Company briefs: SPH Reit

SPH Reit

SPH Reit Management has appointed Singapore Press Holdings (SPH) chief executive-designate Ng Yat Chung as a non-independent non-executive director with effect from today.

Mr Ng, 55, will also be a member of the nominating and remuneration committee.

He will take over from Mr Alan Chan Heng Loon, 64, who is retiring from the board on the same day. Mr Chan is also the outgoing chief executive of SPH.

"SPH Reit has a good track record, with our properties enjoying full occupancy and strong partnership with our tenants. We are well positioned to continue delivering a trusted and successful brand in Singapore," said Mr Ng, who takes over the CEO role on Sept 1.

Dr Leong Horn Kee, chairman of the SPH Reit management board, thanked Mr Chan "for his advice and contributions since the IPO of SPH Reit".

SPH Reit's portfolio comprises Paragon mall in Orchard Road and The Clementi Mall.

OKP Holdings

Infrastructure and civil engineering firm OKP Holdings nearly doubled second-quarter net profit from a year ago to about $5 million, driven by a surge in revenue.

Turnover for the three months to June 30 was up 43.2 per cent to $34.4 million, spurred by better performance in the construction and maintenance segments.

Maintenance posted turnover of $11.9 million, up 227 per cent from the same quarter a year earlier. Construction booked a 10.4 per cent rise in revenue to $22.5 million.

Quarterly earnings per share was up sharply at 1.61 cents, from 0.81 cent the year before, while net asset value per share was 38.29 cents as at June 30, up from 36.54 cents at Dec 31.

Genting Hong Kong

Genting Hong Kong has issued a profit warning on its earnings for the six months to June 30.

The cruise ship operator told the Singapore Exchange that it expects a consolidated net loss "in the range of US$200 million to US$220 million" (S$271 million to S$298 million) for the period, excluding the share of results of Travellers International Hotel Group.

It blamed various factors, including operating losses in Crystal Cruises due to a more competitive environment and additional depreciation and amortisation of the new Genting Dream ship and shipyards.

A version of this article appeared in the print edition of The Straits Times on August 01, 2017, with the headline 'Company briefs: SPH Reit'. Print Edition | Subscribe