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Triyards on Friday morning posted a 73 per cent fall in net profit attributable to owners of the company to US$2.23 million for the three months ended Aug 31 (Q4 2016), due mainly to lower gross profit margins resulting from a different mix of projects.
Revenue for the provider of integrated full-service engineering, fabrication and ship construction solutions to global offshore and marine industries grew 7 per cent year-on-year to US$94.2 million. This was driven by contributions across all product and geographical segments.
For the full financial year ended Aug 31 (FY 2016), revenue grew 20 per cent to US$324. 89 million while net profit slipped 34 per cent to US$17.79 million from a year ago. Earnings per share for FY 2016 fell from 8.43 per cent to 5.48 US cents.
Frasers Centrepoint Trust (FCT)
The trust, which manages malls such as Causeway Point, Northpoint and Changi City Point, saw distribution to unitholders slip 1.2 per cent to S$25.9 million in Q4 2016, down from S$26.2 million.
Gross revenue for the quarter was 6 per cent lower than the previous year's, S$44.6 million versus S$47.5 million. Net property income declined slightly by 0.9 per cent to S$31.4 million for the quarter.
City Developments Limited (CDL)
CDL, through its wholly owned subsidiary Sunmaster Holdings, has entered into an agreement to exit its entire interest in Summervale Properties, which owns Nouvel 18, a 156-unit luxury, freehold residential development on Anderson Road, for S$977.6 million.
CDL said that it has unlocked value in Nouvel 18 through its third Profit Participation Securities (PPS) platform.
The oil rig builder on Thursday posted a 38 per cent drop in third-quarter net profit to S$225 million from a year ago, as cheap oil and overcapacity hurt its offshore and marine (O&M) business, forcing another round of layoffs at the unit.
In the three months to September, Keppel O&M cut its direct workforce by about 3,080, bringing layoffs over the first nine months of the year to nearly 8,000, or just over a quarter of its workforce. Of the 3,080 axed, 660 were in Singapore.
The top line sank 40.2 per cent to S$1.5 billion in the quarter, down from S$2.4 billion; this was led by lower revenue across all divisions except property, which was buoyed by a better showing in Singapore but was, however, partly offset by lower sales from China.