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Stocks to watch: Technics Oil & Gas, PARD, China Fishery, Golden Ocean
STOCKS to watch on Monday include Technics Oil & Gas, Pacific Andes Resources Development (PARD) and Golden Ocean Group, which both released their latest financial results.
Investors were greeted with positive news from PARD, which posted on Sunday a 27.5 per cent jump in net profit to HK$953 million (S$159.5 million) for the full year ended Sept 28 on the back of expanded Peruvian fishmeal operations at its subsidiary China Fishery.
The Peruvian fishmeal operations mitigated the impact of falling sales volumes at its frozen fish division, which was the main reason for the 7.3 per cent drop in revenue to HK$8.13 billion.
Although it posted a 13.7 per cent rise in full-year revenue to US$630.8 million, China Fishery's net profit fell 18.7 per cent to US$63.7 million, due primarily to higher finance costs and income tax expenses.
At the close of market on Friday, PARD was 0.1 Singapore cent down at 10.5 cents a share and China Fishery was half a cent down at 32.5 cents a share.
Technics Oil & Gas issued a profit warning on Monday morning saying that it is expected to report an operating net loss for the fourth quarter and the full year ended Sept 30. This is due to a provision of impairment recommended by the auditors.
Shares of the oil and gas engineering solutions provider were last traded at 74.5 cents on Friday, at 2.45 times of book value.
Last Friday, Golden Ocean Group, a secondary listed dry bulk shipowner on the Singapore Exchange, posted a net loss of S$11.4 million for the third quarter ended September, compared with a net profit of S$15.4 million a year ago.
Its total operating revenue for the third quarter was S$53.4 million, compared with S$78.8 million a year ago.
In October this year, Golden Ocean (which is also trading on the Oslo Stock Exchange) and Nasdaq-listed Knightsbridge Shipping announced that the two companies had agreed to merge.