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Stocks to watch: IHH, QT Vascular, Delong, Cogent
THE following stocks made announcements that may affect their trading on Tuesday when the market opens.
IHH Healthcare Berhad: IHH Healthcare Berhad's third-quarter net profit plunged on the back of higher costs from depreciation and amortisation, as well as finance costs led by the opening of Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital. The healthcare provider said net profit for the three months as at end-September fell 53 per cent year on year to RM82.1 million (S$27 million), dented by the expected startup costs arising from the opening of the new hospitals. Excluding the exceptional items, net profit dropped 42 per cent to RM125.4 million.
QT Vascular: Medical technology firm QT Vascular has entered into a bond settlement deed to repay part of the final tranche of its US$13.14 million convertible bonds due 2017/2018 in shares, and to delay the balance payment. Under the bond agreement signed in July 2015, the third and final tranche of US$2.19 million bonds was due for repayment on Sept 30 this year.
Delong Holdings: Delong Holdings has obtained the Singapore Exchange's approval for a proposed joint venture (JV). The proposed JV, first announced in June, is between the group's indirect wholly owned subsidiary Delong Steel Singapore Projects Pte Ltd, Shanghai Decent Investment (Group) Co Ltd and PT Indonesia Morowali Industrial Park. The JV company is to be set up in Indonesia to invest and construct a steel project at Tshingshan Park.
Cogent Holdings: Higher depreciation charges and contract services expenses dented results for Cogent Holdings Ltd for its third quarter. Net profit fell 6 per cent to S$7.4 million from the previous year. For the three months ended Sept 30, revenue grew 4 per cent to S$35.3 million from the preceding year. The group's earnings per share slipped to 1.54 Singapore cents from 1.64 Singapore cents in the year-ago period.