Stocks to watch: SIA, Riverstone, UMS, PropNex, Centurion 

THE following companies saw new developments that may affect trading of their securities on Wednesday (May 11):

Singapore Airlines (SIA): The Competition and Consumer Commission of Singapore on Tuesday said it granted conditional approval of the proposed commercial cooperation between SIA and Malaysia Airlines. The move will see both airlines sharing revenue on flights between Singapore and Malaysia, expanding their codeshare routes and participating in joint marketing activities to develop tourism. Shares of SIA fell 1.7 per cent or S$0.09 to close at S$5.23 on Tuesday, before CCCS made its announcement.

Riverstone Holdings: The Malaysian glove maker on Tuesday posted a net profit of RM108.7 million (S$34.5 million) for the first quarter ended Mar 31, 2022, about one-fifth of the RM522.7 million net profit it booked in the year before. The drop in the group’s Q1 net profit came as demand for healthcare gloves normalises, with the majority of the world adopting an endemic approach to Covid-19. Shares of mainboard-listed Riverstone closed S$0.005 or 0.7 per cent lower at S$0.75, before the announcement was made.

UMS Holdings: The mainboard-listed precision-engineering company’s net profit for the first quarter ended Mar 31, 2022 rose 26 per cent year on year to S$19.4 million from S$15.4 million previously. Its sales surge for the quarter was driven by the sustained increase in semiconductor demand and the consolidation of sales from JEP Holdings - which became a subsidiary of the group from Q2 2021, noted UMS in a bourse filing on Tuesday. Shares of UMS closed S$0.01 or 0.9 per cent lower at S$1.14, before the announcement.

PropNex: The real estate agency on Wednesday posted a 6.1 per cent dip in net profit to S$13.9 million for the first quarter ended Mar 31, 2022 compared with net profit of 14.8 million the previous year. The bottomline decline was largely due to greater staff costs and other expenses as the group made higher provision for performance-linked bonuses and expanded its staff head count. The mainboard-listed counter closed S$0.04 or 2.4 per cent lower at S$1.66 on Tuesday.

Centurion Corporation: The mainboard-listed property management company’s revenue rose about 47 per cent to S$45.1 million in the first quarter ended Mar 31, 2022, from S$30.7 million in the year-ago period. The group on Tuesday noted that this was mainly driven by new capacity and in its purpose-built workers’ accommodation segment across Singapore and Malaysia, as well as recovery in the financial occupancy of its purpose-built student accommodation in the UK and Australia.Shares of Centurion fell 2.8 per cent or S$0.01 to close at S$0.345 on Tuesday, before the business update was released.