Company Briefs: RBC Wealth Management

RBC Wealth Management

RBC Wealth Management has appointed Mr Andrew White as director of private banking for its Singapore office.

Mr White's remit will primarily focus on the business' Asia's Global Families client segment, the wealth management firm said yesterday. He reports to Mr Dom Lane, executive director and team head of private banking.

Mr White holds 14 years of industry experience, 12 of which were with international multi-family office Sandaire, where he was most recently chief investment officer for Asia at its Singapore office. He is also a Chartered Financial Analyst charterholder, RBC added.

Mr Lane said Mr White brings strong connections to and understanding of multi-family offices, both in Asia and in Europe.

Mr White's appointment accompanies that of Mr Andrew Cheng, who joins RBC Wealth Management's Hong Kong team as executive director of private banking, reporting to Ms Vicky Lin, deputy head of private banking for Greater China. Both Mr Lane and Ms Lin joined RBC in June, the firm added.


PEC

Mainboard-listed PEC has secured $130 million worth of new contracts with existing clients, it said yesterday in a regulatory update.

One of the projects will see PEC providing mechanical works for a multinational corporation client's expansion of an integrated manufacturing complex in Singapore. Other contracts are for the group's clients in Myanmar and Vietnam, also for mechanical works.

PEC also posted a net profit of $3.5 million for the fourth quarter, down 50 per cent from $6.9 million a year ago, on the back of revenue contribution from project works and maintenance services from the higher volume of activities for fiscal 2019.

Earnings per share (EPS) stood at 1.4 cents, down from 2.7 cents a year ago. A final dividend of two cents per share has been declared for the year, unchanged from a year ago. The payout date for the dividend will be announced at a later time, the group added.

Revenue for the fourth quarter was up 23 per cent to $104.9 million, from $85.2 million the year before. The group's cost of sales widened to $81.5 million from $59.4 million a year ago, due to an increase in manpower, materials and equipment rental cost resulting from the higher volume of activities for fiscal 2019.

For the full year, net profit dropped 13 per cent to $8.3 million, from $9.5 million a year ago. EPS stood at 3.2 cents, down from 3.7 cents the year prior.

A version of this article appeared in the print edition of The Straits Times on August 30, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe