AGRIBUSINESS Olam International on Friday posted a net profit of S$31.26 million for its first quarter ended March 31, 2015, down a hefty 92.1 per cent from S$396.13 million in the year-ago period.
The commodity group said net earnings plunged on the back of a net exceptional loss of S$97.2 million in Q1, mainly from the buyback of bonds, while net earnings in the year-ago period had included an exceptional gain of S$293.9 million.
Revenue for the quarter was down 10.7 per cent at S$4.32 billion, from S$4.84 billion in the year-ago period, as sales volume fell 33.2 per cent to S$2.68 billion from S$4.01 billion in the year-ago period, as the company reduced volumes or exited from lower-margin businesses, and instead focused on growing its prioritised platforms.
Singapore Airlines (SIA) on Thursday reported a net profit of S$39.6 million for the fourth quarter of FY14/15, up nearly 47 per cent year on year.
Revenue for the quarter under review rose from S$3.63 billion a year ago to S$3.88 billion while earnings per share came to 3.4 Singapore cents, up from 2.3 cents in Q4 FY13/14.
For the full year, net profit hit S$367.9 million, rising 2.3 per cent, while revenue increased from S$15.24 billion to S$15.56 billion.
Genting Singapore's net profit for the first quarter ended March 31, 2015, fell 73 per cent to S$62.7 million, from S$228.5 million a year ago.
Including S$29 million apportioned to holders of perpetual securities, net profit fell 64 per cent to S$91.7 million.
Revenue slipped 23 per cent to S$639.2 million from S$828.8 million.
"The Asian gaming industry is adjusting to a new norm. The premium gaming market continued to be weak," said the firm in a statement.
Water solutions firm Hyflux on Thursday posted a net profit of S$5.6 million for the first quarter ended March 31, 2015, down 85 per cent from S$37.9 million a year ago.
Revenue was down 32 per cent to S$60.4 million from S$88.3 million in the year-ago period, mainly due to lower engineering, procurement and construction activities.
Lower net profit was due to other income falling 53 per cent to S$27 million from S$56.9 million a year ago. Included in other income a year ago was a S$54.1 million gain after the group sold its investments in a joint venture and an associate.
Raffles Education Corp on Thursday announced that its net profit for the third quarter ended March fell 80 per cent to S$4.7 million from S$23.8 million in the year-ago period.
Revenue was flat at S$31.2 million from S$31.1 million.
In a statement, Raffles Education said revenue would have risen 6.8 per cent if the contribution from LangFang Oriental Institute of Technology of S$1.9 million in the third quarter of FY2014 was excluded, as the group had ceased consolidating its operational results for the first quarter of the current financial year.