Frasers Hospitality Trust
Frasers Hospitality Trust has posted a distribution per stapled security (DPS) of 1.2763 cents in the fourth quarter, up 7.2 per cent from 1.1903 cents a year earlier.
Distribution income in the three months to Sept 30 rose 8.5 per cent to $23.8 million, while net property income increased 9.8 per cent to $31.5 million.
The higher takings were boosted by the additions of Novotel Melbourne on Collins and Maritim Hotel Dresden. All country portfolios, except for Singapore and Japan, also reported better performance.
Earnings per stapled security was 5.7 cents, up from 1.9 cents a year earlier. Net asset value per stapled security was 81.59 cents as at Sept 30, down from 82.9 cents a year ago.
Net property income rose 15.3 per cent in the full year to $120.2 million, while DPS fell 3.5 per cent to 5.0458 cents.
Indofood Agri Resources
Earnings at Indofood Agri Resources, which refines crude palm oil and cultivates sugar cane crops, fell 37 per cent in the third quarter despite higher revenue, dragged lower by higher fertiliser application, higher operating expenses and foreign currency fluctuations.
Net profit for the three months to Sept 30 stood at 100.5 billion rupiah (S$10 million), compared with 159.2 billion rupiah in the same quarter last year. This translated to earnings of 72 rupiah for each share, down from 114 rupiah a year ago.
Revenue rose 5 per cent to 3.72 trillion rupiah as the group's palm oil output recovered from the El Nino drought last year. This growth, however, was outpaced by higher costs, which rose 9 per cent to 2.97 trillion rupiah due to higher fertiliser application.
As a result, gross profit slumped 11 per cent to 748.2 trillion rupiah.
The group recorded a foreign exchange loss of 21.5 billion rupiah, reversing from a forex gain of 40.3 billion rupiah in the year-ago period, as the Indonesian rupiah weakened slightly against the US dollar during the year.
IndoAgri said agricultural commodity prices remain volatile, driven by mixed fundamentals and global developments. These include higher supply forecasts for competing vegetable oils and slower demand growth from key markets such as China, as well as geopolitical uncertainties.
THE BUSINESS TIMES