a decrease in revenue of $1.4 million from the divestment of 18 rental housing properties in Tokyo.

On a same-store basis (excluding the 2016 acquisition, 2017 acquisitions and the divestment), revenue was up by $1.7 million mainly from Vietnam and the Philippines, partially offset by the decrease in revenue from Singapore and Britain (arising from depreciation of the British pound against the Singapore dollar).

Revenue per available unit rose 3 per cent to $146.

A version of this article appeared in the print edition of The Straits Times on July 21, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe