Stocks to watch: Singtel, CDL, F&N, OUE C-Reit, Cromwell
E-Reit, Vicom, The Hour Glass 1

SINGAPORE – The following companies saw new developments that may affect trading of their shares on Thursday (Aug 8):

Singtel: Singtel posted a 35 per cent slump in net profit to $541.1 million for its first quarter ended June 30, down from $831.5 million for the year-ago period, amid industry and economic headwinds. This was largely due to losses at Bharti Airtel in India, as well as higher depreciation and amortisation costs in network and spectrum across the group. Operating revenue inched up 2 per cent, in constant currency terms, to $4.11 billion on growth in the consumer business in Australia and the group’s digital businesses which continued to scale. Earnings per share (EPS) for the quarter was 3.32 cents, down from 5.09 cents a year ago. Shares of the telecommunications group closed at $3.29 on Wednesday, down two cents or 0.604 per cent, before the results were released.

City Developments Limited (CDL): Property and hotels group CDL on Thursday posted a 26.4 per cent drop in group net profit to $162.4 million for its fiscal second-quarter ended June 30, down from a restated net profit of $220.7 million for the year-ago period. This translated to EPS of 17.2 cents for the quarter, versus 23.6 cents in the preceding year. CDL shares closed at $9.12 on Wednesday, up 0.7 per cent, or six cents, before the release of its financial results. Revenue slipped 37.5 per cent to $850.4 million, down from a restated revenue of $1.36 billion last year, mainly due to the timing of profit recognition for its property development segment, the company said. The board has declared a tax-exempt special interim dividend of six cents per ordinary share, the same as last year. The dividend will be paid on Sept 12, with books closure date set for 5pm on Aug 26, CDL said.

Fraser & Neave (F&N): F&N on Wednesday posted a net profit of $54.8 million for the third quarter, up 9 per cent from the same period a year earlier on higher soft drinks and dairy sales. Revenue for the three months ended June 30 was $489.7 million, up 6.7 per cent from the same period a year earlier. EPS was 3.8 cents, up from 3.5 cents for the third quarter last year. F&N shares rose one cent or 0.6 per cent to $1.67 on Wednesday before the results were announced.

OUE Commercial Reit (OUE C-Reit): The real estate investment trust on Wednesday posted a second-quarter distribution per unit (DPU) of 0.78 cent, up 34.5 per cent from a restated DPU of 0.58 cent for the same period a year earlier. The restatement adjusts for the dilutive effects of a rights issue done in October last year. Without the restatement, second-quarter DPU fell 26.4 per cent from the same period a year earlier. Total income available for distribution rose 36.6 per cent from a year ago to $22.5 million. Net property income for the three months ended June 30 rose 20.1 per cent to $40.8 million, due mainly to the inclusion of OUE Downtown Office, which was acquired in November 2018. OUE C-Reit units closed flat at $0.53 on Wednesday before the results were released.

Cromwell European Real Estate Investment Trust (Cromwell E-Reit): Cromwell E-Reit on Thursday morning posted a distribution per unit (DPU) of 1.02 euro cents for its second quarter ended June 30, the same as year ago. Income available for distribution to unitholders grew 30 per cent to 22.4 million euros for the quarter, from 17.3 million euros a year ago. Units of Cromwell E-Reit closed flat at 48.5 euro cents on Wednesday, before the results were released.

Vicom: Vehicle-inspection group Vicom on Wednesday posted second-quarter net profit of S$6.6 million, up 4.9 per cent from the same period a year earlier. Higher business volumes lifted revenue by 3.7 per cent to $25.6 million for the quarter ended June 30. EPS was 7.40 cents, up from 7.05 cents for the corresponding quarter last year. Vicom shares rose 0.43 per cent or $0.03 to $7.05 on Wednesday before the results were announced.

The Hour Glass: Luxury watch retailer The Hour Glass on Wednesday posted a net profit of S$17.1 million for the first quarter, up 19 per cent from the same period a year earlier. Revenue for the three months ended June 30 was $187.5 million, up 4 per cent from the same period a year earlier. EPS was 2.42 cents, up from 2.03 cents for the first quarter last year. The counter rose half a cent or 0.64 per cent to $0.79 on Wednesday, before the results were announced.

Koufu Group: Koufu on Wednesday posted a 16.2 per cent rise in net profit to $7.2 million for the second quarter, driven by revenue growth from its food courts and coffee shops. The mainboard-listed firm has proposed an interim dividend of one cent, to be paid on Aug 30. Second-quarter revenue rose 7.3 per cent to $58 million with increased revenue from its outlet and mall management, and F&B retail business segments. EPS for the quarter was 1.29 cents, up from 1.27 cents a year ago. The counter closed at $0.71 on Tuesday, up 2.2 per cent, or 1.5 cents on Wednesday, before the release of its financial results.

ISEC Healthcare: A spike in expenses arising from the absence of a resident doctor at a Sembawang clinic contributed to the slump in net profit for ISEC Healthcare’s second quarter ended June 30. The Catalist-listed medical eye-care provider on Wednesday night reported that its second-quarter net profit almost halved (48 per cent) to $1.1 million, from $2.2 million a year ago. EPS for the quarter stood at 0.22 cent, down from 0.43 cent for the year-ago period. A first interim cash dividend of 0.3 cent per share was declared for the quarter, down from 0.78 cent for the year-ago period. The proposed dividend for Q2 will be paid on Aug 28. Revenue inched up 1 per cent year on year to $10.5 million for the quarter, mainly due to increased patient visits at the group’s Malaysia operations. Shares of ISEC Healthcare closed at $0.35 on Wednesday, up 0.5 cent or 1.45 per cent, before the results were released.

Singapore O&G: The specialist healthcare provider for women and children on Wednesday posted a net profit of $2.7 million for the second quarter, down 27 per cent from the same period a year earlier. Excluding the non-recurring income of $0.9 million (net of taxes and associated expenses), net profit would have declined by 3.2 per cent, the group said. Revenue for the three months ended June 30 was $9.9 million, a rise of 15 per cent. An interim dividend of 0.62 cent per share has been proposed, down from 0.80 cent per share for the same period last year. The dividend will be paid on Sept 3. EPS was 0.57 cent, down from 0.79 cent for the second quarter last year. The counter rose half a cent or 1.32 per cent to $0.385 on Wednesday before the results were announced.