KOP

Property and entertainment company KOP said its unit, KOP Northern Lights, and two other Shanghai firms have paid a tender deposit of 176.6 million yuan (S$36 million) to bid for land at Lingang in Shanghai's Pudong New District.

Together, they constitute the only bidder, and will proceed to complete the necessary procedures to acquire the plot.

The deposit came from internal resources, and is not expected to have any material effect on the group's earnings per share or net tangible assets per share for the financial year ending March 31 next year.

Cosco Corp (S'pore)

Chinese shipbuilder Cosco Corp (Singapore) announced an update regarding construction contracts for two rigs yesterday.

The rig acceptance date for one of them has been extended to the end of September, while the date for the other has been extended to the end of March next year .

The delivery of the rigs will also be delayed until further notice.

The company said: "These extensions were agreed upon taking into account the current unfavourable international marine market conditions."

Triyards Holdings

Ezra Holdings' subsidiary, Triyards Holdings, posted a second-quarter net loss of US$6.3 million (S$8.8 million), in a reversal from the net profit of US$5.3 million posted in the same period a year earlier.

This was largely because of allowances of about US$8.4 million made by Triyards for doubtful receivables from related or affiliated entities of debt-laden Ezra.

Revenue was stable at US$70.6 million for the three months ended Feb 28.

Profit from operations fell by 38 per cent to US$4.4 million, owing to a different mix of projects and the competitive market environment, said the company.

Loss per share for the six months ended Feb 28 was 1.29 US cents, compared with the net profit per share of 3.53 US cents reported in the same period a year earlier.

Net asset value was 67.25 US cents as at Feb 28, compared with 68.9 US cents as at Aug 31.