Stocks to watch: Olam, CDL, Yangzijiang, Golden Agri, First Resources

THE following companies saw new developments that may affect trading of their securities on Friday:

Olam International: The agri-food giant on Friday announced plans to list Olam Food Ingredients by the first half of 2022 as part of its ongoing business reorganisation. Olam reported a net loss of S$87 million for the second half-year ended December 2020, sinking into the red from its net profit of S$85.8 million the year before. The counter closed S$0.02 or 1.2 per cent lower at S$1.63 on Thursday.

City Developments Limited (CDL): The property developer sunk into the red with a net loss of S$1.92 billion for its second half ended Dec 31, 2020. This was largely due to its S$1.78 billion investment in and loans to joint-venture investment Sincere Property, it said in a bourse filing on Friday. Shares of CDL closed at S$7.51 on Thursday, up S$0.18 or 2.5 per cent.

Yangzijiang Shipbuilding: Net profit for the fourth quarter ended Dec 31, 2020, rose 17 per cent year on year to 753.46 million yuan (S$154 million) as margins improved. Meanwhile, earnings per share clocked 64.39 fen, down from 78.88 fen previously. The counter closed at S$1.06 on Thursday, up S$0.02 or 1.9 per cent, before this announcement. 

Hong Leong Finance: The company's net profit for the 12 months ended Dec 31, 2020 dropped 38 per cent year on year to S$63.91 million. Profit from operations before allowances was S$82.4 million for the year, down 34.3 per cent, due to the recession. Shares of Hong Leong Finance closed at S$2.43 on Thursday, up S$0.01 or 0.4 per cent, before its results announcement. 

Golden Agri-Resources: The company on Thursday posted a net profit of US$188.6 million for the second half of the fiscal year ended December 2020, down 21.5 per cent from US$240.4 million a year-ago. Shares of Golden Agri closed at 19.3 Singapore cents on Thursday before the results announcement, up 0.3 cent or 1.6 per cent.

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The Straits Trading Company: The Singapore-based conglomerate reported a net profit of about S$46 million for the six months ended Dec 31, 2020, up nearly 10 per cent year on year from fair-value gains from its real estate segment. The counter closed at S$2.80 on Thursday, up S$0.04 or 1.5 per cent.

First Resources:The Indonesian palm oil producer on Friday reported a 5.8 per cent drop in H2 net profit to US$56.4 million from US$59.9 million in the year-ago period. This came after a write-back of expected credit losses arising from changes in fair value of biological assets and unquoted investment. First Resources shares closed S$0.01 or 0.6 per cent higher at S$1.62 on Wednesday.

UMS Holdings: Mainboard-listed UMS Holdings' net profit for the fourth quarter ended Dec 31, 2020 slumped 86 per cent year on year to S$1.26 million from S$9.24 million a year ago. Among other things,its bottom line was hit by a one-off S$7 million impairment of goodwill in subsidiary Kalf Engineering. Shares of UMS closed at S$1.26 on Thursday, up S$0.02 or 1.6 per cent, before its results release. 

Far East Orchard: Net profit for the financial year ended Dec 31, 2020 plunged 94 per cent year on year to S$1.54 million as the pandemic impacted its hospitality business. The counter closed at S$1.07 on Thursday, up S$0.01 or 0.9 per cent, before this filing.