Corporate digest

Lian Beng

LIAN Beng turned in 55.3 per cent lower profit of S$3.6 million for the quarter ended February as it was hit by higher cost of sales and a S$3.1 million loss from its associates and joint ventures. These hit the firm's bottom line, which was S$8.1 million (restated) in the preceding year.

Its financial results for the third quarter of fiscal year 2019, released on Friday, saw cost of sales go up 6.5 per cent year-on-year to S$70.1 million, mainly due to an increase in construction cost.

Its share of results of associates and joint ventures went from a profit of S$2.5 million a year ago into a loss of S$3.1 million.

Earnings per share of the main contractor for the quarter stood at 0.73 Singapore cent, down from 1.62 Singapore cents in the year-ago period. Revenue was up 0.4 per cent from S$90.6 million to S$91 million.

Shanghai Turbo Enterprises

The firm received a notice of nomination for three directors on Thursday from a shareholder.

Liu Ming nominated Huang Wooi Teck, Kelvin Lee Kiang Piaw and Dr Wong Kee Hau in his proposal. Shanghai Turbo Enterprises is seeking legal advice on the nomination of the trio.

Keppel T&T

Keppel Corporation's proposed acquisition of all the issued ordinary shares in Keppel Telecommunications & Transportation it does not own was approved by the court on Friday. The firm says that the last day of trading of its shares is April 18; trading will be suspended from April 22 at 9 am.

Delisting is to take place after the acquired shares are paid for, which is expected to be by May 6, assuming the scheme of arrangement takes effect on April 24, upon lodgement of the court order with the Accounting and Corporate Regulatory Authority.