Combine Will Posts 184.8% Net Profit Gain For FY07
Combine Will International, which was listed on the SGX Mainboard last month, has more than doubled its full-year net income to HK$99.2m from HK$42.7m on a 23.2% rise in turnover for the period ended 31 Dec 2007. Sales for the period were HK$1.2b while EPS were 41.34 HK cents - up from 12.88 HK cents. The firm attributed the higher revenue to increased sales from segments such as original design or equipment manufacturing (ODM/OEM), moulds and toolings, and machine sales. The company declared a final cash dividend of one cent per ordinary share.

CIT Seeks To Become Shariah-Compliant
Cambridge Industrial Trust (CIT) is seeking unit-holders’ approval to convert into a Syariah-compliant REIT to capitalise on the growing wealth in the Middle East and cultivate a new investor pool when raising capital or issuing debt. In the long term, the diversification and broadening of the investor pool may deliver more cost-efficient capital and provide optimal funding options for CIT’s growth plans. Upon conversion, CIT will become Singapore’s first publicly-listed Syariah-compliant REIT and the world’s first listed Syariah-compliant industrial REIT. The fundamental difference between a Syariah-compliant REIT and a conventional REIT is in ensuring that the revenue of the Syariah-compliant REIT is derived from halal or permissible activities and its funds are managed in accordance with Syariah principles.

SembCorp Strengthens Water Business In Northern China
Sembcorp Industries (Sembcorp) is entering a joint venture to acquire three water works facilities in Shenyang, northern China. The equity joint venture (EJV) agreement is between Sembcorp’s wholly owned subsidiary Sembcorp Utilities and the Shenyang Economic & Technological Development Zone Development Company (SEDZDC). The EJV will acquire, expand, own and operate three water works facilities as well as a water intake system and distribution network within the Shenyang Economic & Technological Development Zone (SEDZ) in Liaoning province. Sembcorp will hold an 80% stake in the EJV, which will have a total investment of about 330m yuan ($65.5m). The remaining 20% stake will be held by SEDZDC. The water works facilities have a total design capacity of 160,000 cubic metres per day and will serve mainly industrial customers in the SEDZ.

SPH’s Bottom-Line Decreases 8% For 9M FY08
For the 9 months ended 31 May 2008, Singapore Press Holdings (SPH) posted 26.6% increase in profit before investment income to $373.4m from $294.8m a year ago, contributed mainly by Sky@eleven and stronger performance from the Newspaper and Magazine segment. Investment income was $40.7m compared to last year’s $136.6m, mainly due to higher profit on sale of investments last year and downward fair valuation of investments this year. In addition, last year’s income included profit from capital reduction exercises by MobileOne and Starhub. After accounting for taxation, net profit was down 8% to $344.9m from $374.8m in the corresponding period last year.