Company Briefs: FJ Benjamin Holdings

FJ Benjamin Holdings

Retailer FJ Benjamin Holdings returned to profitability in fiscal year 2019 after a sustained period of restructuring, with a net profit of $177,000, compared with a net loss of $1.24 million in fiscal year 2018.

Revenue for the full year ended June 30 fell 21 per cent year-on-year to $131.5 million from $166 million. This was partly due to a $29.3 million reduction in revenue from closing unprofitable businesses in fiscal year 2018.

The group's Indonesian associate also slowed down purchases, resulting in a $4.4 million reduction in sales.

Earnings per share was 0.02 cent compared with loss per share of 0.18 cent a year ago.

Thanks to better cost controls and the closure of non-performing stores and brands, group operating expenses fell 19 per cent to $60.7 million, yielding savings of $13.9 million. Gross profit margin improved to 49 per cent from 46 per cent.

"We are pleased to return to profitability after the restructuring of our business and believe that we have today a much healthier portfolio of brands," said group chief executive officer Nash Benjamin.

PSA, UBS

The Singapore bond market is heating up again, with two deals launched yesterday that have been strongly received.

The initial price guidance for the PSA 10-year US dollar issue was the 10-year US Treasury (UST) plus 100 basis points (bps) area. The 10-year UST was quoted at 1.467 per cent yesterday.

The final price guidance is in the UST+80bps area (+/- 2.5bps) as the order book has exceeded US$2 billion (S$2.78 billion), according to the updated term sheet seen by The Business Times. The expected size of the issue is US$500 million.

The joint bookrunners for the PSA issue are DBS Bank and HSBC.

Swiss bank UBS launched its second Singapore dollar perpetual issue in 12 months yesterday morning.

Initial price guidance for the UBS issue was in the 5 per cent area. The final price guidance was 4.85 per cent when orders went over $3.4 billion, according to the updated term sheet seen by The Business Times.

In November last year, UBS sold a $700 million 5.875 per cent perpetual issue; and the order book was $1.6 billion.

The joint lead managers for the latest UBS deal are UBS, DBS Bank, Standard Chartered Bank and United Overseas Bank.

A version of this article appeared in the print edition of The Straits Times on August 29, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe