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Stocks to watch: OCBC, UOB, SIA, Comfort DelGro, Marco Polo Marine
THE following companies saw new developments that may affect trading of their shares on Wednesday:
OCBC Bank: OCBC Bank registered a net profit of S$1.03 billion for the fourth quarter ended Dec 31, 31 per cent higher than its year-ago profit of S$789 million. For full-year 2017, net profit rose 19 per cent to S$4.15 billion. OCBC said it saw sustained growth momentum across the group's three business pillars: banking, wealth management and insurance businesses. The board has proposed a final tax-exempt dividend of 19 Singapore cents per share, an increase from 18 Singapore cents the previous year, bringing the FY17 total dividend to 37 Singapore cents per share.
United Overseas Bank (UOB): UOB on Wednesday reported a 16 per cent rise in its fourth quarter net profit to S$855 million, mainly due to an increase in net interest income, fee and commission income and net trading income. The increase was partly offset by higher operating expenses and allowances. The bank is recommending a final dividend of 45 Singapore cents per share, and a special dividend of 20 Singapore cents per share. For full-year 2017, net profit rose 9 per cent to S$3.39 billion.
Singapore Airlines (SIA): SIA's third-quarter net profit soared over 60 per cent on the back of stronger operating profit as well as the absence of a write-down of the Tigerair brand and trademark made last year. Net profit jumped 61.5 per cent year-on-year to S$286.1 million, while revenue increased about 6 per cent to S$4.08 billion as all of its business segments - passenger, cargo and engineering services - posted higher revenues. Earnings per share for the quarter under review climbed to 24.2 Singapore cents, up from 15 Singapore cents a year ago.
ComfortDelGro Corp: The transport giant posted a 4.9 per cent drop in net earnings to S$301.5 million for the year ended Dec 31 on the back of weaker contributions from all but one of its core businesses. With its taxi division continuing to take a beating from private-hire players, stiff competition in overseas markets and foreign exchange losses, group revenue shrank by 2.2 per cent to S$3.97 billion. Directors are recommending a final dividend of 6.05 Singapore cents per share - unchanged from the year before.
Marco Polo Marine: Marco Polo Marine's offshore support vessel-focused businesses continued to bleed in the months leading to the completion of its debt restructuring. For the three months ended Dec 31, the listed group slipped into the red with a net loss of S$6.64 million, reversing from a net profit of S$3.39 million for the corresponding quarter last year. Loss per share was 1.97 Singapore cents compared to earnings per share of 1.01 Singapore cents. Revenue was 34 per cent lower at S$7.46 million mainly on a 50 per cent reduction in contribution from its shipbuilding and repair operations.