Company briefs : Singapore Shipping Corporation

Singapore Shipping Corporation

Higher revenue boosted the third-quarter net profit at Singapore Shipping Corporation.

Earnings rose 38.7 per cent to US$4.2 million (S$5.9 million) in the three months to Dec 31, while revenue came in at US$12.9 million, up 39.3 per cent from the previous year.

The higher turnover was helped by the delivery of additional vessels.

However, revenue from its shipping agencies and logistics segment fell 13 per cent to US$3.7 million, owing to "lower business activities/margin pressures".

Earnings per share was 0.9 US cent in the third quarter, up from 0.7 US cent a year ago, while net asset value per share was 17.3 US cents as at Dec 31, compared with 15.3 US cents as at March 31 last year.

CEFC International

CEFC International, which trades petroleum and petrochemical products, announced yesterday that a leading bank has agreed to provide uncommitted trade facilities of US$120 million (S$167 million) to its wholly owned subsidiaries Singapore CEFC Petrochemical & Energy and Hong Kong China Energy Finance Service.

CEFC International said a key growth driver as part of the group's development strategies is to explore diverse sources of funding and financing channels, so as to support its growth and lower overall cost of capital.

Its executive chairman Zang Jianjun said: "In the midst of a volatile energy market, receiving a new credit line is a testament to our company's business prospects and our proper risk management."

Accordia Golf Trust

Accordia Golf Trust posted a 12.9 per cent increase in its third-quarter net profit at 3.3 billion yen (S$40.2 million) for the three months to Dec 31.

The company said its operating income for the quarter rose 4.4 per cent to about 14.9 billion yen, largely due to the good weather conditions in October and December.

Its net asset value per unit was 75.32 yen as at Dec 31, compared with 75.87 yen at March 31.

Earnings per unit was 3.02 yen in the third quarter, up from 2.67 yen a year before.

Looking ahead, it expects overall demand for golf in Japan to be sound, supported by resilient demand from the senior golfers. It added that the tourism boom in Japan is expected to drive the demand for golf in the mid to long term.

A version of this article appeared in the print edition of The Straits Times on February 11, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe