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Stocks to watch: Raffles Medical Group, Cache Logistics Trust, Boustead
THE following stocks had announcements or developments that could affect trading activity on Monday.
Raffles Medical Group: Raffles Medical Group's net profit for the first quarter ended March 31, 2016, rose 3.7 per cent to S$15.53 million. Revenue increased 23 per cent to S$116.86 million, thanks to strong performances from its healthcare services (up 36.3 per cent) and hospital services (up 15.2 per cent) division. This, however, was offset by higher staff costs, inventories and consumables used, as well as operating lease and other operating expenses.
Cache Logistics Trust: Cache Logistics Trust posted a distribution per unit (DPU) of 2.039 Singapore cents for the first quarter ended March, down 5 per cent from a year ago. Distributable income was S$18.2 million, up 8.6 per cent year-on-year. The dip in DPU was primarily due to an enlarged units base.
Boustead: The Singapore High Court has dismissed an appeal by a Bahrain bank, Arab Banking Corporation, against engineering firm Boustead Singapore. Arab Bank's appeal was regarding an US$18.8 million dispute between it and Boustead that lasted four years. Boustead said the court's decision "finally and conclusively discharges the company's liability to Arab Bank under the facility agreements".