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Stocks to watch: Pacific Star, Vallianz, Samurai 2K, Mary Chia, KOP, Sevak, Addvalue Tech, USP
THE following companies saw new developments that may affect trading of their shares on Friday:
Vallianz Holdings: The Catalist-listed company incurred a net loss of US$128.2 million for the fiscal year ended March 31, 2019, compared to a net profit of US$16.7 million a year ago. This was due to exceptional items of US$133.3 million – mainly because of impairments of an associate company and plant, property and equipment amounting to US$120.9 million. There was also a one-off compensation of US$12.4 million for late delivery of vessels and cancellation of project.Vallianz shares closed flat at 14 US cents on Thursday.
Pacific Star Development: It on Friday appointed RSM Corporate Advisory to liquidate its aluminium business after receiving approval to do so from shareholders and creditors. Andrew Seet, the company's group general manager and executive vice-president, has also resigned to pursue other interests and opportunities. His resignation is effective May 31. Following an extraordinary general meeting and a creditors' meeting convened on May 30, Chee Yoh Chuang and Lin Yueh Hung from RSM have been appointed as joint and several liquidators for a creditors' voluntary liquidation of Pacific Star's aluminium business division. Pacific Star closed up S$0.004 or 2.86 per cent at S$0.144 on Thursday.
Samurai 2K Aerosol: The aerosal coating specialist 's net profit for the year ended March 31 was down 10.8 per cent to RM10.4 million (S$3.4 million) from RM11.7 million in the year ago period on lower revenue. Earnings per share for FY2019 was 9.50 sen versus 11.4 sen a year ago. Samurai 2K's shares were unchanged this week since closing at S$0.92 on Monday.
Mary Chia Holdings: The Catalist-listed company has narrowed its net loss for the full year ended March 31 to S$2.7 million, from S$6.0 million a year ago, due to a one-time gain on a property sold last year, offset by loss of rental income from said property. Loss per share narrowed to 1.64 Singapore cents, from 3.58 cents a year ago, the slimming services chain said on Thursday night in a regulatory filing just before midnight. Shares of the company closed flat at 3.6 Singapore cents on Thursday.
KOP: The Catalist-listed real estate developer KOP posted a S$418,000 net loss for its fourth quarter ended March 31, narrowing drastically from the S$9.0 million net loss a year ago thanks to higher revenue from its Indonesian resorts. Gross profit for Q4 almost doubled to S$2.4 million, from S$1.2 million a year ago, largely because of the recognition of sale arising from the handover of completed properties of Montigo Resorts in Nongsa, as well as better performance at both Montigo Resorts in Nongsa and Seminyak. KOP shares closed flat at 4.9 Singapore cents on Thursday.
Sevak: The mainboard-listed IT solutions company will exit the Singapore Exchange's watch-list with effect from May 31, it announced on Thursday night. Sevak had applied for removal from the watch-list on the basis that it had met requirements under the financial exit criteria of Rule 1314 (1) of the listing manual. It said its application received in principle approval on May 30. After three straight years of pre-tax losses, which triggered its entry into the watch-list, Sevak posted a net profit of S$3.7 million for the year ended Dec 31, 2018. Sevak shares closed up S$0.08 or 2.29 per cent at S$3.58 on Thursday before the news.
Addvalue Technologies: The communications technology products developer narrowed its net loss attributable to shareholders to US$3.74 million for the year ended March 31, 2019, compared with the previous year's loss of US$12.76 million. Revenue edged down 1.7 per cent to US$4 million, but gross profit improved 41.3 per cent to US$1.87 million. Loss per share was 0.21 US cents, compared with 0.73 US cents the year before. Addvalue shares closed unchanged at 2.2 Singapore cents on Thursday before the results.
KSH Holdings: The construction, property development and property management group posted a fall of 74.8 per cent in net profit to S$7.67 million for the year ended March 31, 2019, down from S$30.4 million the year before. This was despite revenue rising 51.4 per cent to S$200 million from S$132.1 million the year before. Loss from the share of results of associates widened to S$13.6 million, compared with the previous year's loss of S$2.63 million. KSH shares closed up 0.5 Singapore cent or 1.12 per cent at S$0.45 on Thursday before the results.
USP Group: The watch-listed company saw a net loss attributable to owners of S$21.3 million for the year ended March 31, 2019, compared with a profit of S$47,000 the previous year. This was despite revenue rising 6.1 per cent to S$41 million, and gross profit rising 8.6 per cent to S$13.6 million. If not for one-off impairment and write offs, loss after tax from continuing operations would have been about S$1.4 million, narrowing from the previous year's figure of S$2.6 million. USP Group shares closed unchanged at 7.5 Singapore cents on Thursday before the results release.