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Stocks to watch: GuocoLand, Ezra, Sakae Holdings
STOCKS to watch on Thursday morning trading include GuocoLand, Ezra Holdings and Sakae Holdings.
GuocoLand reported a 130 per cent surge in net profit for the third quarter ended March 31, 2015, to S$49.5 million on the back of a 21 per cent jump in revenue, mainly due to the sale of serviced apartments in Shanghai Guoson Centre, and lower costs. An increase in other income, share of profit of associates and joint ventures, as well as lower finance costs, also buoyed earnings.
EzraHoldings reported a 99 per cent dive in second-quarter net profit to US$138,000, down from US$19.6 million the previous year. Revenue for the three months ended Feb 28 inched up one per cent from the preceding year to US$302 million. Job cuts and other cost reductions are on the cards as the group scrambles for various equity fundraising options to refinance its debt.
Sakae Holdings said on Thursday that its auditors Deloitte & Touche LLP have issued a qualified opinion on its financial statements for fiscal year 2014 ended Dec 31 - a third straight year of audit qualification on its books.
The qualification has arisen due to Sakae Holdings' accounting treatment for its investments in its associates, Griffin Real Estate Investment Holdings Pte Ltd (GREIH) and Gryphon Capital Management Pte Ltd (GCM), since the financial year ended Dec 31, 2012. Its non-equity accounting for these associates for the financial years ended Dec 31, 2014 and 2013, is not in accordance with FRS 28 Investments in Associates and Joint Ventures, Deloitte said.