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PALM-OIL planter Bumitama Agri announced on Tuesday its net profit for the first quarter ended March 31, 2015, had plunged 41 per cent to 181.57 billion Indonesian rupiah (S$18.44 million), mainly due to the lower selling price of both crude palm oil and palm kernel, higher cost of sales, foreign-exchange loss and share of loss of associate companies. Revenue for the quarter held steady at 1.33 trillion rupiah, down 1.7 per cent from 1.36 trillion rupiah in the year-ago period.
Asia Pay Television Trust (APTT) posted on Tuesday a net loss of S$5.56 million for its first quarter ended March 31, 2015, compared to a net profit of S$17.89 million in the year-ago period, as capital expenditure grew, due mainly to the continuation of its main asset Taiwan Broadband Communications' (TBC) deployment of digital set-top boxes and network expansion into the Greater Taichung region of Taiwan. Revenue for the quarter was 6.6 per cent higher at S$82.29 million due to higher turnover generated across each of TBC's service offerings.
Changtian Plastic & Chemical reported on Tuesday that its net profit for the first quarter of 2015 had surged to 13.8 million yuan (S$2.97 million) on a disposal gain, compared to 3.8 million yuan a year ago. The Chinese company had a 12.2 million yuan net gain from the disposal of machinery and equipment during the quarter. Revenue, however, fell 29.3 per cent to 20.3 million yuan due to lower sales volume and average selling prices amid tough market conditions.
Wheelock Properties (Singapore) announced on Monday that profit for the first quarter ended March 31, 2015, fell 14 per cent to S$12.26 million, when compared to the same period last year. But revenue jumped 292.5 per cent to S$99.24 million, thanks to revenue recognised from The Panorama based on the progress of construction works. This was partially offset by lower rental income from Scotts Square retail.
Loss-making IT and computer parts distributor Achieva plans to change course to become a marina owner and operator after its electronics distribution business bled red ink for four out of the past five years. It has proposed to buy ONE°15 Marina Club in Sentosa Cove for about S$20 million from its substantial shareholder, privately held consumer goods and lifestyle group SUTL Global, Achieva chairman Lew Syn Pau told a briefing held at the marina on Monday. It will also buy a yacht-chartering firm from SUTL for about S$1 million.