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Stocks to watch: Vard, Croesus, Roxy-Pacific, Otto Marine, Singtel
Vard Holdings: The shipbuilder Vard Holdings has deepened its losses for its third quarter ended Sept 30, 2015. On Wednesday, it posted a loss attributable to equity holders of 486 million Norwegian kroner (S$80 million). A year ago, its losses stood at 37 million kroner. Revenue fell 19 per cent to 2.27 billion kroner, due to reduced utilisation at the European shipyards amid a prolonged industry down-cycle, it said.
"Vard continues to face the dual challenge of dealing with slowing activity at its European yards on the back of continued weakness in the offshore market, and operational issues at its Brazilian facilities," it said.
Croesus Retail Trust: The mall business trust on Wednesday reported a distribution per unit (DPU) of 2.08 Singapore cents for its first quarter ended Sept 30, 2015, unchanged from a year ago. Gross revenue rose 17.2 per cent to two billion yen (S$23 million). This was due mainly to the acquisition of One's Mall in Chiba, Japan, in October last year, and the tenant renewal exercise at Mallage Shobu in the Saitama Prefecture, it said.
The contribution from One's Mall and savings in property operating expenses helped net property income to increase 10.7 per cent to 1.2 billion yen.
Roxy-Pacific Holdings: The property developer on Wednesday said its subsidiary has entered into contracts to buy the land at 6A and 8 Buckingham Road, Killara New South Wales, Australia, for A$15.65 million (S$15.69 million).
Otto Marine: The offshore marine group on Wednesday posted a loss for its third quarter of US$5.5 million for its third quarter ended Sept 30, 2015, compared to a profit of US$2 million a year ago. Revenue fell 35 per cent to US$63 million. Otto Marine said that the revenue decline was across all segments.
Singtel: The telco has outbid rival StarHub yet again to win the Singapore broadcast rights to all English Premier League (EPL) matches for the next three seasons starting from August 2016. It declined to say how much the company paid for the rights, except to assure fans that rates will be affordable.