Company Briefs: SP Group

SP Group

Companies can now buy and sell international renewable energy certificates (I-RECs) on Singapore utility firm SP Group's digital marketplace, to achieve their green targets.

SP Group said yesterday it had received accreditation from the International REC Standard Foundation, making it the first authorised local issuer of I-RECs in the Asia-Pacific. The accreditation assures consumers of the integrity of each REC transaction.

The certificates are proofs of electricity generated by renewable sources.

Samsung Electronics

Samsung Electronics said chip sales should pick up next year after it reported yesterday that third-quarter operating profit more than halved due to low prices of memory chips amid a prolonged industry downturn.

Samsung said there were positive signs for the chip outlook due to anticipated demand from data-centre customers and the expansion of 5G smartphones, reported Reuters.

But the South Korean tech giant warned that prospects for semiconductor sales next year were shrouded in uncertainty over the macroeconomic environment, a likely reference to the future of United States-China trade ties.

Samsung said operating profit was 7.8 trillion won (S$9.1 billion), slightly above the 7.7 trillion won estimate the company released earlier. Revenue fell 5.3 per cent to 62 trillion won, in line with its earlier estimates.

The semiconductor business - Samsung's main source of income - reported operating profit of 3.1 trillion won, less than a quarter of its take in the year-ago period.


Apple on Wednesday posted stronger-than-expected profits for the past quarter, fuelled by growth in digital services and wearables that helped offset slower iPhone sales, reported Agence France-Presse.

Profit in the quarter ending in September dipped 4 per cent from a year ago to US$13.7 billion (S$18.6 billion), while revenues edged up 2 per cent to US$64 billion.

Apple, set to launch a new streaming television service this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories.

Apple shares rose some 2 per cent in after-hours trade following the release.

A version of this article appeared in the print edition of The Straits Times on November 01, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe