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Stocks to watch: Noble, Jardine Strategic, Mandarin Oriental
THE following companies saw new developments that may affect trading of their shares on Friday:
Noble Group: Commodity trader Noble has provided some clarification to the exceptional losses it booked last year, in response to queries from the Singapore bourse. The group recorded an exceptional loss of about US$2.15 billion last year, after applying additional non-cash reserves, and making valuation adjustments to its net fair value gains on commodity contracts and derivative financial instruments. It explained on Thursday that its change in reserving approach was the result of a board-mandated detailed reassessment of the group's balance sheet reserves, as part of the strategic review commenced in May, 2017. Noble also recorded a US$903 million non-cash loss on impairment and disposal of non-current assets last year. The counter last traded down 6 per cent to US$0.102 apiece on Thursday.
Jardine Strategic Holdings (JSH): Full-year earnings swelled at JSH for the 12 months to Dec 31, 2017 - fuelled by increases in property valuations and other net non-trading gains. Net profit rose by 50 per cent on the previous year to US$4.12 billion. Revenue for the year also grew by 7 per cent to US$31.56 billion. The board has proposed a final dividend of 22.5 US cents a share, up from 21 US cents a share previously. JSH closed up by US$0.70, or 1.81 per cent, at US$39.30 on Thursday before the announcement.
Mandarin Oriental International: The British hotel management group's profit for FY17 dipped one per cent to US$54.9 million from last year on the back of renovations of both Mandarin Oriental Hyde Park, London, and the Hotel Ritz, Madrid. A final dividend of 1.5 US cents per share will be paid on May 16, 2018. Overall, revenue crept up to US$610.8 million from US$597.4 million the previous year. The group also clocked higher earnings per share at 4.37 US cents compared with 4.56 US cents in 2016. The counter closed up 0.45 per cent to US$2.25 apiece on Thursday.