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City Developments Limited
THE developer's fourth-quarter and full-year net profits were dented by the absence of substantial profits that were recognised in the year-ago period from the second Profit Participation Securities (PPS) platform, as well as a weak market, even as revenue grew.
Net profit for the three months at end December 2016 fell 40.6 per cent year on year to S$243.8 million, and down 15.5 per cent to S$653.2 million for the full year, amid tough market conditions.
Revenue in Q4 grew 36.5 per cent to S$1.2 billion, while it rose 18.2 per cent to a record S$3.9 billion for FY16, driven by the property development segment.
Separately, the group said that independent non-executive director Tang See Chim has informed the board of his intention to step down from the post.
THE company reported on Thursday that it has sunk deeper into the red for the fourth quarter ended Dec 31, 2016.
The service rigs and offshore logistics support services provider to the oil and gas industry reported a net loss of US$66.6 million for Q4, compared with a net loss of US$63.5 million a year ago.
ITS subsidiary Amobee, a global digital marketing technology company serving brands such as Airbnb, Dell EMC and Lexus, on Thursday said that it would acquire Turn, a leading provider of a global technology platform for marketers and agencies, at an enterprise value of US$310 million.
Turn offers advanced data and analytics solutions through a data management platform (DMP), allowing marketers to better understand customer interactions across ad formats and devices.
It further operates a demand-side platform (DSP) which provides programmatic buying capabilities that automate the process of buying digital ads in real time across video, mobile and display for major brands including Kraft Heinz, Toyota and L'Oreal USA.