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Stocks to watch: SPH Reit, Boustead Projects, Jason Marine, Epicentre
The following companies released material announcements after the market closed on Monday.
SPH Reit: Real estate investment trust sponsored by media group Singapore Press Holdings (SPH) reported a 0.7 per cent improvement in distribution per unit (DPU) for the fourth quarter to 1.42 Singapore cents from 1.41 Singapore cents a year ago. Gross revenue for the quarter ended Aug 31, 2017 came in 1.3 per cent higher at S$52.9 million, owing to higher rental income achieved from Paragon and The Clementi Mall. Net property income (NPI) rose 3.9 per cent to S$41.8 million while income available for distribution fell 7.3 per cent to S$31.8 million. For the full year, DPU stood at 5.53 Singapore cents, up 0.5 per cent from a year ago. Annualised distribution yield based on the unit's closing price of S$1 on Aug 31, 2017, stood at 5.53 per cent.Gross revenue for the year grew 1.5 per cent to S$213 million while NPI was 4.5 per cent higher at S$168.1 million, which was attributed to "proactive management of expenses".
Boustead Projects: Mainboard-listed engineering company Boustead Projects said that its wholly owned subsidiary Boustead Projects E&C has secured S$56 million of contracts in Singapore. The first contract, valued at S$27 million, involves the design-and-build of an industrial waste management complex. It is the company's third project in the waste management industry. Two other contracts, totalling S$29 million, were secured from repeat end-user clients for projects involving additions and alterations and fitouts. The two contracts lift the group's order book backlog to S$217 million.
Jason Marine Group: Jason Marine has issued a profit warning, saying that it expects to record a net loss for the six months ended Sept 30, 2017. Results for that period were affected by softer demand caused by the effects of depressed oil prices and intense market competition, the marine electronics systems integrator said. For the full year ended March 31, Jason Marine had reported a net profit of S$363,000, against a net loss of S$6 million a year ago.
Epicentre Holdings: Epicentre's auditor, BDO, said that it has not been able to obtain sufficient audit evidence to provide a basis for an audit opinion on the company's financial statements for the financial year ended June 30, 2017. Some of the issues flagged involve purported transactions relating to consultancy services, as well as purported transactions related to a loan of S$1.76 million which was disbursed by a company owned by one of Epicentre's shareholders. In September 2016, the group, the lender and Epicentre's acting CEO Lim Tiong Hian entered into an agreement to novate the loan from the lender to Mr Lim. Apple products retailer Epicentre said that it has appointed Deloitte & Touche to conduct an independent review.