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| 11-May-2020 09:35 |
IHH
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medical stock that worth look upon
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Healthcare giant IHH remains in good health despite pandemic MON, MAY 11, 2020 - 5:50 AM The impact on business will be short-lived, and the group is well prepared to handle the virus outbreak, says CEO Kelvin Loh. THE going must be tough for healthcare heavyweight IHH Healthcare as it faces the triple blow of withering medical tourism (once a sweet spot), overcapacity and lower volumes as many put off non-urgent treatments given travel bans and lockdowns to curb the Covid-19 pandemic. Yet, chief... https://www.businesstimes.com.sg/companies-markets/healthcare-giant-ihh-remains-in-good-health-despite-pandemic |
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| 11-May-2020 09:31 |
Food Empire
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Food Empire
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Food Empire still has appetite for growth Food Empire chief executive Sudeep Nair' s somewhat unexpected career journey began with a switch from coding to computers and then to coffee. The software programmer realised early on that the role wasn' t his cup of tea and turned to computer equipment sales. It was during a buying trip to Bangkok in 1992 that Mr Nair crossed paths with Food Empire chairman Tan Wang Cheow, who was then running a consumer electronics dealership. The pair hit it off, and the following year Mr Nair threw in his lot with Mr Tan. " Our business focused on exporting electronics goods to Eastern Europe. As it was a pure trading model, operating conditions could be brutal," Mr Nair, 50, recalled. " Some of our contacts were interested in sampling new beverages, so we brought over some sachets of 3-in-1 coffee mix. After that, trial orders for the coffee mix took off. " We didn' t want to handle someone else' s brands. So after our first test product - a 3-in-1 instant coffee mix - was well accepted by the market, we knew we had struck gold." In 1995, with 40 employees in a small office in Moscow, the MacCoffee brand was born although Mr Nair saw it as more of a hardship posting: " I was hesitant to move to Moscow." After the Berlin Wall fell in 1989 and the Soviet Union dissolved in 1991, Russia and Eastern Europe were in disarray. Mr Nair said: " Other colleagues who came over stayed up to a month before quitting, and there was no one else left to do the job." Another hurdle was educating the local, predominantly tea-drinking market: " At that time, no one knew much about instant coffee. Thankfully, the locals were game to try new products." By 1997, the firm had a multimillion-dollar MacCoffee brand that was taking Moscow by storm. " That was our first high," added Mr Nair. However, the low wasn' t far behind. The Russian financial crisis struck in 1998 when oil prices plummeted and brought the economy down in one fell swoop. Fortunately, Russia bounced back over the next two years. Said Mr Nair: " Food Empire returned to growth from 2000, and that year, we successfully listed on the Singapore Exchange." The group expanded rapidly between 2000 and 2005, spreading its wings to states such as Ukraine and Kazakhstan, but the next trough was just around the corner in the form of the global financial crisis. By then, the realisation that Food Empire was too dependent on a single market had hit home. " Our operations were too concentrated and we saw the urgency of diversifying out of this region," Mr Nair said. " But there were many challenges and we didn' t make much headway." In 2012, he was promoted to chief executive and decided to expand to Myanmar, the Philippines and Vietnam. " We had tried to penetrate these markets through an export and trading model, but failed because there were too many local players and competition was intense," he noted. Instead, Food Empire began investing in people and resources to build its brands and then set up manufacturing plants in places like India and Malaysia for key ingredients such as instant coffee, non-dairy creamer and, later, potato crisps. " Of the three markets, we achieved clear success in Vietnam. We bled for three years and were on the verge of shutting, but finally we turned it around," Mr Nair said. Over the past five years, Food Empire has grown its Vietnam sales from $2 million to $50 million and won more than 10 per cent share of its market for instant coffee. The group continues to tweak its blueprint for the Philippines: " Our entry strategy wasn' t quite right, and we' re trying again with a new team and a new direction." But Myanmar was a failure: " We pulled out of that market last year, largely because of its unstable currency. None of the F& B brands in Myanmar has been able to raise prices, and everyone is grappling with huge margin compression." A new and immediate challenge is the coronavirus pandemic. " We' ve not seen a direct hit to our supply chain but consumer demand has been affected," Mr Nair said, adding that the strong balance sheet should provide a buffer. Revenue for the year ended Dec 31, 2019 rose 1.5 per cent to US$288.6 million (S$407.7 million), while net profit jumped 44.9 per cent to US$25.7 million. Food Empire produces a wide variety of instant beverages such as regular and flavoured coffee mixes, chocolate drinks and flavoured fruit teas. It also markets breakfast cereal, frozen food and snacks. Raw ingredients, like instant coffee and non-dairy creamer, are sold to other food manufacturers. After nearly 30 years, Food Empire has finally come into its own, noted Mr Nair, who feels a deep satisfaction: " When I was in my mid-20s, financial success was the main goal. Now, seeing how Food Empire has evolved - from a staff of 40 to more than 3,000 now - it' s about enriching people' s lives through the brands and communities we build. " I tell my staff - don' t look at the large multinationals, focus instead on the small, local businesses which have made their mark." His biggest muse is wife Irina, whom he met in 1995 when she was working for the firm in Moscow. And he has some advice for their 21-year-old daughter Anastasia: " I always tell her, whatever you choose to become - a painter, entrepreneur or lawyer - pursue it with all you have. " Only with determination and passion can you create an impact." https://www.straitstimes.com/business/companies-markets/food-empire-still-has-appetite-for-growth |
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| 11-May-2020 09:22 |
Tuan Sing
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PRIVATISE AT 50CENTS
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Covid-19 impact ' largely confined' to hospitality ops: Tuan SingMON, MAY 11, 2020 - 5:50 AM Singapore PROPERTY developer Tuan Sing Holdings' business operations impacted by the Covid-19 outbreak are " largely confined" to its hospitality segment, with its diversified portfolio across segments and regions ensuring a " high degree of resilience" , said the group in a corporate update... https://www.businesstimes.com.sg/companies-markets/covid-19-impact-largely-confined-to-hospitality-ops-tuan-sing |
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| 09-May-2020 13:56 |
Raffles Infrastruct
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No ppl buy this shares?
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Raffles Infra clinches Bangladesh township project valued at about US$800mFRI, MAY 08, 2020 - 11:34 AMRAFFLES Infrastructure Holdings has clinched the bid for a township development project in Bangladesh with a project value estimated at US$800 million. The Trust Green City project involves the development of 50 acres (20 ha) of land with a construction area of about 10.8 million square feet in land area located in Zones 2, 3 and 4 of Baunia, Dhaka. The mainboard-listed group on Thursday signed an exclusive and non-binding memorandum of understanding (MOU) with the Bangladesh Army Welfare Trust (AWT) to establish the preliminary framework for the project, set out areas of responsibilities, schedules of tasks and the timelines to sign definitive agreements. The MOU will remain valid for six months from the signing date and may be renewed at the end of the duration at agreed terms and conditions. Raffles Infrastructure will undertake the design, financing, construction, marketing, operation, and maintenance of Trust Green City. The Trust Green City project is aimed at alleviating the severe housing shortage in Bangladesh, modernising Dhaka' s residential sector and also leveraging on smart technologies to improve the lives of the population. The goal is to develop accommodation for the middle to low-income group, with civil and community facilities, Raffles Infrastructure said in a previous announcement. Eric Choo, chief executive of Raffles Infrastructure, said: " Upon completion of this maiden project in Bangladesh, we aim to establish a stronger presence in the region where we are actively exploring more business opportunities." The costs of the negotiations of the agendas will be funded through the group' s internal resources and are not expected to have a material impact on Raffles Infrastructure' s earnings per share or net tangible assets for the financial year ending June 30, 2020. Raffles Infrastructure said on Dec 13, 2019 that it partnered KORAMCO Fund, a South Korean real estate and energy/infrastructure fund and asset management company to jointly submit proposals to tender for the township development project. KORAMCO Fund is prepared to provide funding of up to US$80 million for the project. Raffles Infrastructure said the partnership with KORAMCO could take the form of a new joint-venture company or a contractual partnership. The Bangladesh AWT is a welfare trust owned and operated by the Bangladesh Army which was founded to look after the interests and welfare of retired military personnel. Its assets include hotels, golf clubs, and shopping complexes. Raffles Infrastructure shares were trading flat at S$0.33 as at 11.25am on Friday. https://www.businesstimes.com.sg/companies-markets/siaec-q4-net-profit-up-59-operating-performance-helped-by-govt-support-schemes |
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| 09-May-2020 13:53 |
SIA
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SIA
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SIAEC Q4 net profit up 5.9%, operating performance helped by govt support schemes FRI, MAY 08, 2020 - 6:32 PM SIA Engineering Company (SIAEC) saw a 5.9 per cent year-on-year rise in net profit to S$52.2 million for the three months ended March 31, as a weak operating performance in the fourth quarter was buttressed by government support. Revenue was 10.4 per cent lower at S$$229.3 million, in... https://www.businesstimes.com.sg/companies-markets/siaec-q4-net-profit-up-59-operating-performance-helped-by-govt-support-schemes |
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| 09-May-2020 13:51 |
SIA
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SIA
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SIA to post first yearly loss analysts foresee more pain aheadSAT, MAY 09, 2020 - 5:50 AM Covid-19' s impact on air travel has led to collapse in demand fuel hedging losses also have hit airline Singapore SINGAPORE Airlines (SIA) on Friday said it expects to report a small operating profit, but a net loss - its first yearly loss ever - for the full year ended March 31. This is mainly owing to its fuel hedging losses. But some analysts don' t think its losses will end there... https://www.businesstimes.com.sg/companies-markets/sia-to-post-first-yearly-loss-analysts-foresee-more-pain-ahead |
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| 09-May-2020 13:46 |
Acro HTrust USD
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ARA H-Trust Q1 profit misses IPO forecast by 47.8% at US$8.1mSAT, MAY 09, 2020 - 5:50 AM Stapled group also posts gross revenue of US$31.7m and net property income of US$3.6m for the three months ended March 31 Singapore ARA US Hospitality Trust (ARA H-Trust) posted a gross operating profit of US$8.1 million for its first quarter, falling 47.8 per cent short of its initial public offering (IPO) forecast of US$15.5 million, the trust' s managers said in a business update on Friday. The... https://www.businesstimes.com.sg/companies-markets/ara-h-trust-q1-profit-misses-ipo-forecast-by-478-at-us81m-0 |
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| 09-May-2020 13:41 |
SingPost
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SingPost
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SingPost posts Q4 net profit of S$7.2m on absence of impairmentFRI, MAY 08, 2020 - 10:08 AMSINGAPORE Post delivered earnings of S$7.2 million for the fourth quarter ended March, reversing losses booked in the corresponding quarter a year ago due to S$100 million in impairment charges. The better bottom line came on the absence of one-off impairment charges of the US e-commerce subsidiaries that have filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. SingPost has since de-consolidated its financials from the rest of the group, and no longer recognises profit or loss from these subsidiaries. But the national postal service provider generated a lower top line at S$312.2 million for the three months, down 2.7 per cent year on year from S$320.7 million, SingPost announced the results in pre-trading on Friday. The board has recommended a final dividend of 1.2 Singapore cents per share, less than the two cents given out in the year-ago period. Shareholder approval is needed for the dividend proposal at the annual general meeting, the date of which was not given in the results announcement. SingPost has not been spared from the impact of the novel coronavirus pandemic. Paul Coutts, SingPost' s group CEO, said: " Since the start of 2020, Covid-19 has posed significant challenges to the operating environment for businesses across all industries, with major economies warning of job cuts and recession in the coming year. Despite the strong demand for logistics and delivery services, SingPost will not be spared from the economic fallout if Covid-19 persists, so we are focused on ensuring our cost base remains sustainable." The mainboard-listed company' s revenue from post and parcel was down 5.7 per cent in the quarter, while profit on operating activities in this segment tumbled 47.7 per cent. Domestic letter mail volumes continued its double-digit decline for a second straight quarter, while international post and parcel saw a drop in its revenue and operating profit due to the disruption in global supply chains as a result of border control measures imposed by many countries due to the pandemic. As a result, profit on operating activities in the post and parcel segment dropped 47.7 per cent in the quarter. Similarly, the absence of the impairment charges for the US businesses improved SingPost' s financials in FY2020, as it posted S$91.1 million in net earnings, compared with S$19 million a year ago. But revenue decreased 0.7 per cent to S$1.31 billion, as all segments recorded a slight decline in revenue. SingPost shares shed 0.5 Singapore cent or 0.67 per cent to S$0.74 as at 10.05am on Friday after the results were announced. https://www.businesstimes.com.sg/companies-markets/singpost-posts-q4-net-profit-of-s72m-on-absence-of-impairment |
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| 09-May-2020 13:32 |
Venture
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Venture
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Venture' s Q1 profit down 33% revenue impacted by global supply chain disruptionsSAT, MAY 09, 2020 - 5:50 AMSingapore VENTURE Corp' s entities in Singapore and Malaysia could stand to benefit from possible realignment of the global supply chain in the current business environment, the company said in a first quarter update. Venture' s first quarter net profit shrank by about 33 per cent... https://www.businesstimes.com.sg/companies-markets/ventures-q1-profit-down-33-revenue-impacted-by-global-supply-chain-disruptions |
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| 09-May-2020 13:29 |
EFH Ltd
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BIO PHARMA company do research on MEDICAL DISEASES
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Biolidics appoints Mediproud as non-exclusive distributor for Covid-19 test kits in ThailandSAT, MAY 09, 2020 - 5:50 AM Singapore CATALIST-LISTED medtech firm Biolidics has appointed Bangkok-based medical equipment and tools distributor Mediproud as a non-exclusive distributor for its Covid-19 test kits in Thailand, it said in a bourse filing on Friday morning. The distribution agreement will last... https://www.businesstimes.com.sg/companies-markets/biolidics-appoints-non-exclusive-distributor-for-covid-19-test-kits-in-thailand |
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| 09-May-2020 13:27 |
Frasers HTrust
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FRASER HOSPITALITY TRUST - 8% YIELD . NAV : 74.8c
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Corporate digestSAT, MAY 09, 2020 - 5:50 AM Frasers Hospitality Trust FRASERS Hospitality Trusts' (FHT) distribution per stapled security (DPS) for the second quarter ended March 31, 2020, fell 68.1 per cent to 0.3137 Singapore cents from a year ago as the travel demand took a significant hit from the Covid-19... https://www.businesstimes.com.sg/companies-markets/corporate-digest-1132 |
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| 08-May-2020 09:54 |
Civmec
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Civmec forum
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AUSTRALIAN engineering firm Civmec on Thursday posted a net profit of A$4 million (S$3.69 million) for the third quarter ended March 31, a 2,756.7 per cent year-on-year jump from A$141,000 previously.
This comes on the back of a 19.2 per cent rise in revenue to A$95.5 million, from A$80.1 million the year before.
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| 08-May-2020 09:53 |
AEM SGD
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business turnaround ?
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AEM
AEM Holdings, which provides advanced chip testing solutions, on Wednesday said it is revising its FY2020 revenue guidance upwards to be between S$430 million and S$445 million, while its capital expenditure is said to remain at about S$4 million.
This comes as it had on May 4 received sales orders worth S$416 million for delivery for its financial year ending Dec 31, 2020.
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| 08-May-2020 09:50 |
Tung Lok Rest
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SAM GOI bought $0.118
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Tung Lok warns of FY2020 net lossTHU, MAY 07, 2020 - 6:27 PMCATALIST-LISTED food and beverage company Tung Lok Group expects to report a net loss for its fiscal year ended March 31, 2020. &ldquo The Covid-19 pandemic and the consequential social distancing measures have adversely affected the businesses of our restaurant outlets and catering services during the final quarter of FY2020,&rdquo it said in a statement on Wednesday, adding that the period is typically where the group&rsquo s restaurants experience significantly higher patronage and generate substantially greater revenue compared to other periods. Tung Lok has put in place cost-cutting measures such as reduction of casual labour, salaries of executive officers and directors&rsquo fees for FY2020 as well as containment of manpower costs through requesting staff to accelerate their utilisation of annual leave, it said. &ldquo Whether these measures will be scaled up or extended shall depend on the development of the situation,&rdquo the company added. Currently, 11 out of 26 restaurants in Singapore remain open for deliveries and takeaways with the remaining outlets temporarily closed so as to contain operating expenses. So far, there is no indication of any major default of accounts receivables, the company said. &ldquo To improve liquidity, the group has secured bank facilities amounting to S$5.5 million for general working capital purposes,&rdquo it added. Tung Lok shares closed unchanged at S$0.147 on Wednesday before the announcement was made. https://www.businesstimes.com.sg/companies-markets/tung-lok-warns-of-fy2020-net-loss |
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| 08-May-2020 09:47 |
Samurai
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MALAYSIA IPO FROM $0.20 GO $0.80
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Samurai 2k Aerosol cuts cost amid Covid-19 pandemicTHU, MAY 07, 2020 - 11:42 PMAEROSOL coating specialist Samurai 2K Aerosol Limited on Thursday said its executives have taken a voluntary reduction of up to 50 per cent of pay, as part of cost-control measures amid the novel coronavirus pandemic. For three months starting May, its executive directors have taken a 50... https://www.businesstimes.com.sg/companies-markets/samurai-2k-aerosol-cuts-cost-amid-covid-19-pandemic |
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| 07-May-2020 12:19 |
StarHub
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Starhub
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StarHub Q1 net profit plunges 25.7% to S$40.2m management pulls FY2020 earnings guidance UPDATED WED, MAY 06, 2020 - 8:36 PM STARHUB is withdrawing its financial guidance for this year, the mainboard-listed telco said after just three months, in an interim business update on Wednesday. While StarHub cut payouts in 2019 as it switched from a fixed to a variable dividend policy, chief executive Peter Kaliaropoulos has now also told an earnings call that the move also scraps its earlier plan to keep this year&rsquo s annual dividend at S$0.09 a share. That is even as its first-quarter net profit fell by 25.7 per cent year on year to S$40.2 million for the period ended March 31 revenue dropped by 15.2 per cent to S$506.2 million. StarHub had earlier expected service revenue to improve by between 1 per cent and 3 per cent this year, despite the novel coronavirus&rsquo s toll on retail activity, roaming and international calls. But the management has now pulled this guidance, which it said it would update &ldquo once there is greater visibility on the aggregate nature of the impact&rdquo of the mystery killer virus. StarHub plans to offer more information in the second half of the year, as it expects more clarity on the impact of government measures and on Singapore&rsquo s economic climate. &ldquo Our customer base is there, some revenues are stabilising, our margins are there, we have liquidity in place,&rdquo Mr Kaliaropoulos told analysts. But, citing &ldquo a lot of uncertainties in the marketplace&rdquo , he added: &ldquo We don&rsquo t like to offer guidance or to make statements that we can&rsquo t deliver&hellip We think it&rsquo s better to be more conservative and more cautious right now.&rdquo The group warned that the pandemic will likely have a material impact on its revenue and profitability, and expects revenue to fall &ldquo in most lines of business, to varying degrees&rdquo . Still, it stressed that it &ldquo remains fully committed to and has the resources to continue with its strategic initiatives&rdquo , such as its winning 5G joint bid in Singapore, the S$82 million purchase of a stake in Malaysian business solutions firm Strateq, and its build-up of the enterprise business. StarHub also told shareholders that it will not need any refinancing until 2022, after it negotiated the refinancing of bank loans that had been due for repayment. It also has enough credit facilities to meet working capital and funding needs and to keep operating cash flow positive this year. The quarter&rsquo s results &ldquo reflect the impact of Covid-19 and the early softening of the economic environment&rdquo , Mr Kaliaropoulos said in a statement. &ldquo Our enterprise business has also experienced some project and tender delays, coupled with longer sales cycles.&rdquo He noted that cyber security has &ldquo reported a modest profit this quarter&rdquo amid business growth - the first time it has been in the black since pure-play joint venture Ensign InfoSecurity was set up with Temasek Holdings - but added on the call that &ldquo there&rsquo s no confidence that that number will be delivered every month in fact, it will be fluctuating&rdquo . While plans had been made to increase hiring, open overseas offices and invest in research and development, &ldquo it&rsquo s fair to say that some of those initiatives are being reviewed and temporarily being reprioritised&rdquo he said. Shorn of equipment sales, service revenue came in at S$404.9 million, down by 8.9 per cent on the year prior. The enterprise segment, buoyed by cyber security services, was the only division to post turnover gains. Mobile, pay-television and broadband all reported declines. The Covid-19 crisis, which began in China late last year, has also already taken a toll on mobile revenues as it ate into tourist pre-paid income, as well as post-paid roaming charges. The average revenue per user (ARPU) on post-paid mobile fell to S$34 a month from S$39 in the year before, although the number of subscribers grew by 28,000 to nearly 1.47 million. Meanwhile, home broadband ARPU was S$27, compared with S$31 before, even as the number of subscribers grew to 502,000, from 495,000 before. StarHub had earlier announced that its annual general meeting will be held electronically on May 22, followed by an extraordinary general meeting to renew its share purchase and interested-person transaction mandates. The counter closed up by S$0.03, or 2.06 per cent, at S$1.49, on a cum-dividend basis before the announcement of the results. |
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| 07-May-2020 12:16 |
DBS
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DBS
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DBS prices S$20m SORA-referenced notes WED, MAY 06, 2020 - 5:58 PM DBS announced after trading hours on Wednesday that it has successfully priced floating-rate notes with the Singapore Overnight Rate Average (SORA) as the reference rate for the calculation of interest &ndash which the bank said is the industry&rsquo s first note to be priced this way. The issue of S$20 million floating-rate notes, due 2021 with a one-year tenor, comes under its US$30 billion global medium-term note programme. The notes will bear a coupon rate of compounded daily SORA + 0.65 per cent per annum, payable quarterly in arrear, with compounded daily SORA calculated using a five-business day look-back observation period. The notes are expected to be issued on May 14, 2020, and the net proceeds from the issue of the notes will be used for DBS&rsquo general business purposes. DBS Bank was mandated as structuring advisor and sole lead manager for the offering of the notes. The issue of the SORA-referenced notes is in line with the roadmap of the Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee (ABS-SFEMC) for the development of new SORA-based markets. Last August, it was announced that Singapore would move from the SGD Swap Offer Rate (SOR) to SORA over the next two years. This comes on the back of the discontinuation of the London Interbank Offered Rate (Libor) at end-2021, which would affect SOR as it uses the US-dollar Libor in its computation. SORA, the average rate of unsecured overnight interbank SGD transactions brokered in Singapore, was selected as the new interest rate benchmark as it was found to be the &ldquo most robust and suitable alternative&rdquo , underpinned by a deep and liquid overnight funding market. Philip Fernandez, DBS Group Corporate Treasurer, said: &ldquo DBS Bank is pleased to have completed the pilot issuance of a SORA-referenced floating rate note. This is an important step in the industry&rsquo s plan to develop an active market for financial instruments linked to SORA. We will continue to work together with ABS-SFEMC to encourage adoption of SORA-based products.&rdquo While DBS has issued the first SORA-referenced floating rate notes, several banks in Singapore have already undertaken SORA-derivative transactions these include DBS, Deutsche Bank, OCBC, Standard Chartered and United Overseas Bank. Last November, OCBC Bank and Standard Chartered completed Singapore&rsquo s first overnight indexed swap derivatives transaction using SORA as the interest rate benchmark. DBS&rsquo counter went up four cents to close at S$19.74 at the end of trading on Wednesday. https://www.businesstimes.com.sg/companies-markets/dbs-prices-s20m-sora-referenced-notes |
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| 07-May-2020 12:13 |
Perennial Hldgs
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Perennial makes weak debut on SGX
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Perennial, SPH consortium to sell half stake in AXA Tower to AlibabaTHU, MAY 07, 2020 - 5:50 AM Singapore A CONSORTIUM led by Perennial Real Estate will divest a half stake in Grade A office building AXA Tower to a subsidiary of Chinese e-commerce giant Alibaba Group Holding. The consortium will also transfer half of an outstanding shareholders' loan to the subsidiary,... https://www.businesstimes.com.sg/companies-markets/perennial-sph-consortium-to-sell-half-stake-in-axa-tower-to-alibaba-0 |
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| 07-May-2020 12:10 |
SGX
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SGX
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MAS, SIC, SGX RegCo to allow electronic rights issue and take-over documentsWED, MAY 06, 2020 - 7:42 PM THE Monetary Authority of Singapore, the Securities Industry Council and the Singapore Exchange Regulation today introduced measures that allow companies to temporarily do away with hardcopy offer documents for rights issues and take-over or merger transactions. With immediate effect and... https://www.businesstimes.com.sg/companies-markets/mas-sic-sgx-regco-to-allow-electronic-rights-issue-and-take-over-documents |
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| 07-May-2020 12:07 |
UOB
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UOB
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Great Eastern Q1 profit tumbles 90% on non-operating lossesUPDATED WED, MAY 06, 2020 - 10:02 AM GREAT Eastern Holdings on Wednesday posted a 90 per cent drop in net profit to S$33.9 million for the first quarter ended March 31, 2020 from S$342.7 million a year ago. The insurance arm of OCBC Bank was weighed down by non-operating losses of S$222.8 million, compared to a non-operating profit of S$75.9 million a year earlier. Great Eastern said this was due to lower valuation of investments, arising from unfavourable financial market conditions in the first quarter. Meanwhile, operating profit doubled to S$298.6 million from S$148.7 million in the same quarter last year. This was driven by increased contribution from its core markets and a reduction in insurance contract liabilities in both Singapore and Malaysia. Total weighted new sales for the quarter grew 21 per cent to S$298.8 million, from S$247.4 million a year ago. According to Great Eastern, the group' s operations in Singapore and Malaysia continued its growth momentum, driven by agency channels in both countries and the bancassurance channel in Singapore. Correspondingly, new business embedded value increased by 15 per cent for the quarter to S$126.1 million, from S$109.8 million for the corresponding period last year. Group chief executive officer Khor Hock Seng noted that the group delivered " strong operating results" for the first quarter, but added that the onset of the Covid-19 outbreak has delivered many challenges globally which will continue for a period of time. " While the group' s profit was impacted by the volatility in the global financial markets during the quarter, our investment portfolio remains sound and our capital position also remains strong," Mr Khor said. Great Eastern expects its new business activity to be dampened as a result of weakened demand and restricted face-to-face interactions. Nonetheless, the digital and technology infrastructure initiatives it embarked on in the past two years have helped to cushion the impact of the Covid-19 situation, the company said. In the near term, sales from the bancassurance channel may see a more significant impact as sales activity is largely at bank branches, while new business volume may decline further if the economic slowdown and " circuit breaker" persist, Great Eastern noted. That said, it pointed out that the Covid-19 mortality rate is relatively low based on current statistics and that the group does not expect any material impact on its operating profit arising from a significant worsening of mortality risks. As at 9.57am on Wednesday, shares in Great Eastern were trading at S$18.90, up S$0.17 or 0.9 per cent. https://www.businesstimes.com.sg/companies-markets/great-eastern-q1-profit-tumbles-90-on-non-operating-losses |
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