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Stocks to watch: Noble, Singtel, ST Engineering, CityDev, GP Batteries
THE following companies saw new developments that may affect trading of their shares on Friday:
Noble Group: The beleaguered commodities group fell deeper into the red for the second quarter, recording a loss of US$1.75 billion compared to a net loss of US$54.9 million a year ago, and US$1.2 billion in one-off charges. The company plans to reduce headcount from 900 to 400, and conduct an asset disposal programme to raise US$800 million to US$1 billion over the next two years.
Singtel: The telecommunications company on Friday reported a 5.6 per cent drop in net profit, including exceptional losses, to S$891.6 million for the first quarter ended June 30 on the back of lower share of results of associates and joint ventures.
Singapore Technologies Engineering Ltd: STE on Friday announced a 12 per cent decline in net profit for the second quarter ended June 30 to S$111.5 million. This came on the back of losses incurred in the marine division and a lack of divestment gain on a subsidiary in the land systems division. Its order book stands at S$13.5 billion as at end-June, S$2.1 billion of which is expected to be delivered in the remaining months of this year.
City Developments Ltd: The property group announced on Friday that deputy chief executive officer Sherman Kwek will be CEO-designate with immediate effect after CEO Grant Kelley tendered his resignation on Thursday. The group also posted a net profit of S$109.9 million for the second quarter, down 17.9 per cent from net profit of S$133.8 million a year ago.
GP Batteries: GP Industries Limited said it plans to launch a voluntary conditional cash offer for GP Batteries International at S$1.30 per share in a bid to privatise and delist the latter. The offer price represents a premium of 61.1 per cent and 61.5 per cent above the six-month and 12-month volume-weighted average price respectively.