Company Briefs: SunMoon Food

SunMoon Food

Fruit distributor SunMoon Food is selling its subsidiary United Agro Produce and assets related to its discontinued dehydrated produce business for $4.1 million.

This is part of efforts to focus on its fruit trading, wholesale distribution and retail and franchising business, the company said.

Proceeds from the sale will improve cash flow and provide additional working capital and funding for other ventures. The move will also allow the company to realise the value of its assets, including production facilities in Tai'an, in China's Shangdong province.

KSH Holdings

Second-quarter earnings at construction firm and developer KSH Holdings plunged 65.5 per cent over the same period a year earlier to $7.98 million, due in part to a one-off gain last year.

Revenue rose 9.8 per cent to $68.2 million for the three months ended Sept 30, due mainly to higher revenue from the construction business. This was offset by a decrease in occupancy of the company's China investment property and the weaker yuan.

Operating expenses were pulled up by a 13.8 per cent increase in the cost of construction, resulting from more works done compared with the corresponding quarter a year earlier.

There was also a one-off $15.8 million contribution last year from a development in Beijing - profits from units sold were recognised when construction was completed in the second quarter of the last financial year.

Earnings per share was 1.75 cents for the quarter, down from restated earnings per share of 5.17 cents a year ago.

Net asset value per share was 66.76 cents as at Sept 30, from 65.44 cents as at March 31.

Yanlord Land Group

Property developer Yanlord Land Group's third-quarter net profit rose tenfold to 564.2 million yuan (S$116.9 million) as revenue surged 83.9 per cent to 5.51 billion yuan.

This was due mainly to significant increases in gross floor area delivered to customers compared with the corresponding period a year ago, the company said.

A higher average selling price per sq m also contributed to stronger sales.

Earnings per share for the quarter came in at 28.97 fen, up from 2.86 fen in the same period a year earlier.

Net asset value per share was 10.85 yuan as at Sept 30, from 10.44 yuan on Dec 31 last year.

A version of this article appeared in the print edition of The Straits Times on November 15, 2016, with the headline 'Company Briefs'. Subscribe