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Stocks to watch: SingHaiyi, CDL, Neo Group, IHH Healthcare
SINGHAIYI Group: The property development group on Friday morning posted a net profit attributable to owners of the company of S$8.35 million for the fourth quarter ended March 31,2016, 47.1 per cent lower than the S$15.79 million recorded a year ago.
Revenue rose 63.8 per cent year on year to S$8.12 million, mainly due to contributions from the group's DBSS project Pasir Ris One, which was completed in Q1 2016, and sales of completed units from Vietnam Town, the group's project in the United States.
City Developments Ltd (CDL): The property developer is said to be attempting its third profit participation securities (PPS) structure, this time involving a portfolio of 48 apartments in three projects in Core Central Region completed earlier. The potential deal is seen as the latest instalment of the group's capital-recycling strategy.
The 48 apartments - at Cliveden at Grange, St Regis Residences Singapore and One Shenton - have a total portfolio size of about S$350 million, a significantly smaller scale than CDL's previous two PPS exercises. On a portfolio basis, the latest effort works out to around S$2,300 per square foot on strata area, BT reported on Friday.
Neo Group: The food caterer on Thursday posted a net profit attributable to equity-holders of S$6.06 million for the 12 months ended March 31, 2016. This compares with a net profit of S$7.4 million for the 14 months ended March 31, 2015.
Full-year revenue jumped 62 per cent to S$125.4 million from the preceding 14-month revenue of S$77.4 million, helped by acquisitions.
The comparative period was 14 months as Neo Group announced in May 2014 its decision to change the group's financial year-end to March 31 from Jan 31.
IHH Healthcare: The mainboard-listed company on Thursday reported a 37 per cent year-on-year jump in its first-quarter net profit to RM235.5 million (S$79.5 million), or earnings per share of 2.86 sen, against a lower base in the year-ago period.
The lower base was a result of RM116.4 million in exchange loss on the non-Turkish lira borrowings of IHH's indirect subsidiary, Acibadem Holdings, that had been recognised in Q1 2015, compared to an exchange loss of RM5.8 million in Q1 2016.
Revenue for the quarter rose 24 per cent to RM2.5 billion on sustained organic growth at existing hospitals across all home markets and the continued ramp-up of newer hospitals.
The higher revenue came even as the group recorded a foreign currency translation loss of RM1.1 billion from its foreign operations in Q1, compared to the RM56.6 million gain a year ago.