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Stocks to watch: mm2 Asia, Olam, OUE, ST Engineering, United Engineers, Wheelock
ENTERTAINMENT group mm2 Asia said on Monday it has signed a deal with Cathay Cineplexes Sdn Bhd to acquire its business operations at two locations in Malaysia for RM40 million (S$13.8 million). The two locations are Cathay Cineplex Damansara, e@Curve in Petaling Jaya, Selangor; and Cathay Cineplex City Square at Johor Bahru City Square. The acquisition is expected to be completed by Sept 30, 2015.
Olam International said on Friday its second-quarter earnings have trebled to S$94.7 million despite lower revenue and a net loss from changes in the valuation of biological assets. But the April-June revenue fell 16.4 per cent to S$4.8 billion, as part of the company's strategy to grow in prioritised platforms while reducing volumes or exiting lower margin businesses, it said.
OUE Limited said on Friday it has swung into the red in the second quarter ended June 30 with a net loss of S$16.28 million versus a net profit of S$4.43 million a year ago, owing to S$20.55 million of other losses mainly arising from fair-value losses on its investment in a mutual fund. Revenue contracted 4.5 per cent to S$95.66 million, dragged down by lower contribution from its hospitality division and condo project OUE Twin Peaks that received temporary occupation permit in February.
Singapore Technologies Engineering (ST Engineering) on Friday reported a 6.1 per cent year-on-year drop in net profit to about S$125 million for the second quarter ended June 30, dragged down partly by lower finance income and higher finance costs. Group revenue was 2.6 per cent lower at S$1.55 billion as its marine segment revenue fell due to lower shipbuilding revenue from both local and US operations as well as lower engineering revenue.
United Engineers on Friday posted a second-quarter net profit of S$17.55 million, down 57 per cent from the previous corresponding's S$40.8 million. Revenue for the three months ended June 30 dropped 59 per cent to S$468.2 million.
Wheelock Properties on Friday posted an 85.3 per cent slump in net profit for the three months ended June 30 to S$17.74 million. This was mainly because the year-ago corresponding quarter carried a negative goodwill of S$109 million. Revenue for Q2 surged to S$80.1 million from S$24.1 million as the group recognised sales from residential project The Panorama.