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Stocks to watch: Kingsmen Creatives, CNMC Goldmine, Mapletree Logistics Trust
THE group reported a 37.6 per cent year-on-year drop in net profit for FY16 to S$11.9 million.
In FY15, the group had recognised a one-off gain of S$5.9 million from the disposal of interest in Kingsmen CMTI Public Company Limited and the fair value of the remaining interest in the company. In FY16, this non-recurrence - in addition to lower margins for retail & corporate interiors works and higher operating costs - impacted the group's bottom line.
CNMC Goldmine Holdings
THE Malaysian gold miner fell into the red for the fourth quarter, as revenue tumbled 44 per cent due to lower ore grades.
The group recorded a loss of US$1.9 million for the three months ended Dec 31, against a net profit of US$3.3 million in the same period a year ago.
Mapletree Logistics Trust
THE trustee of Mapletree Logistics Trust, HSBC Institutional Trust Services (Singapore) Limited, has entered into an option to divest the former's property at 20 Old Toh Tuck Road for S$14.25 million.
The sale proceeds will be used to fund committed investments, reduce existing debt and make distributions to unitholders.