Corporate digest

Global Premium Hotels

GLOBAL Premium Hotels (GPH) announced after trading hours on Tuesday the acquisition of a hotel property in Australia's Tasmania state for A$7.2 million (S$7.7 million) through a newly incorporated subsidiary.

The newly incorporated subsidiary in Australia, GP Hotel Launceston, will have an initial paid-up capital of A$1 million.

Rotary Engineering

MAINBOARD-listed Rotary Engineering posted an 81 per cent decline in its net profit to S$1.23 million for the third quarter of 2016.

Earnings per share was 0.2 Singapore cent compared to 1.1 Singapore cents. Revenue decreased by 13 per cent to S$52.65 million from S$60.33 million last year.

Singapore Exchange

THE Singapore Exchange (SGX) on Tuesday confirmed the completion of its acquisition of The Baltic Exchange. It also confirmed that Mark Jackson will begin his role as chief executive officer of the Baltic Exchange on Jan 31, 2017.

Alex Lenhart, currently UK country manager for SGX, will serve as interim CEO.

In a joint release, the two exchanges said that they "are pleased to announce that the acquisition ... has been completed today as planned, bringing together complementary strengths of Singapore and London, two of the world's most important maritime centres".

Nera Telecommunications

NERA Telecommunications posted a loss from its continuing operations for the third quarter after the divestment of its payment solutions business. Loss from continuing operations net of tax for the quarter ended Sept 30, 2016 was S$1.32 million, a reversal from a profit of S$1.60 million last year.

Loss per share was 0.36 Singapore cent compared to earnings per share of 0.44 cent.

Yangzijiang Shipbuilding

YANGZIJIANG Shipbuilding (YZJ) posted a 59 per cent decrease in third quarter net profit to 281.2 million Chinese yuan (S$57.6 million). Earnings per share was 7.34 fen compared to 17.76 fen.

Revenue was down by 6 per cent to 3.88 billion yuan mainly on a decline in the turnover for its core shipbuilding business.

YZJ is set on further diversifying its revenue by picking up additional 40 million equity in Jiangsu New Material Industrial Venture Capital Enterprise through a wholly owned subsidiary.