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Stocks to watch: Olam, Ezion, Genting Singapore, Metro

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Singapore-based commodities group Olam International reported on Friday that its net profit for the three months ended June rose 197.6 per cent from a year ago to S$94.7 million.

THE following listed companies released their financial results either after the market closed on Thursday or before the start of trading on Friday morning.

Singapore-based commodities group Olam International reported on Friday that its net profit for the three months ended June rose 197.6 per cent from a year ago to S$94.7 million. The group, which has changed its fiscal year end to Dec 31, from June 30, said the results included a net loss of S$19.2 million on the fair valuation of biological assets compared to a net gain of S$17.1 million in Q2 2014. During the quarter, sales of goods and services fell 16.4 per cent to S$4.8 billion due to its strategy to grow in prioritised platforms while reducing volumes or exiting lower-margin businesses.


Amid a challenging operating environment in the oil and gas sector, support services provider Ezion Holdings on Friday reported a 36.3 per cent slide in net profit to US$28.96 million for the second quarter ended June 30, weighed down by lower revenue and higher cost of sales and servicing. Revenue fell 2.8 per cent to US$90.05 million due to the absence of contributions from the marine and offshore logistics support services division. For the six month period, profit came to US$69.97 million, down about 23 per cent year on year, while revenue slid 3.7 per cent to US$180.17 million.


Dragged down in part by slumping VIP volumes, Genting Singapore reported a second-quarter net loss of S$16.9 million, against a net profit of S$102.3 million a year ago. Including S$29.4 million apportioned to holders of perpetual securities, it made a net profit of S$12.5 million, down 91 per cent from S$131.7 million a year ago. Net profit was also affected by fair value loss from its portfolio investments that is related to unfavourable gaming market conditions. Meanwhile, revenue dropped 23 per cent to S$578.1 million on the back of a weakening gaming business in Asia.

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Property and retail group Metro Holdings' net profit for the three months ended June 30 more then trebled to S$37.6 million, from S$10.2 million for the corresponding period last year, boosted by improved contributions from its associates and joint ventures. Revenue rose 36.8 per cent to S$42.7 million, thanks mainly to higher turnover from the retail division's new Metro Centrepoint store, which commenced operations in Q3 FY15, as well as strong support for Metro Sengkang's closing down sale. This helped to narrow the retail division's losses from S$1.6 million in Q1 FY15 to S$1.2 million in Q1 FY16. Profit before tax surged to S$42.6 million from S$11.2 million a year ago, on the back of higher share of results of joint ventures, which rose to S$47 million from Q1 FY15's S$7.4 million, lifted by a gain on the disposal of EC Mall in Beijing.

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