Stocks to watch: Venture, Riverstone, Dyna-Mac, Cromwell E-Reit, Elite UK Reit
THE following companies saw new developments that may affect trading of their securities on Wednesday (Aug 7):
Venture Corp : The technology solutions provider reported a net profit of S$123.7 million for the first half of fiscal year ended Jun 30, down 11.7 per cent year on year on lower revenue. It proposed an interim dividend of S$0.25 per share, unchanged from the same period a year prior. Shares of Venture fell 0.3 per cent or S$0.04 to close at S$14.40 on Tuesday, ahead of the results announcement.
Riverstone : The Malaysian glovemaker’s net profit for the six months ended Jun 30 rose 54.6 per cent to RM144.7 million (S$42.9 million), with revenue up 7.4 per cent to RM496.4 million. On Tuesday, the group said this was due to a recovery in demand for both healthcare and cleanroom gloves. Shares of Riverstone closed at S$0.895, down S$0.005 or 0.6 per cent, before the results were announced.
Dyna-Mac : Its net profit more than doubled to S$38.8 million for the first half of 2024, from S$10.2 million in the corresponding period a year earlier, announced the offshore oil and gas contractor on Tuesday. The improved top line was attributed to the completion of major projects, better productivity and an increase in volume of projects undertaken. Dyna-Mac shares closed at S$0.52, up 3 per cent or S$0.015, before the results were released.
Cromwell European Real Estate Investment Trust (Cromwell E-Reit): Its distribution per unit (DPU) for the first half ended Jun 30 declined 9.5 per cent to 7.05 euro cents, versus 7.79 euro cents a year prior. Gross revenue and net property income declined mainly due to asset sales, said its manager on Wednesday. Units of the Reit ended Tuesday flat at 1.37 euros.
Elite UK Reit : Its manager on Wednesday posted a 19.5 per cent lower DPU of £0.014 for the first half of FY2024. Revenue fell 0.6 per cent to £18.6 million (S$31.3 million), from £18.7 million in H1 FY2023. Units of the Reit closed flat at £0.24 on Tuesday.
IReit Global : The Europe-focused Reit’s DPU for the first half ended Jun 30 rose 3.2 per cent year on year to 0.96 euro cent from 0.93 euro cent, as both revenue and net property income grew. The higher revenue was attributed to the completion of the Reit’s acquisition of retail properties in France under the discount retailer B&M. Units of IReit closed at S$0.285 on Tuesday, up 1.8 per cent or S$0.005, before the release of its financial results.
ARA US Hospitality Trust (ARA H-Trust): Its distribution per stapled security tumbled 50.2 per cent year on year to US$0.00747 for the first half ended June. On Wednesday, its managers attributed this to higher financing costs mainly due to interest rate hedges maturing and borrowing costs rising. Stapled securities of ARA H-Trust closed 1.8 per cent or US$0.005 higher at US$0.285 on Tuesday.
Trading halt: Retailer Isetan Singapore requested a trading halt on Wednesday, pending the results of its scheme meeting. The counter ended Tuesday S$0.01 or 0.1 per cent higher at S$7.07.
