Company briefs: CapitaLand Retail China Trust

CapitaLand Retail China Trust

CapitaLand Retail China Trust has posted a distribution per unit (DPU) of 2.37 cents for the third quarter, up from 2.36 cents in the same period a year earlier.

Gross revenue in the three months to Sept 30 was $56 million, up 10.6 per cent.

Net property income jumped 9.7 per cent to $36 million, driven mainly by the contribution from CapitaMall Xinnan in Chengdu - which was acquired on Sept 30 last year - as well as rental growth from the other multi-tenanted malls. This was partially offset by the divestment of CapitaMall Anzhen on July 1.

Income available for distribution rose 4.2 per cent to $21.4 million. Earnings per unit was 6.31 cents, up from 2.13 cents a year ago. Net asset value per unit was $1.63 as at Sept 30, down from $1.65 as at Dec 31 last year.

Wing Tai

Wing Tai posted a net profit of $8.19 million in the first quarter, up 676 per cent from the $1.06 million recorded a year earlier, thanks mainly to a $16.7 million one-off gain on the disposal of subsidiary companies.

Operating profit in the three months to Sept 30 rose 509 per cent to $14 million from $2.3 million in the same period last year, largely due to contributions from Le Nouvel Ardmore and Le Nouvel KLCC as well as the gain on disposal of the Huai Hai project in Shanghai.

Revenue was $67.1 million, down 4 per cent from a year earlier, although this was offset by lower cost of sales, which fell 12 per cent to $34.1 million. Earnings per share was 0.86 cent, up from 0.14 cent a year earlier. Net asset value per share was $4.05 as at Sept 30, down from $4.07 as at June 30.

Tee International

Tee International's wholly owned subsidiary has won $56.5 million worth of contracts from the Land Transport Authority to build MRT noise barriers.

The unit, PBT Engineering, will provide barriers along the elevated tracks at existing MRT viaducts in the eastern, western and northern parts of Singapore to mitigate railway noise. The scope of works includes the design, supply and installation of noise barrier systems, as well as pre-and post-noise measurement to validate the effectiveness of the noise barrier systems.

The contracts commenced on Oct 16 and are expected to be completed by 2020. These contracts bring Tee's total outstanding order book to $252.8 million.

A version of this article appeared in the print edition of The Straits Times on October 24, 2017, with the headline 'Company briefs: CapitaLand Retail China Trust'. Print Edition | Subscribe