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Stocks to watch: GLP, SIA, SATS, YuuZoo, Kitchen Culture
THE following stocks had announcements or developments that may influence trading on Friday:
Global Logistic Properties' (GLP) fourth-quarter net profit rose 61.7 per cent to US$247 million, or 5.19 US cents per share, for the three months ended March 31 on the back of higher asset values.
On a core basis that excludes non-recurring items, however, earnings were 5 per cent lower year-on-year due to the syndication of the company's second US portfolio, in which GLP retains a 10 per cent stake.
GLP has declared a final dividend of 6 Singapore cents per share.
For the full year ended March 31, net profit rose 10.4 per cent to US$793.7 million, or 16.32 Singapore cents per share.
Singapore Airlines (SIA) surprised with a fourth-quarter loss, as the bottom line was weighed down by a provision for SIA Cargo as well as weaker operating profit.
The carrier's net loss was S$138.3 million for the three months ended March 31, versus a net profit of S$224.7 million a year ago, missing analysts' expectations of a S$54.3 million profit, according to a Bloomberg poll.
A provision of S$132 million was made for SIA Cargo relating to an EU air cargo competition law case while the quarter also felt the absence of a S$117 million refund of a fine that was received last year.
SATS' net profit rose 31.4 per cent to S$66.6 million, or 6 Singapore cents per share, for the fiscal fourth quarter ended March 31, the ground services company announced on Friday before the market opened.
Excluding one-offs, underlying net profit was S$51.6 million, up 1.8 per cent year-on-year. Those one-offs included a S$15 million negative goodwill for Evergreen Sky Catering Corp.
SATS is declaring a final dividend of 11 Singapore cents per share, up from the year-ago payout of 10 Singapore cents per share.
For the full year, net profit grew 16.9 per cent to S$257.9 million.
YuuZoo Corp will report an audited 2016 net profit of about S$16.3 million, which is less than half of the S$39.2 million profit announced in February, the social commerce company announced late Thursday.
It will also revise its 2015 bottom line to a net loss of about S$2.9 million, compared to an earlier restated net profit of S$20.7 million.
YuuZoo said the changes are the result of adjustments that have been agreed upon with its auditor, RT. Specifically, YuuZoo said it will no longer value on a discounted cash flow basis the equity that it receives as a franchise fee from its franchisees. Instead, that equity will be valued based on YuuZoo's cost of developing franchise packages.
Kitchen Culture Holdings said that it has raised only S$750,000 of its S$2 million crowdfunding target, through the issuance of non-convertible notes. The kitchen supplies group added that it may conduct further campaigns for subsequent rounds of financing to raise up to S$1.25 million again, with these being on the same terms as the initial notes issuance.