Stocks to watch: Olam, CNMC, Spackman
CORPORATE results continue to pour in. The following stocks had announcements that may influence trading on Monday:
Olam International's first-quarter net profit rose 26.5 per cent to S$143.8 million, or 4.79 Singapore cents per share, on stronger performance in a number of food segments, the commodity trader announced on Monday.
Revenue increased by 21.9 per cent to S$5.8 billion.
CNMC Goldmine Holdings' first-quarter net profit dropped 98.8 per cent to US$54.8 million, or 0.01 US cent per share, as lower ore grades hit output and sales volumes despite higher realised prices.
Revenue fell 43.8 per cent to US$4.7 million as gold output and sales volumes fell 49.5 per cent to 3,669.90 ounces. All-in production costs jumped to US$983 per ounce from a year-ago US$487 per ounce, hitting the bottom line even though the company sold its gold at a higher price of US$1,287.62 per ounce compared to US$1,155.76 per ounce a year earlier.
The Malaysia-focused gold miner is building a carbon-in-leach processing plant - its third - to enhance gold recovery rates. The company aims to have the plant operational later in the year with an initial capacity of 500 tonnes of ore per day, expandable to 1,000 tonnes per day. CNMC's current facilities process 1.2 million tonnes of ore per year.
Filmmaker Spackman Entertainment Group swung into a first-quarter net profit of US$4.8 million as it recognised distribution revenue as a producer of the 2016 film Master.
On a per-share basis, profit was 1.04 US cents for the three months ended March 31 based on the number of shares issued after a March 20 placement. A year ago, the film production company reported a net loss of US$966,000, or 0.21 US cents per share based on the same number of issued shares.
Revenue doubled to US$8 million, but trade receivables also rose to US$7.9 million from a year-ago US$3.6 million, mainly due to US$3.6 million of uncollected receipts from Master and the acquisition of Frame Pictures.
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