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Stocks to watch: Olam, ST Engineering, Croesus Retail Trust, KrisEnergy
Olam International: Commodities trader Olam International on Friday reported a tripling in net profit to S$113.6 million for its first quarter ended March 31, 2016.
This was due to a lower exceptional charge in Q1 2016 compared to a year ago, it said. Excluding exception items, operational profit after taxes and minority interests fell by 5.5 per cent to S$126.1 million.
Revenue rose 10.2 per cent to S$4.76 billion for the quarter. Earnings per share rose to 3.95 Singapore cents, from 1.32 Singapore cents a year ago.
Singapore Technologies Engineering: ST Engineering on Friday posted a 15.2 per cent drop in net profit to S$110.2 million for the first quarter ended March 31, 2015.
Revenue rose 7.7 per cent to S$1.63 billion, from higher contributions from the aerospace and electronics sectors. Earnings per share fell to 3.53 Singapore cents, from 4.17 Singapore cents a year ago.
KrisEnergy: KrisEnergy swung to a net loss of US$18.3 million for the three months ended March 2016 from a net profit of US$46.2 million a year ago.
The loss was mainly attributable to higher non-cash depreciation, depletion and amortisation expenses for producing assets, the company said on Friday.
Revenue for Q1 2016 amounted to US$33.1 million, up sharply from US$11.4 million previously as a result of higher crude oil sales, which included a full quarter of sales from the Wassana and Nong Yao oil fields, and higher gas revenue as a result of an increase in production.
Croesus Retail Trust: Croesus Retail Trust on Friday posted a distribution per unit of 1.86 Singapore cents for its third quarter ended March 31, 2016, a dip from 1.9 Singapore cents a year ago, due to a larger unit base this time around.
This was due to a rights issue that took place in November 2015, which issued more than 114 million new units.
Meanwhile, gross revenue rose 24.4 per cent to 2.47 billion yen (S$31 million), while net property income rose 21.2 per cent to 1.41 billion yen.