Company Briefs: Sinostar PEC Holdings

Sinostar PEC Holdings

Petrochemical firm Sinostar PEC Holdings lifted net profits by 131 per cent in the first quarter to 26.44 million yuan (S$ 5.3 million).

This came on the back of a 43 per cent jump in revenue to 471.95 million yuan for the three months to March 31.

Sinostar is one of the major downstream petrochemical producers and suppliers in Shandong, China.

Its main products improved sales in the first quarter, with revenue from processed liquefied petroleum gas rising 45.5 per cent to 256.3 million yuan, while propylene turnover was up 62.5 per cent to 90.7 million yuan.

The company is confident of its outlook in the next 12 months, thanks partly to "the uptrend in oil prices into 2017", Sinostar said when announcing its results yesterday.

"The board is at the advance stage of negotiation to acquire an influential stake in a newly built propylene processing plant," it added.

Earnings per share was 4.13 fen, up from 1.79 fen a year ago. Net asset value per share was one yuan as of March 31, up from 96 fen at the end of last year.

Manulife US Reit

Manulife US Real Estate Investment Trust announced a first-quarter distribution per unit (DPU) of 1.65 US cents yesterday, 8.6 per cent higher than the 1.52 US cents it had projected.

Distributable income for the three months to March 31 was US$10.4 million (S$14.5 million) , 7.3 per cent higher than the US$9.7 million projected, largely due to higher property income and lower-interest costs.

The Reit, which listed here last May, recorded net property income of US$12.8 million for the quarter, 2.7 per cent more than projected.

Its portfolio comprises three office properties in the United States, with a total value of around US$833.8 million.

Reit manager chief executive Jill Smith said: "With a portfolio occupancy of 97.2 per cent, weighted lease expiry of 5.6 years and no debt expiring till 2019, we expect the portfolio to deliver a stable performance."

Manulife US Reit units ended flat at 84 US cents after the results announcement.

A version of this article appeared in the print edition of The Straits Times on May 03, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe