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Stocks to watch: Pacific Radiance, Centurion, CDL, Cityneon, Fragrance Group, UMS
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Pacific Radiance: Offshore marine operator Pacific Radiance announced before market open on Wednesday morning a voluntary suspension of trading in its shares with immediate effect, saying it will continue to pursue completing its debt restructuring after noteholders voted down a plan. At a meeting on Monday, the holders of S$100 million 4.3 per cent medium-term notes voted against the plan to convert all their debt into fresh equity at 19 new shares for every S$5 held, or at 26.3 Singapore cents per share. A second proposal for one coupon payment and the extension of talks was also voted down. Pacific Radiance last traded at US$0.078 on Feb 22. (See amendment note)
Centurion Corporation: Centurion has posted a 27 per cent fall in net profit to S$9.3 million for the fourth quarter ended Dec 31, down from S$12.8 million a year ago. This was in line with a 4 per cent fall in revenue to S$33.6 million this year from S$35 million, due mainly to a reduced contribution from Westlite Tuas in Singapore. Earnings per share (EPS) came up to 0.73 Singapore cent for the quarter, compared to 0.40 cent last year. The board has recommended a final dividend of one Singapore cent per share, and a special dividend of 0.5 cent per share, bringing total dividend payout for the 2017 financial year to 2.5 cents. Shares in Centurion closed at S$0.515 apiece on Tuesday.
City Developments Limited (CDL): CDL on Wednesday posted a 23 per cent fall in net profit to S$186.7 million for the fourth quarter ended Dec 31, down from S$243.8 million a year ago. Revenue rose by nearly 14 per cent to S$1.33 billion for the quarter. EPS for the property developer came up to 19.8 Singapore cents, versus 26.1 cents in the previous year. CDL has recommended a special final ordinary dividend of six Singapore cents per share, in addition to the final ordinary dividend of eight cents per share. Shares in CDL closed at S$12.73 apiece on Tuesday.
Cityneon Holdings: Mainboard-listed Cityneon's fiscal 2017 full-year net profit more than doubled to S$17.39 million from S$6.68 million last year. EPS stood at 7.1 Singapore cents for FY17, up from 2.8 Singapore cents in the year-ago period. No dividend has been declared for the current financial period, unchanged from the preceding year. In addition, the group's revenue rose 20.7 per cent to S$116.74 million for the year, compared against last year. While revenue from its other segments fell, this was more than offset by an increase in revenue from the group's Intellectual Property Rights business unit. Shares in Cityneon traded 3.77 per cent, or four Singapore cents higher to close at S$1.10 apiece on Tuesday.
Fragrance Group: Full-year net profit for Fragrance Group rose more than fivefold to S$48.55 million on higher turnover, other operating income and share of results of a joint venture. EPS for the year ended Dec 31 was 0.72 Singapore cent, up from 0.11 Singapore cent for FY16. In addition, turnover jumped 66.8 per cent to S$198.02 million on a 58.7 per cent increase in contribution from property development, mainly due to the City Gate project, higher rental income from its investment properties, and first-time contributions from its five hotels in the United Kingdom. The counter closed at S$0.154 apiece on Tuesday.
UMS Holdings: The precision manufacturer reported a bumper year as strong semiconductor sales buoyed results for the fourth-quarter and full-year of FY17. Profit attributable to owners of the company for the fourth quarter ended Dec 31 rocketed 166 per cent to S$15.83 million, on the back of a 13 per cent rise in revenue to S$38.67 million. EPS rose to 2.95 Singapore cents in Q4 2017, up from a restated 1.26 Singapore cents in the year-ago period. UMS closed at S$1.14 on Tuesday, down one Singapore cent or 0.87 per cent.
Amendment note: An earlier version of the article stated that Pacific Radiance shares were in mandatory suspension. This is incorrect. The article has been updated to reflect this.