Corporate digest

CapitaLand

CAPITALAND has appointed Miguel Ko as non-executive deputy chairman of the board, and non-executive and non-independent director, with effect from Tuesday.

Mr Ko is chief executive officer of CLA Real Estate. Temasek Holdings owns 50.4 per cent of the issued shares of CapitaLand through CLA. Mr Ko and existing board member Chaly Mah Chee Kheong have also been appointed as members of the Strategy, Investment and Finance Committee with effect from Tuesday.

China Sunsine

SPECIALTY rubber chemicals producer China Sunsine Chemical Holdings on Tuesday posted a net profit of 155.8 million yuan (S$31 million) in the second quarter, down 35 per cent from the same period a year earlier.

Revenue in the three months ended June 30 fell 17 per cent to 727 million yuan as a lower average selling price offset a rise in sales volume.

Jumbo Group

SEAFOOD restaurant operator Jumbo saw third-quarter net profit decline 24.8 per cent on year to S$1.7 million on higher expenses.

Revenue rose 0.8 per cent year-on-year to S$36.4 million as Jumbo opened three new restaurants in Singapore: Jumbo Seafood at Jewel Changi Airport, Zui Yu Xuan Teochew Cuisine and Chao Ting Teochew Pao Fan at Far East Square. However, Jumbo Seafood restaurant at The Riverwalk was closed for one month for renovations.

Mirach Energy

MIRACH Energy subsidiary RCL Kelstar has entered into two exclusive cooperation agreements with Zhejiang Bei Ding Investment Company.

Under each agreement, Zhejiang Bei Ding will partner with RCL for a period of 50 years in the development of a multi-storey cropping of durian trees and other suitable crops on about 550 acres of an agriculture land in Ulu Nenggiri Gua Musang, Kelantan, Malaysia.

The total of 1,100 acres (two plots of 550 acres) of agriculture land forms part of the 5,500 acres of agriculture land concession held under a joint venture agreement between RCL and Perbadanan Kemajuan Iktisad Negeri Kelantan.

Sunningdale Tech

SUNNINGDALE Tech swung into a net loss of S$1.1 million in the second quarter, reversing from a net profit of S$9.7 million in the same period a year earlier.

Revenue in the three months ended June 30 was S$163 million, a fall of 10.3 per cent, due primarily to the automotive segment which was impacted by a worldwide slowdown in automotive sales (especially in China) and certain projects reaching end-of-life, it said.

Gross profit margin declined 3.1 percentage points to 9.6 per cent, due mainly to lower utilisation as a result of a decline in orders, lower utilisation during the initial start-up phase at the group's new plant in Penang and the relocation of the group's Shanghai operations to Chuzhou.

An interim dividend of three Singapore cents per share is payable on Sept 11, unchanged from a year earlier.

EC World Reit

EC WORLD Reit on Tuesday posted lower second-quarter distribution per unit (DPU) of 1.547 Singapore cents from 1.57 cents, as gross revenue fell amid "an uncertain macro environment", according to the Chinese e-commerce logistics-focused Reit.

The decline in DPU came as Q2 income available for distribution fell 1.3 per cent to S$12.3 million year-on-year. Books will close on Sept 3 and distribution is payable on Sept 26.