Stocks to watch: SembMarine, Cosco, UOB, Great Eastern
THE oil and gas sector could be in the spotlight on Tuesday following losses at Sembcorp Marine and Cosco Corp.
SembMarine fell into a fourth-quarter net loss of S$536.88 million from a year-ago profit of S$174.05 million as the rigbuilder made S$801 million in provisions on rig-building contracts and recognised its share of associates' losses.
Chinese shipbuilder Cosco Corporation (Singapore) posted a fourth-quarter net loss of S$484 million as impairments and write-offs on offshore-related orders dragged down full-year losses to S$570 million.
Financial companies posted muted growth.
United Overseas Bank (UOB) reported net earnings of S$788 million for the fourth quarter, up 0.3 per cent year on year, although the lender incurred S$43 million of one-off expenses related to its 80th anniversary celebrations.
Great Eastern Holdings' fourth-quarter net profit increased by 5 per cent to S$218.8 million as profits from the insurance business offset a loss from investment of its shareholders' fund.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore stocks end week in the red; STI down 0.1%
Asia: Markets track Wall Street higher as rate hopes rise, eyes on US jobs
H2G Green chief to stand trial on Aug 5 amid MOM probe
Singapore shares climb at Friday’s open; STI up 0.2%
Stocks to watch: DBS, KIT, Clint, Elite Commercial Reit
Europe: Shares ease after Federal Reserve decision, mixed earnings