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Stocks to watch: Singtel, Nam Cheong, Ezion, Pacific Radiance
Singtel: Singtel on Thursday posted a marginal 0.8 per cent increase in net profit to S$946 million for its fourth quarter ended March 31, 2016.
The telco said that it would have risen 4 per cent in constant currency terms, adding: "Foreign currency movements against the Singapore dollar affected the group's net profit by 3 per cent or S$27 million for the quarter."
Operating revenue fell 5.6 per cent to S$4.09 billion, impacted by the decline in mobile termination rates in Australia from January 2016 and the weaker Australian dollar. It was also affected by lower handset sales in Singapore. The group said that in constant currency terms, operating revenue would have dipped 3 per cent.
Nam Cheong: Nam Cheong on Thursday said that it has gone into the red, reporting net losses of RM40.1 million (S$13.5 million) for the first quarter ended March 31, 2016, a reversal from a net profit of RM39.3 million a year ago.
Revenue was negative at -RM93.1 million versus RM326.3 million a year ago.
The offshore support vessels builder blamed the negative revenue on its shipbuilding segment, mainly due to the reversal of revenue from Perdana Petroleum Berhad's cancellation of an accommodation work barge whose construction was at an advanced stage. There was also a lower number of vessel deliveries in Q1 compared with a year ago.
Ezion Holdings: Ezion, which builds and charters offshore assets, on Thursday posted a 62 per cent drop in profit for the period to US$15.5 million for its first quarter ended March 31, 2016, down from US$41 million a year ago.
Revenue fell 8.9 per cent to US$82.1 million due to the absence of contribution from projects in Queensland, Australia that did not go as originally planned, and a few multi-purpose self-propelled jack-up rigs that underwent modifications and routine class surveys.
Pacific Radiance: Offshore vessels operator Pacific Radiance also posted bleak results of US$6.9 million net losses in its Q1, versus US$2.7 million net profit a year ago.
Revenue fell 42 per cent to US$18.4 million due to the decline in revenue of its subsea business and offshore support services business.
This is on the back of significantly weaker market conditions arising from the severe drop in oil prices, it said.