Company Briefs: Midas Holdings

Midas Holdings

Train aluminium body maker Midas Holdings announced yesterday that a subsidiary has won 13 supply contracts worth 520.9 million yuan (S$105 million). The contracts include the first the firm has won in Canada, with deals totalling 23.4 million yuan in value.

It also secured contracts worth 203 million yuan in Europe, including in Italy, Holland and Germany, which boasted the largest at 91.8 million yuan.

The unit also raked in contracts in its home country China, securing six deals worth 191.2 million yuan for projects in Hangzhou and Wuhan. The contracts are expected to be delivered between 2017 and 2019, it said.

GP Batteries

Battery maker GP Batteries said it has won the land tender for a site in Ningbo, China with a bid of 122.6 million yuan (S$24.8 million).

The company said it intends to build factories on the site and will expand operations there. The acquisition will be financed by a mix of internal resources and bank loans.

TPV Technology

Monitor manufacturer TPV reported profits of US$9.9 million (S$13.8 million) in the first quarter, a reversal from losses of US$10.3 million for the same period a year earlier.

The turn to profitability came despite a 5.9 per cent fall in revenue to US$2.12 billion for the three months to March 31.The firm attributed the profits to a US$34 million cut in operating expenses.

Earnings per share fell to 0.42 US cent per share, down from 0.44 US cent for the same period last year.

A version of this article appeared in the print edition of The Straits Times on May 18, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe