Stocks to watch: Great Eastern, Mary Chia, TEE International, SBI Offshore

The Singapore Exchange Centre along Shenton Way.
The Singapore Exchange Centre along Shenton Way.PHOTO: ST FILE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Wednesday (Aug 1):

Great Eastern Holdings (GE): The insurance arm of OCBC Bank on Wednesday posted a net profit of $237.6 million for its second quarter ended June 30, up 3 per cent from $231.6 million a year ago. Earnings per share came in at 51 cents, or 4.1 per cent higher from last year. The increase in earnings was due to higher profit from shareholders' fund, which was offset by lower operating profit and non-operating profit from GE's insurance business. An interim one-tier tax exempt dividend of 10 cents per ordinary share has been declared for the financial year ending Dec 31, which will be paid out on Aug 31.

Mary Chia Holdings: The Catalist-listed slimming services chain has reported a narrower net loss of $5.8 million for the financial year ended March 31, compared to a net loss of $6.1 million for the previous year. Revenue was flat at $9.2 million. As at March 31, the group had 15 retail outlets in the two countries, down from 18 a year ago. Loss per share was 3.56 cents, compared to 3.75 cents for the previous financial year.

TEE International: Mainboard-listed TEE International landed some $65 million worth of engineering contracts from February to July this year, boosting its outstanding order book to $280 million. Its wholly owned subsidiary, PBT Engineering, won an assets enhancement initiative (AEI) contract for Ang Mo Kio Hub from Mercatus Co-operative, which will include the upgrading of interior design finishes to the common areas, toilets, lifts, reconfigurations of tenants space as well the upgrading of the mechanical & electrical (M&E) systems. This contract is slated for completion in November.

SBI Offshore: Oil and gas solutions provider SBI Offshore has advised shareholders that it did not record any revenue and expects to report a loss for the first financial half-year ended June 30, having reviewed its preliminary unaudited financial results. In profit guidance issued on Tuesday after the market closed, SBI Offshore said this was primarily due to the challenging economic conditions in the first half of the year.