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Stocks to watch: Vallianz, QT Vascular, Singapore Exchange, Genting, Wheelock, Chip Eng Seng
VALLIANZ Holdings said on Wednesday its net profit for the financial year ended Dec 31, 2014, more than doubled to US$18.5 million while revenue grew more than seven times to US$153.7 million.
The group said its tremendous growth in revenue was due to the consolidation of results of Rawabi Swiber Offshore Services (RSOS). Vallianz had acquired a 50 per cent stake in the Saudi Arabia-based RSOS in October 2013 from Swiber Holdings to penetrate into the Middle East market.
QT Vascular said on Wednesday it has narrowed its net losses slightly to US$34.2 million for the year ended Dec 31, 2014. This compared with its net losses of US$34.5 million in the previous year.
Revenue more than doubled to US$13.2 million, mainly due to an increase in sales of its products with its distributors and direct coronary sales in the United States. But higher expenses - including higher professional service fees for its initial public offering and ongoing litigation as well as research and development expenses - led the firm into the red.
Singapore Exchange (SGX) CEO Magnus Bocker on Tuesday said he was leaving the company, and would not seek to extend his contract after June 30, 2015.
SGX's board of directors said that it was assessing internal and external candidates for the post, and has hired executive search firm Spencer Stuart to help with the process.
Casino stalwart Genting Singapore's game sheet for its final quarter disappointed with net profit falling 36 per cent to S$89.2 million, thanks to low luck factor and the shrinking pool of VIP gamblers.
Including S$29.7 million apportioned to holders of perpetual capital securities, net profit fell 30 per cent to S$118.9 million. Revenue slipped 8 per cent to S$637.9 million from S$692.9 million.
Luxury property developer Wheelock Properties saw its net loss for the quarter ended Dec 31, 2014, widen from S$91.3 million to S$103.1 million. Revenue for the quarter fell 7.2 per cent, to S$26.90 million from S$28.98 million.
For the full year ended December, net profit rose 7.7 per cent to S$43.1 million. Revenue dropped 15.4 per cent to S$99 million.
The group has proposed a first and final dividend of six cents per ordinary share.
Strong contributions from its property developments have boosted the earnings of Singapore-based property and construction group Chip Eng Seng Corporation.
The group posted a 383.9 per cent increase in net profit to S$167.6 million for the fourth quarter ended Dec 31, 2014. Its revenue for the same period was up 112.9 per cent at S$368.6 million.