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Stocks to watch: POSH, Duty Free, SPH, Chaswood Resources
THE following companies saw new developments which may affect trading of their shares on Thursday:
PACC Offshore Services Holdings (POSH): Two listed groups linked to Malaysia's richest tycoon Robert Kuok are joining forces to penetrate Taiwan’s budding offshore wind sector. On Thursday, PACC Offshore Services Holdings (POSH) and Kerry TJ Logistics formalised a joint venture for Taiwan's offshore wind market. Mr Kuok is a controlling shareholder of POSH, a Singapore-listed offshore support vessel owner-operator. The Malaysian tycoon also holds equity interest through Hong Kong-listed Kerry Logistics Network in Taiwan-based Kerry TJ. POSH’s deputy CEO Lee Keng Lin described Taiwan as "one of the fastest growing offshore wind markets in Asia".
Duty Free International: Duty Free International posted a 39.9 per cent decline in net profit to RM9.0 million (S$3 million) for the first quarter, on a 28.9 per cent decrease in revenue. Earnings per share for the three months ended May 31, 2018 was 0.74 sen compared to 1.24 sen for the year-ago period. First-quarter revenue was RM117.4 million, down from RM165.1 million for the same period in the previous year, largely due to supply shortfall of certain popular products in the global market.
Singapore Press Holdings (SPH): Media and property group SPH - which publishes The Business Times - posted a 64.3 per cent increase in its third quarter net profit, bolstering its nine-month bottom line by 15.6 per cent. Third-quarter net profit was S$47.4 million, compared to S$28.9 million for the same period in FY17, on lower impairment charges and higher group operating profit. Earnings per share for Q3 FY18 was three Singapore cents, compared to two Singapore cents for Q3 FY17. Nine-month net profit rose 15.6 per cent to S$148 million.
Chaswood Resources: Food and beverage (F&B) outlet operator Chaswood Resources has received letters of demand from a legal counsel of Malaysia's Ambank seeking repayment for outstanding amounts on banking facilities extended to Chaswood and its subsidiaries. Catalist-listed Chaswood Resources said after Wednesday's trading close that Ambank is claiming amounts due and the interest accruing from an overdraft facility and term loans extended to its three subsidiaries.