Social e-commerce and payments company YuuZoo announced yesterday that it signed a franchise agreement with Mexican digital agency Media Rock.
Media Rock aims to incorporate YuuZoo's payments platform, YuuPay, into online stores run by Media Rock's clients.
Media Rock's leading client is Busca Corp, which owns one of Latin America's leading online video game sites, while Mexico's video game market topped US$200 million (S$270 million) annually in online transactions.
The two companies also aim to offer YuuZoo's social e-commerce platform to Mexican consumers so that they can access social networks, e-commerce and games with a single log-in. The revenues from advertising, e-commerce, gaming and payments will be shared between YuuZoo and Media Rock.
China Aviation Oil (Singapore)
Jet fuel trader China Aviation Oil reported a surge in first-quarter net profit to US$24.2 million (S$32.7 million), an increase of 68.2 per cent from the same period the year before.
Although revenues fell by nearly 30 per cent, the company's profitability was lifted by higher supply and trading volumes, higher trading gains and a higher share of profits from associates and joint ventures.
Profit contributions from the group's key associate, Shanghai Pudong International Airport Aviation Fuel Supply Company, rose 46.5 per cent to US$12.1 million, mainly due to lower operating expenses, higher profit margins and higher refuelling volumes.
Earnings per share rose to 2.81 US cents from 1.67 US cents.
Developer Guocoland's third-quarter profit dropped by 77 per cent to $11.3 million, mainly due to a fall in revenue.
Revenue fell by 49 per cent to $166 million because of en-bloc sale of serviced apartments in Shanghai Guoson Centre.
The group reported stable profit margins of about 30 per cent despite the drop in revenue.
Earnings per share fell to 0.8 cent from 4.24 cents previously.
The company said that the operating environment remained "challenging", highlighting the slowing economy and falling private housing prices in Singapore, as well as tightening government measures being applied to the Chinese property market.