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Stocks to watch: Roxy-Pacific, Tianjin Zhong Xin, KTL Global
INVESTORS are likely to react to negative market cues, mainly from a slew of lacklustre earnings reports released in Singapore, following a retreat on Wall Street overnight from its record high.
Roxy-Pacific Holdings: The property and hotel group posted an 81.5 per cent year-on-year decline in third-quarter group net profit to S$1.5 million from the preceding year, the group said in a Singapore Exchange filing on Monday evening. For the three months ended Sept 30, revenue fell 33.7 per cent to S$60.3 million from the previous year. The decline was mainly led by revenue from the property development segment, which contributed 77 per cent of the group's turnover and reported a 39 per cent decrease to S$46.5 million largely due to lower revenue recognition from Jade Residences, Whitehaven, LIV on Wilkie and an absence of revenue recognition from LIV on Sophia following the completion of these projects in fourth-quarter 2016 and early 2017.
Tianjin Zhong Xin Pharmaceutical Group: Tianjin Zhong Xin also reported an 8 per cent decline in net profit for the third quarter to 83.3 million yuan (S$17.1 million) from the previous year. For the three months ended Sept 30, revenue fell 14 per cent to 1.31 billion yuan from a year ago, the group said in a Singapore Exchange filing on Monday evening. Tianjin Zhong Xin did not explain in its results statement the reasons behind the fall in both revenue and net profit. It said, however, that it is taking a few measures to strengthen its operations in light of the challenging economic conditions in recent years.
KTL Global: Meanwhile, KTL Global has lifted a trading halt on its shares, after saying on Monday evening that its CEO Tan Kheng Yeow has been requested to assist in an investigation by the Monetary Authority of Singapore and the Commercial Affairs Department (CAD). This concerns "a possible offence under the Securities and Futures Act (Chapter 289)".
The Board was informed by Mr Tan that he will cooperate fully with the authority and CAD in their investigation and stressed that the group's business and operations were not affected in any way by this investigation and will continue as normal.