Company Briefs: Pine Capital Group

Pine Capital Group

Catalist-listed asset management group Pine Capital Group, currently involved in legal proceedings against its former chief executive officer, has reported a loss attributable to its parent of $1.38 million for the fourth quarter ended March 31, 2019, compared with a net profit of $180,000 for the year-ago period. This was despite revenue for the quarter rising to $642,000, more than double the $308,000 figure for the year-ago period.

Full-year loss widened to $2.56 million from $1.76 million the year before. For the full year, administrative expenses were $4 million, up by $1.73 million or 76.4 per cent from the previous year. Pine Capital attributed this mainly to higher staff costs and professional fees.

Foreland Fabritech Holdings

Mainboard-listed Foreland Fabritech Holdings received a notification of delisting from Singapore Exchange Securities Trading (SGX-ST) on Wednesday, the Chinese textile firm said last night. The SGX-ST noted that Foreland Fabritech's shares have been suspended since Dec 27, 2016, with the firm not having submitted "any acceptable resumption of trading proposal" to date. SGX-ST also said it had raised concerns about the composition of the board of directors, but the firm "has still not demonstrated that it has a functional board" and that its directors meet listing rule requirements. It said Foreland Fabritech has breached and is still in breach of listing rules.

The firm is still in an insolvent financial position based on its May 14 release of first-quarter results, and it is "highly doubtful" whether it is "able to operate as a going concern and it has been unable to satisfactorily address its uncertain state of affairs". For these reasons, SGX-ST notified Foreland Fabritech that it will be delisted with effect from 9am on June 28.

Mapletree Investments

Mapletree Investments posted record net profit of $2.16 billion for the year ended March 31, 2019, up 10.3 per cent from the previous year, the real estate group said yesterday. Revenue was up 23.6 per cent to $3.95 billion, while recurring profit after tax and minority interests was up 11.5 per cent to $770.8 million.

Mapletree Group CEO Hiew Yoon Khong said earnings were lifted by new income streams from investments in new sectors and markets; organic growth of same store assets; divestments by private funds; and asset revaluation gains. Return on equity was 15.3 per cent, down slightly from the previous year's 15.7 per cent. But return on invested equity rose to 10.4 per cent from 8.7 per cent the year before.

A version of this article appeared in the print edition of The Straits Times on May 31, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe