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Stocks to watch: IndoAgri, Creative Technology, Starhill Global Reit, Cromwell E-Reit, Japfa, Sheng Siong
THE following companies saw new developments which may affect trading of their shares on Wednesday:
IndoAgri: Mainboard-listed Indofood Agri Resources (IndoAgri) reported a 91.3 per cent dive in its third fiscal quarter earnings to 8.74 billion rupiah (S$793,264), with the agribusiness attributing the fall to poor performance in sales and profit in its plantation division arising from weak commodity prices and increase in crude palm oil (CPO) stock.
Creative Technology: Creative Technology posted a net loss of US$6.1 million for its first quarter ended Sept 30, reversing from a profit of US$22.8 million a year ago. The year-ago quarterly profit was mostly due to gains from the settlement of patent lawsuits and foreign exchange gains.
Starhill Global Reit: Starhill Global Reit on Tuesday reported a 4.2 per cent drop in distribution per unit (DPU) to 1.15 Singapore cents for the first quarter ended Sept 30. This was mainly due to lower net property income which dipped 2.3 per cent to S$40.4 million from a year ago on the back of lower contributions from the retail portfolio in Singapore and the depreciation of the Australian dollar.
Cromwell European Reit: Cromwell E-Reit (real estate investment trust) announced the acquisition of 23 properties across five countries in Europe, comprising 16 properties in the Netherlands, Finland and Poland, two properties in Italy, and five properties in France.
Japfa: Agri-food company Japfa posted a net profit of US$14.3 million for the third quarter ended Sept 30, up from US$3 million a year ago, on the back of stronger performance across most business segments.
Sheng Siong: Sheng Siong Group saw its net profit dip 9.4 per cent to S$17.8 million for the third quarter ended Sept 30, mostly due to an increase in administrative expenses and staff costs as more stores were opened. Revenue went up 8 per cent to S$227.9 million, with new stores again the major source of growth.
CapitaLand Retail China Trust (CRCT): CRCT's distribution per unit (DPU) ticked up 1.7 per cent to 2.41 Singapore cents for the third quarter ended Sept 30 from 2.37 cents previously. It posted a 10.5 per cent jump in distributable income to S$23.6 million, underpinned by growth from its Rock Square mall in Guangzhou and multi-tenanted malls.
ST Engineering: ST Engineering announced on Tuesday that its marine sector secured about S$431 million worth of contracts in the third quarter, including options for its shipbuilding business, as well as the ship and rig repair segments for progressive deliveries at its yards in Singapore and the US.