40.7% Revenue Jump Sends Food Empire’s 1H Profit To All Time High

Mainboard listed Food Empire holdings – a leading food and beverage manufacturing company – announced a record first half profit of US$11.6m – a 17.7% increase on the corresponding period in 2007. Group revenue rose by 40.7% to US$113.7m in 1H08. Sales in each of the Group’s key markets improved strongly during the first half of 2008. Revenue was boosted by price adjustments as well as increased sales volume. The Group Chairman and Managing Director, Tan Wang Cheow said, “Our team had to respond to high commodity prices and currency fluctuations in order to achieve this good half year result. While the economic conditions were challenging, we kept our focus on doing what we do best – growing powerful brands.”

Hiap Seng Engineering Reports 78.6% Increase In Net Profit For 1Q09

Hiap Seng Engineering, a specialist integrated engineering group for the oil-and-gas, petrochemical and pharmaceutical industries, reported a 78.6% increase in net profit attributable to shareholders to $2.9m on the back of a 27.4% increase in revenue to $49.7m for the first quarter ended June 30, 2008. Said Frankie Tan, Chairman and CEO of Hiap Seng, “We are still positive of the outlook for the oil-and-gas, petrochemical and pharmaceutical industries in view of the increased investments in these industries. With our outstanding order book of approximately $168m, we are cautiously optimistic about the Group’s performance for FY09 despite the challenging conditions of the industries in which the Group operates.”

ST Engineering’s Land Systems Arm Redevelops Company Premises

Singapore Technologies Engineering announced that its land systems arm, Singapore Technologies Kinetics has commenced the redevelopment of its premises at Jalan Boon Lay and Chin Bee Road. The construction cost for the project is estimated to be about $110m and construction is expected to complete in 1Q10. In addition to the construction of several custom-built workshops and alterations to some existing buildings, ST Kinetics will also be constructing a dedicated vehicle test track. Said the President of ST Kinetics, “The redevelopment will benefit both our customers and our employees. The converged locations .of our operations will boost operational efficiency and allow better resource planning. In addition, the better facilities and newer equipment will provide a more conducive working environment for all our employees.”

Japan Economy Shrinks 2.4%, Signaling Recession Looms

Japan’s economy contracted last quarter, bringing the country to the brink of its first recession in six years, as exports fell and consumers spent less. Gross domestic product shrank an annualized 2.4% in the three months ended June 30 after expanding 3.2% in the first quarter, the Cabinet Office said. The Nikkei 225 Stock Average fell the most in a month. Similarly, exports fell the most since the 2001-2002 recession, robbing Japan of the engine that drove its longest postwar expansion, while record fuel and food prices deterred spending at home. For instance, Toyota Motor, Japan’s largest company last week reported its worst earnings decline in five years as US sales slumped.