Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
INVESTORS here find little to cheer about amid a mixed bout of earnings results, especially when the Singapore banks here have flagged continued stresses in the oil and gas support services sector.
DBS Group was the second bank to report that its fourth-quarter results were hit by provisions for bad loans, amid a downturn in the oil and gas sector.
It said on Thursday that its net profit for the three months ended Dec 31, 2016, dropped 9 per cent to S$913 million, as a doubling of total allowances offset improved operating performance.
A day before, OCBC Bank reported an 18 per cent drop in net profit to S$789 million for the fourth quarter ended Dec 31, 2016, on the back of higher allowances for loans as well as lower net interest and non-interest income.
Among other results reports, Singapore Technologies Engineering (ST Engineering) on Thursday posted a 21 per cent jump in net profit for the fourth quarter ended Dec 31, 2016, to S$170.4 million, due to stronger contribution from aerospace, land systems and "others" business segments.
But it marked a full-year drop in net profit of 8.4 per cent to S$484.5 million, dragged down by land systems, marine and "others" business segments. Revenue grew 5.5 per cent to S$6.68 billion.
Lippo Malls Indonesia Retail Trust (LMIRT) posted a distribution per unit of 0.87 cent for its fourth quarter 2016, an increase of 7.4 per cent from a year ago. Its net property income went up 10.9 per cent to S$44.6 million. For the full year ended 2016, LMIRT's net property income rose 8.4 per cent to S$171.9 million.
Meanwhile, medical clinic chain Healthway Medical Corporation made a profit warning on Wednesday night, saying it expects to make a loss for its financial fourth quarter and full year 2016. The expected loss was mainly due to "significant impairment of certain receivables, as well as goodwill". It did not specify these receivables.
Singapore Medical Group halted trading on Thursday morning, pending the release of an announcement.