Samsung Electronics yesterday said its third-quarter operating profit likely jumped by a fifth to a record high, in line with market expectations, on demand from data centres and improved production yields. The third quarter is, however, expected to mark a peak in earnings as a two-year super cycle of tight supply and soaring demand comes to an end.
Samsung, in a regulatory filing, said the July-September profit was likely 17.5 trillion won (S$21.4 billion), up 20.4 per cent from the same period a year earlier. That compared with an average forecast of 17.2 trillion won in a Refinitiv poll of 15 analysts.
The firm will disclose detailed earnings later this month. Revenue likely rose 4.8 per cent to 65 trillion won, matching the average of Refinitiv estimates.
Singapore Airlines and Air New Zealand's joint venture alliance has received renewed approval from the New Zealand Ministry of Transport, the final step in enabling the two flag carriers to extend their alliance for a further five years until March 2024.
Under the alliance, which was first launched in January 2015, the two carriers have boosted frequencies between the two countries, adding capacity of over 25 per cent. This includes increased services during peak season to Christchurch, and the introduction of a Singapore-Wellington service via Australia.
Meanwhile, a third daily service will be launched on Oct 28 between Singapore and Auckland, which will add 40 per cent more capacity on the route.
Chip Eng Seng
Construction and property group Chip Eng Seng Corp halted trading of its shares before the market opened yesterday after a late Thursday rally in its stock drew a trading query from the Singapore Exchange.
Chip Eng Seng said the trading halt was pending an announcement.
The company's stock spent most of Thursday lying in negative territory on thin volumes. But volume spiked after 4pm, and the share price climbed sharply before ending at 94.5 cents, with most of the gain of 5.6 per cent, or five cents, coming in the last hour of the trading session. Some 8.9 million shares changed hands on Thursday. The Singapore Exchange issued a trading query at 4.27pm on Thursday, asking the company to explain the unusual trading activity.