Innovalues expects operating performance for 1H08 to be lower than 1H07, due mainly to continued weakness of the US$ against the S$ and currency of countries in which it operates. Raw material prices, in particular for Free Cutting Steel, have spiked significantly.
US stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market write-downs and a slowing economy threatened to extend a year-long profit slump.
Freight Links Express Holdings reported a 39.9% rise in net profit to $17.5m for the year to end-April, on higher revenue and significant profit from an associated company in Malaysia. Sales increased across all business segments to $139.4m, said the logistics company.
Falcon Energy Group (FEG), which provides a wide range of services to the marine and oil and gas industry, resumed trading on the SGX following a major acquisition.
As Brilliant Time Limited (BTL) had became the Group’s 80% owned subsidiary with effect from 19 January 2008, 1Q08 revenue growth surged 151.6% yoy to HK$19.72m due to line by line consolidation of BTL’s revenue.
Of course, Euro 2008 was conveniently blamed for the predicament of the stock market just like every four years ago when the market would be flushed with talk that the European Championship and the World Cup would coincide with a falling market.
Chip Eng Seng Contractors (1988), a wholly owned subsidiary of Mainboard-listed Chip Eng Seng Corporation has been awarded a contract worth $123.5m by the Housing and Development Board (HDB) for the construction of 5 blocks of residential building.
Like many of the other new listings, HISAKA Holdings (HISAKA) has been an unfortunate victim of the gloomy sentiment currently surrounding the local bourse.
For soccer aficionados who turned their attention from the stock markets to the live telecasts of Euro 2008 during the wee hours, it might actually be a blessing in disguise.
In the first 9 months of FY07, CW registered revenue of HK$867.7m, up from HK$695.1m previously, and a net profit of HK$64.7m, up from HK$29.6m previously.
