Corporate digest

GuocoLand

DEVELOPER GuocoLand's first-quarter earnings took a tumble on a fall in revenue and a lower share of profit from a joint venture, according to unaudited results released on Thursday.

Net profit was S$26.2 million for the three months to Sept 30, down by 85 per cent from the previous year, while revenue slid by 54 per cent to S$168 million.

GL

GL, previously known as GuocoLeisure, reported a fall in first-quarter profits on the back of lower revenue from its core hotel business, in unaudited results out on Thursday.

Net profit for the three months to Sept 30 was down by 7 per cent year on year, to US$16.2 million, while group turnover slipped by 2 per cent to US$95.9 million.

Triyards Holdings

UNITS of Triyards Holdings have been slapped with statutory demands and litigation claims over some US$15.9 million, the board disclosed on Thursday.

Triyards Marine Services subsidiary has received statutory demands from Taiwanese lender CTBC Bank for US$14.6 million and from a supplier for around US$800,000, while an unnamed Triyards subsidiary is involved in litigation claims for roughly US$500,000, said the board.

Separately, the hearing for a winding-up application against Triyards Marine Services has been postponed to Nov 9.

China Jishan Holdings

THE board of China Jishan Holdings and its legal advisers are reviewing a first-instance judgment over a legal case involving a wholly-owned unit, the directors said on Thursday.

A court in Zhejiang dismissed a claim brought by a buyer against Zhejiang Jishan Printing and Dyeing (Jishan P&D) over a terminated conditional share transfer agreement from 2016. Still, Jishan P&D has been ordered to repay the upfront deposit of 80 million yuan (S$15.9 million) and 24 per cent annual interest, the board said.

Both parties have the right to file an appeal against the judgment within 15 days.