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Stocks to watch: Offshore and marine, Swiber, ComfortDelGro, CAO
THE offshore and marine companies sector continues to bleed this quarter as oil prices remain low and companies' financial results reflect that.
Malaysia's largest offshore support vessel builder, Nam Cheong, is one of the worst performers so far, with third-quarter earnings nearly wiped out at RM6,000 (S$1,945) - a stark contrast from RM126.3 million a year earlier.
Swiber Holdings has posted a net profit of US$3.2 million for the third quarter ended September, a turnaround from reported losses of USS$27.5 million a year ago, on the back of revenue doubling from US$107.3 million to US$215.7 million.
The return to profitability is attributable to contributions from new projects and strict cost control measures.
ComfortDelGro Corp's third-quarter net profit rose 5.4 per cent to S$85.2 million, lifted by growth in revenue in its transport-provision businesses.
On Friday, it posted earnings of 3.97 Singapore cents per share for the three months ended September. Nine-month profit rose 6.3 per cent to S$233.7 million or 10.9 Singapore cents per share.
China Aviation Oil (Singapore)'s net profit more than doubled to US$17.7 million in the third quarter from US$7.3 million a year ago, despite revenue falling by half.
The firm's topline for the three months ended Sept 30 had dropped 49.8 per cent to US$2.4 billion following a fall in jet fuel prices, said the largest physical jet fuel trader in Asia-Pacific.