King’s Safetywear Posts 63% Jump In 1H08 Net Profit

King’s Safetywear, a Singapore-based group that manufactures and markets leading brands of industrial safety footwear in Asia Pacific and Europe, reported a sterling performance for the six months ended 30 June 2008 as net profit jumped 63% to $5.8m on revenue growth of 11% to $55.9m. Said Frankie Chan, Executive Chairman of the Group, “The Group’s strong performance in 1H08 was achieved on the back of improving sales of our OTTER brand of high-end safety footwear in Europe and Oceania, as well as continued sales growth of our KING’S safety footwear in Asia and the Middle East. Going forward, we intend to leverage further on the proven strength of our two key brands to capture a larger share of the safety footwear markets in Europe, Australia and the Middle East.”

Cacola 1H08 Net Profit Jumps 42% To Rmb85.5m

Cacola Furniture International, an integrated lifestyle furniture designer and manufacturer in the PRC, posted a 42% leap in net profit to Rmb85.5m on a 35% growth in revenue to Rmb368.5m for the six months ended 30 June 2008. Strong panel furniture and sofa sales led the growth, accounting for an aggregate 84% of overall top-line increase. Lu Ling Jia, CEO of Cacola said, “The Group’s sterling first-half performance attests to the growing demand for lifestyle furniture in the PRC. It also reflects the growth of the discerning and image-conscious urban consumer, along with the market’s receptivity to Cacola’s furniture and home design concepts. With continuing urbanization and rising disposable income in the PRC, we expect business to remain robust.” Going forward, the Group will also continue to build on its strong brand name and increase its pace of innovation.

Interim Net Profit For PSL Surges 245% To $5.27m

Catalist-listed PSL Holdings, a foundation-engineering specialist which also supplies construction equipment and crawler cranes, announced its results for the six months ended 30 June 2008. The Group’s revenue, boosted by the strong performance of both its trading and foundation engineering segments, jumped by 109% to $39.5m. Overall, the Group’s net profit after tax rose by 245% to $5.3m in 1H2008. Lee Cheng Peck, PSL’s Executive Chairman and Managing Director, commented, “We are still optimistic about our performance for FY08. Currently, we have successfully managed our exposure to key material prices by procuring them as soon as the contracts are secured. We are able to achieve this as our projects have short contractual period in general.”

Oil Prices Fall As War Continues In Georgia

Oil prices fell on Monday in spite of an early rebound. Nymex September West Texas Intermediate fell US$1.50 to US$113.70 a barrel after touching a session low of US$112.83. Traders said further selling pressure was likely this week ahead of the expiry of WTI options on Friday with a large number of “puts” open from US$115 down to US$100. These rights to sell would require hedging as futures prices have continued to sink. Crude oil did recover early in the session with WTI reaching a high of US$116.90, amid heightened geopolitical tensions following an recent escalation in violence in the conflict between Russia and Georgia. Moscow appeared determined to retain control of the oil-rich Caspian region and the two major pipelines which run through Georgia to Turkey. Georgia’s president said Russia wanted to establish control over these routes and accused Moscow of trying to replace the government in Tbilisi.