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Stocks to watch: CWT, Sinwa, Yongmao, Indiabulls, APTT
CORPORATE earnings continue to hog the news with Singapore-listed companies turning in a mixed bag of results. Stocks to watch out for on Tuesday include CWT, Sinwa, Yongmao Holdings, Indiabulls Properties Investment Trust (IPIT) and Asian Pay Television Trust (APTT).
Logistics provider CWT posted on Monday a 14 per cent drop in its second-quarter net profit to S$26.2 million, largely due to a fall in commodity logistics volume, slowdown in trade services, and start-up cost related to a new logistics hub. Revenue was down 45 per cent to S$2 billion due to a weaker commodity trading volume in naphtha and a general drop in commodity prices.
Sinwa on Monday reported a 22 per cent rise in net profit to S$2.64 million for the second quarter ended June 30, 2015.The marine, offshore supply and logistics player said the rise in earnings was mainly due to growth in customer base and increased sales volume from existing customers.
Towercrane manufacturer Yongmao posted a net loss of 7.4 million yuan (S$1.64 million) for the first quarter of FY2016, a reversal from a 36.2 million yuan net profit in the same period a year ago. The net loss was partly due to a 63 per cent plunge in revenue and lower gross margins.
As for IPIT which reported its results on Tuesday morning, the business trust swung into a net loss of S$476,000 for the first quarter ended June 30, from a net profit of S$195,000 in the year-ago period, as property income fell and operating expenses rose.
Asian Pay Television Trust (APPT) reported a 2.4 per cent year-on-year rise in operating earnings (Ebitda) to S$50.4 million for the second quarter ended June 30, driven by higher revenue across each of the service offerings of TBC, a leading provider of pay-TV and broadband services in Taiwan.