Singapore: Property developers, Wilmar, UOB, Cerebos, Raffles Medical, Midas

March 1: Property developers, Wilmar, UOB, Cerebos, Raffles Medical, Midas


Written by The Edge
Monday, 01 March 2010 08:46


Wilmar International (WLIL.SI), the world’s largest palm oil planter, is likely to be in the spotlight on Monday after reporting a better-than-expected 18% rise in its fourth-quarter results.

Benchmark Straits Times Index (.FTSTI) inched 0.06% higher to end at 2,750.86 points last Friday.

US stocks rose last Friday, capping their best monthly advance since November as data showed the economy grew a tad better than expected in the fourth quarter.

Property developers: The government said it will raise the cost of residential land development starting March 1. Non-landed residential charges will rise 8% on average, while charges for landed homes will increase 12% on average, it said in an e-mailed statement today. Charges for commercial land development will decline an average of 2%.

Wilmar International (WLIL.SI), the world’s largest palm oil planter reported on Sunday a better-than-expected 18% rise in fourth-quarter net profit as a global economic recovery drove commodities prices higher. It also said it would continue to seek attractive investment opportunities to support future growth.

United Overseas Bank (UOBH.SI) , Singapore’s third-biggest bank, expects high single-digit loan growth in 2010 and is trying to maintain loan margins for corporate customers, CEO Wee Ee Cheong told a news conference.

Singapore-listed health supplement manufacturer Cerebos Pacific (CERE.SI) said last week it is aiming for a 10–20% revenue growth over the next three years as it steps up its presence in China, Indonesia and Vietnam.

Raffles Medical Group, the private healthcare provider in Singapore and the region, says profit after tax for the group increased 20.1% from $31.7 million in 2008 to $38 million in 2009.

Midas Holdings, the manufacturer of aluminium alloy extrusion products for China’s railway sector, announced a 14.9% rise in net profit to $37.5 million for the financial year ended December 31, 2009 (FY2009).

Abterra, the supply chain manager of resources and minerals, managed to swing back into the black with a net profit of $13.3 million for the financial year ended 31 December 2009 (FY2009) largely due to a gain from the revaluation of a mining asset.

Yongnam Holdings, the structural steel contractor and specialist civil engineering solutions provider, announced a record profit before tax of $48.8 million for its full year ended December 31, 2009 (FY2009) on the back of a 2.7% increase in revenue to $346.8 million.

China Sports International, the sports fashion footwear and apparel company based in China, reported net profit decreased by 33.7% to RMB122.6 million ($25.3 million) for the full year ended 31 December 2009 (FY09) from RMB184.9 million in FY08 as the result of lower average selling prices for footwear products.

Delong Holdings, the manufacturer of hot-rolled steel coils (HRC) in China, says it posted a net profit after tax of RMB 248.4 million and RMB 416.9 million ($86 million) for the fourth quarter (4Q2009) and full year (FY2009) respectively, reversing net losses of RMB 637 million and RMB 370.4 million recorded in 4Q2008 and FY2008 respectively.

Synear Food Holdings, the China-based producer of quick freeze food, today posted a more than two-fold surge in net profit to RMB40.7 million ($8.4 million) for the three months ended December 31, 2009 (4Q09), due mainly to lower selling and distribution expenses and lower income tax expense. Revenue for the quarter rose 1.1% to RMB507.1 million.

Food Empire Holdings, the manufacturer of instant beverage products, frozen convenience food, confectionery and snack food, says profit before tax fell 86.2% to US$3.2 million ($4.5 million) while revenue fell 39.3% to US$134 million and for the year ended 31 December 2009.

Apex-Pal International, which operates the global chain of Sakae Sushi restaurants, today reported a net profit before tax of $3.3 million for the fiscal full year ending on 31 December 2009.

Techcomp (Holdings), the China manufacturer and distributor for analytical and life science instruments, posted a 139.4% year-on-year rise in net profit attributable to shareholders to US$7.4 million ($10.4 million) for the 12 months ended 31 December 2009 (FY2009). Revenue increased 29.3% to US$104.8 million fuelled by Asia’s increasing demand for analytical and life science equipment.

http://www.theedgesingapore.com/the-daily-edge/business/13008-march-1-property-developers-wilmar-uob-cerebos-raffles-medical-midas.html