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Stocks to watch: GuocoLand, Union Steel, Hupsteel
GUOCOLAND: The mainboard-listed company has posted a 42 per cent slump in net profit for the fourth quarter ended June 30, 2015, to S$107.31 million, dragged down by lower revenue and fair-value gain on investment properties.
Revenue fell 48 per cent to S$254.7 million during the quarter as the company took a hit from lower revenue recognised for China projects as Seasons Park in Tianjin was almost fully sold in current year.
Its counter ended Wednesday's session 1.5 Singapore cents lower at S$1.985.
Union Steel Holdings: It's fourth-quarter results dived into the red with a net loss of S$8.4 million from a net profit of S$2.1 million in the same period a year ago, dragged down by lower revenue and a S$6.7 million impairment of inventory.
Revenue fell by 37.2 per cent to S$27.8 million as the recycling and trading business segments slipped and sales activities from the group's Malaysian entity shrunk.
Hupsteel: The industrial hardware supplier reported a net loss of S$9.3 million for the fourth quarter ended June 30, 2015, due to an inventory write-down, a goodwill write-off and provision for doubtful debts.
The group had recorded a net profit of S$1.13 million in the same quarter last year.
The company reported a net loss of S$7.95 million for the full fiscal year, against a net profit of S$3.55 million in fiscal 2014.