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Stocks to watch: SembMarine, Cosco, UOB, Great Eastern
THE oil and gas sector could be in the spotlight on Tuesday following losses at Sembcorp Marine and Cosco Corp.
SembMarine fell into a fourth-quarter net loss of S$536.88 million from a year-ago profit of S$174.05 million as the rigbuilder made S$801 million in provisions on rig-building contracts and recognised its share of associates' losses.
Chinese shipbuilder Cosco Corporation (Singapore) posted a fourth-quarter net loss of S$484 million as impairments and write-offs on offshore-related orders dragged down full-year losses to S$570 million.
Financial companies posted muted growth.
United Overseas Bank (UOB) reported net earnings of S$788 million for the fourth quarter, up 0.3 per cent year on year, although the lender incurred S$43 million of one-off expenses related to its 80th anniversary celebrations.
Great Eastern Holdings' fourth-quarter net profit increased by 5 per cent to S$218.8 million as profits from the insurance business offset a loss from investment of its shareholders' fund.