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Author: traderhub8   |   Latest post: Fri, 23 Aug 2019, 6:13 PM

 

Phillip Capital Morning Note - 14 Aug 2019

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AGRI and food giant Olam International’s net profit shrank 34.5 per cent to S$61.5 million for its second quarter ended June 30, from S$94 million a year ago. This was due to higher depreciation and amortisation, net finance costs and exceptional losses, Olam said on Wednesday morning.

MAINBOARD-LISTED Singapore Technologies Engineering (ST Engineering) on Wednesday posted an 18 per cent rise in second-quarter net profit to S$138.2 million for the three months ended June 30, up from S$117.5 million a year ago, on the back of higher earnings from its marine sector.

PROPERTY developer OUE Limited on Tuesday posted a ballooning in net profit to S$60.9 million for its second quarter ended June 30. This was more than 10 times the S$5.3 million that it reaped a year ago. This was mainly due to a one-off S$136.6 million gain on disposal of Aquamarina Hotel, which owns Marina Mandarin Singapore.

AGRI giant Wilmar International's net profit for the second quarter fell 52 per cent to US$151 million from a restated US$316.4 million a year ago on the back of lower soybean crush margins, weaker showing by associates and sugar business as well as higher finance cost.

CONTRIBUTIONS from its newly acquired properties lent a boost to Manulife US Reit's second-quarter distribution per unit (DPU), which rose to 1.53 US cents from 1.3 US cents a year ago. The acquisitions include Centrepointe, a two-tower Class A office building in Washington DC, 1750 Pennsylvania Avenue also in Washington DC, and the Phipps Tower in Buckhead, Atlanta.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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OUE 1.47 +0.01 (0.68%) 35 
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