Company Briefs: Singapore Technologies Engineering

Singapore Technologies Engineering

The aerospace arm of Singapore Technologies Engineering has secured new contracts worth $520 million in the third quarter. It said yesterday it had taken on projects including line and airframe maintenance and component repair and overhaul. The value of the contracts includes conversion of four passenger planes to freighter planes for DHL Express.

The company clinched a five-year deal with an international airline to provide airframe heavy maintenance support, as well as to refurbish the cabin interiors. It also won an extension contract to support a customer's pilot training needs. The airline's cadets will undergo a 15-month integrated commercial pilot licence programme in Australia.

The company said it will continue its planned capacity expansion in key markets, with hangars in Guangzhou and Pensacola to be operational by 2017 and 2018 respectively.

GKE Corporation

Gas Aries has renewed its chartering deal with Sinogas Carriers for the chartering of a liquefied gas carrier vessel, at a significantly lower daily rate for two months from mid-October.

Gas Aries is a subsidiary of Ocean Latitude, a joint venture with logistics firm GKE Corp.

It said yesterday that the extension was reduced, so as to ensure its competitiveness in the current challenging economy.

Oriental Group

Catalist-listed steel trader and manufacturer Oriental Group suffered increased losses for the six months ended June 30. Net loss was 24.6 million yuan for the period, worse than the 18.6 million yuan for the same period last year.

Revenue fell 14 per cent to 66.9 million yuan (S$13.8 million), which it attributed to the challenging economic environment. It ceased its steel trading business in South-east Asia as of Sept 15 this year, as it was loss-making and had no working capital, the company said. Its remaining businesses include manufacturing and sale and trading of steel products in China.

Its subsidiary, Jiangyin Chengsheng Machinery Manufacturing, had originally owned a piece of land with the intention of developing it but the firm said yesterday that the Jiangyin City government had asked for the return of the land as it had not been able to develop it.

Loss per share for the half year was 4.66 fen, compared with a 4.79 fen loss a year earlier. Net asset value per share was 23.17 fen as at June 30, down from 27.55 fen as at Dec 31 last year.

A version of this article appeared in the print edition of The Straits Times on October 15, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe