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Stocks to watch: Banyan Tree, Golden Agri, Olam, Maxi-Cash
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Banyan Tree Holdings: Banyan Tree on Monday reported a 54 per cent fall in net profit to S$3.9 million for the fourth quarter ended Dec 31. Revenue rose 9 per cent to S$88.9 million, on higher revenue recognition from Laguna Park townhomes and villas and Cassia Phuket (Phase 2) condominiums, as well as strong performance from its Thailand and Seychelles resorts. Earnings per share slipped from 1.11 Singapore cents to 0.49 cent for the quarter. The group has recommended a first and final one-tier tax exempt cash dividend of one Singapore cent per ordinary share for FY17. Shares in Banyan Tree closed at S$0.63 apiece on Monday.
Golden Agri-Resources: Golden Agri has recorded a net loss of US$29 million for the fourth quarter ended Dec 31, 2017, due to an impairment loss on China assets recognised in the quarter. Revenue for the quarter this year slipped 10 per cent to US$1.9 billion, as production volume and CPO (crude palm oil) prices declined, the company said. Loss per share came up to 0.23 US cent, compared to the previous year's earnings per share of 0.36 cent. The group has proposed a final dividend of 0.116 Singapore cent per share. Golden Agri closed at US$0.271 apiece on Monday.
Olam International: A one-off gain from divestments of its sugar refining business in Indonesia and edible nuts farmland assets in the US, lower depreciation and amortisation, and net finance charges lifted results for Olam for its fourth quarter. Its net profit rose by more than two and a half times to S$265.1 million from the previous year. Earnings per share went up to 8.20 Singapore cents from 3.24 Singapore cents in the previous year. For the three months ended Dec 31, revenue increased 18.5 per cent to S$7.24 billion from the previous year. A final ordinary dividend per share of four Singapore cents was recommended by the board, up from three Singapore cents in the previous year. Olam closed at S$2.28 apiece on Monday.
Maxi-Cash Financial Services: Higher interest income from the pawnbroking business, higher sales from the retail and trading of jewellery and branded merchandise, and a maiden contribution from its secured lending business boosted results for Maxi-Cash for its full financial year ended Dec 31, 2017. Net profit rose 16.8 per cent to S$13.3 million from the previous year, the Catalist-listed pawnbroker said. For the 12 months ended Dec 31, revenue grew 15.4 per cent to S$188.4 million from the preceding year. Maxi-Cash declared a final dividend of 0.7 Singapore cent in FY2017, to be paid out at a later date. The counter ended unchanged at 16.2 Singapore cents on Monday.