The absence of a one-time divestment gain dented results for BreadTalk Group in its first quarter. Net profit for the three months to March 31 plunged 89.1 per cent to $1.18 million.
BreadTalk had in the first quarter of last year recognised $9.3 million in capital gains from the sale of its investment in TripleOne Somerset.
In the first quarter of this year, it also brought forward the early closure of eight bakery outlets in China and one food atrium outlet in Hangzhou.
Revenue inched up 0.5 per cent to $148.5 million as the group restarted outlet expansion after two years of consolidation.
Earnings per share dropped to 0.42 cent from 3.84 cents previously.
Malaysian developer Hatten Land is entering the mall management business with a new retail space and property management division unit.
The Catalist-listed firm's wholly owned indirect subsidiary, Hatten Commercial Management, will provide leasing and retail management to the commercial retail units within the malls developed by the group, starting with the 1,530-unit Elements Mall @ Hatten City Phase 1, Malacca's largest shopping centre. The mall management arm is part of Hatten Land's strategy to complement its core property development business and drive recurring revenue.
It is expected to contribute revenue from the first half of its financial year ending June 30 next year, said the group. It will be helmed by chief executive officer Pow Lay Kuan, who has over 20 years of experience in retail.
A subcontractor of Hyflux's indirect wholly owned subsidiary in Oman has filed an arbitration suit against the firm.
Al Mawakab National Trading and Contracting LLC (MNT) is seeking claims against Hyflux EPL with regard to three sub-contracts for bore piling, civil and structural, and architectural works at the Qurayyat Independent Water Project in Qurayyat, Sultanate of Oman.
Hyflux said MNT's claims are without basis, and that the arbitration was not filed in accordance with the terms of its agreements.
It is currently seeking legal advice in Oman, and "will take all necessary steps to resist and defend" against the claims.