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Stocks to watch: SATS, Yoma Strategic, MM2 Asia, Manulife US Reit
THE following companies saw new developments which may affect trading of their shares on Wednesday:
SATS: Fourth quarter net profit at in-flight catering service provider SATS inched down 1.8 per cent from a year earlier to S$65.4 million, with a slowdown in the food solutions business offset by a stronger showing in gateway services.
Yoma Strategic Holdings: Yoma Strategic Holding's fiscal fourth-quarter profit retreated 85.5 per cent to S$3.5 million, compared to S$24.08 million a year ago. This came on the back of a 48.2 per cent drop in revenue to S$25.1 million from S$48.4 million a year ago, impacted by reduced income generated from the sale of residences and land development rights (LDRs), which fell the most in the company's breakdown of revenue.
MM2 Asia: MM2 Asia, the new owners of the Cathay movie theatre chain, on Tuesday reported a 42 per cent increase in net profit for its fiscal fourth quarter. Net profit for the three months ended March 31, 2018 stood at S$9.07 million, up from a restated S$6.39 million a year ago. Revenue rose 96 per cent to S$83.6 million. The company did not provide a breakdown of its quarterly results.
Manulife US Reit: The real estate investment trust (Reit) has opened a preferential offering of 22 new units for every 100 held, and will accept subscriptions until the business close of June 11. Unitholders who subscribe through the acceptance form and application form for excess new units have until 5pm on June 11 to submit their applications. Those who subscribe through ATMs have until 9.30pm the same day. The new units are expected to begin trading on June 20.