THE following companies saw new developments that may affect trading of their securities on Tuesday (Nov 14):
Singtel: The Australia-wide outage that struck Optus last week occurred when incorrect routing information cascaded through the network following a software upgrade, according to the telecommunications company, which said it has made changes so the issue can’t happen again.
Optus, owned by Singapore Telecommunications Ltd., suffered the crash early Wednesday, leaving millions of customers without mobile and internet services, as well as disrupting public transport, health providers and bank transactions. The company faces a government review into the breakdown, little more than a year after it was hit by a major cyberattack.
In a statement Monday, Optus said getting its network back up and running proved to be a lengthy operation, in some cases requiring it to physically reconnect or reboot routers.
Genting Singapore's $6.8 billion expansion spend, announced by the company on Nov 10, far exceeds the $5 - $5.5 billion capex projected by DBS Group Research.
In its Nov 11 note, DBS acknowledges that Genting Singapore has the financial capability to support this investment through its strong net cash position of more than $3 billion and robust cash flow generation.
However, DBS believes this could negatively impact the company’s capacity for capital distribution to shareholders.
Best World: BEST World International posted a 1.5 per cent drop in net profit to S$21.7 million for its third quarter ended September, from S$22.1 million in the previous corresponding period.
A marginal increase in revenue was offset by higher cost of sales and weaker contributions from the skincare and wellness retailer’s franchise business in China, it said on Monday (Nov 13).
Earnings per share stood at S$0.05, unchanged from the same period last year.
Bumitama Agri: BUMITAMA Agri reported a net profit of 874 billion rupiah (S$74.7 million) for the third quarter ended September 30, up 33 per cent from 655 billion rupiah the year prior.
This marked the Indonesian palm oil producer’s first period of year-on-year improvement on a rising trend in its quarterly performance.
It also meant that its year-to-date (YTD) performance gap – compared to the previous year’s record-high performance – is narrowing, said the group in a business update on Tuesday (Nov 14).
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