STOCKS to look out for on Friday morning include those that announced positive earnings reports that could offer some cheer to the local market.
Among them are Frasers Centrepoint Trust (FCT), which said on Friday morning that its distribution per unit for the second quarter ended March 31, 2016, rose 2.6 per cent to 3.039 Singapore cents.
Net property income (NPI) rose by a marginal 0.4 per cent to S$33.68 million despite a 0.8 per cent dip in gross revenue to S$47.1 million, thanks to lower utility tariff rates and write-back of provisions for property tax as a result of resolved property tax appeals and objections.
The bigger malls - Causeway Point, Northpoint and Changi City Point - accounted for about 86 per cent of portfolio NPI.
Suntec Reit on Thursday reported a 6.3 per cent increase in distribution per unit to 2.371 Singapore cents for its first quarter ended March 31, 2016. This was higher than the 2.23 Singapore cents it paid out a year ago.
Gross revenue rose 5.2 per cent to S$78.3 million, while net property income (NPI) rose 5.1 per cent to S$54 million. The increase in revenue and NPI was mainly due to the opening of Suntec City mall (Phase 3) following the completion of asset enhancement works, higher office revenue from Suntec City Office and higher revenue achieved by Suntec Singapore Convention & Exhibition Centre, which was offset by the divestment of Park Mall in December 2015, it said.
Meanwhile, jet fuel supplier China Aviation Oil (Singapore)'s net profit for the first quarter rose 68.2 per cent as the group recorded higher trading gains. Its's net profit for the three months ended March 31,2016, grew to US$24.1 million, up from US$14.4 million.
Revenue slid 29.6 per cent to US$1.45 billion, as the oil price fell. But cost of sales tumbled by an even higher 30 per cent, resulting in a higher gross profit.