Corporate digest

Frencken Group

MAINBOARD-LISTED technology solutions provider Frencken Group on Wednesday posted a first-quarter net profit of S$14.7 million, up 54.7 per cent from S$9.5 million a year earlier, led by improved sales from its semiconductor segment.

The 19.9 per cent improvement in revenue to S$181.5 million from S$151.4 million year was driven by contributions from the core mechatronics division.

OKP Holdings

OKP Holdings' subsidiary Or Kim Peow Contractors has been fined S$1 million over a 2017 accident involving a Pan-Island Expressway viaduct collapse. The group's employees, Allen Yee and Wong Kiew Hai, were sentenced to imprisonment of 13 months and 11 months respectively. Both men had been convicted of failing to take reasonable measures to ensure the safety of workers.

Geo Energy

MAINBOARD-LISTED coal miner Geo Energy Resources on Wednesday reported a 9.2 per cent dip in its first-quarter net profit to US$28.3 million from US$31.4 million in the first quarter last year, but said that it "marks a strong positive start in terms of earnings from its business operations". The higher net profit over the same period last year came from gains arising from the repurchases of senior notes, said Geo Energy.

Sakae Holdings

ERRONEOUS accounting entries and internal control weaknesses was uncovered following reviews of restaurant operator Sakae Holdings' auditing practices in relation its liquidated associates. Sakae said that the audtiors' reports indicate no sign of "fraudulent or dishonest impropriety" but the group acknowledged that internal control processes can be further improved.