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Stocks to watch: PACC Offshore, SPH, ComfortDelGro
THE following companies saw new developments that may affect trading of their shares on Wednesday:
PACC Offshore Services Holdings: Mainboard-listed PACC Offshore filed a notice of three consecutive years' losses on Wednesday morning, after financial results for the year to Dec 31, 2017 saw fresh losses even as turnover improved. PACC Offshore's unaudited financial statements, out in February, showed a pre-tax loss of US$225.43 million for the year to Dec 31, 2017, narrower than a loss of US$370.31 million the year before. The losses came on a 5 per cent year-on-year rise in revenue, to US$192.24 million. The counter closed flat on Tuesday at S$0.32.
Singapore Press Holdings (SPH): Media and property group SPH on Tuesday reported a near 25 per cent year-on-year fall in net profit to around S$40.19 million for the second quarter ended Feb 28, 2018, weighed down by lower investment income. For the quarter under review, investment income slumped 44.5 per cent to S$9.28 million due to lower gains on disposal of investments. Operating profit decreased 6.9 per cent to S$49.36 million, while earnings per share clocked S$0.02, versus S$0.03 in Q2 2017. The board has declared an interim dividend of six Singapore cents per share, unchanged from the year-ago period. Shares in SPH closed at S$2.49 on Tuesday, down one cent, before the results were released.
ComfortDelGro Corporation: ComfortDelGro on Tuesday said it will buy the private bus chartering assets of Singapore's AZ Bus Pte Ltd for S$10.25 million. The acquisition is one of the largest in the local bus charter industry to date. It will include existing charter contracts, 94 buses and associated drivers. The counter last traded at S$2.08 apiece on April 6, unchanged from the previous day's close.