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Stocks to watch: City Developments, oil and gas counters
THE following companies announced financial results after Wednesday's close which may have a bearing on their Thursday trading:
Real estate developer and hotel owner City Developments reported a net profit of S$410 million for its fourth quarter ended Dec 31, 2015, up 6.6 per cent from S$385 million a year ago. This was driven by asset monetisation.
Oil and gas-linked counters like Nam Cheong and Pacific Radiance fell into the red in their fourth quarters and cut their dividends. Upstream player KrisEnergy remained in the red and said it will defer exploration expenditure and focus on producing assets until the oil price situation improves.