Company Briefs: Sunningdale Tech

Sunningdale Tech

Sunningdale Tech has posted a 35.9 per cent drop in third-quarter net profit to $10.2 million.

Revenue for the three months to Sept 30 fell by 2.3 per cent to $172.5 million, with the healthcare and mould-fabrication business segments experiencing lower revenues.

The fall in turnover from the healthcare business was due to a decrease in orders whereas the mould fabrication business was hit by fewer orders billed.

Meanwhile, revenue in the automotive segment rose 7 per cent to $61.7 million while revenue from the consumer/IT segment remained stable at $72.8 million.

Earnings per share eased to 5.45 cents from 8.56 cents previously while net asset value per share was $1.74, compared to $1.77 as at Dec 31.

The group continued to generate strong positive operating cash flows of $25.1 million. Cash and cash equivalents amounted to $110.4 million.

This bolstered Sunningdale's balance sheet strength as it returned to a net cash position of $4.9 million after accounting for loans and borrowings of $105.5 million.

Sing Investments & Finance

Sing Investments & Finance saw its third-quarter net profit rise by 16.7 per cent to $4.1 million.

Net interest income and hiring charges for the three months to Sept 30 climbed by 5.3 per cent to $9.6 million.

Profit from operations before impairment losses increased by $500,000 or 9 per cent, mainly due an increase of $2.5 million or 15.1 per cent in interest income and hiring charges due to higher loan yield.

This was partially offset by an increase in interest expense of $2 million or 27.2 per cent due to higher interest payable on deposits resulting from larger deposit base and higher prevailing interest rates.

Ascendas Reit

Ascendas Real Estate Investment Trust (Reit) has agreed to sell its entire stake in a company that indirectly owns a business park in Shanghai, China.

The property, A-Reit City@Jinqiao, is being sold for $221.6 million, which is about 1.8 times the value Ascendas Reit paid for it in 2013.

A version of this article appeared in the print edition of The Straits Times on October 28, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe