The following companies saw new developments that may affect trading of their securities on Monday (Feb 19):
Cosco Shipping (F83): Logistics management service provider Cosco Shipping International (Singapore) said it expects to report a net profit of approximately S$1.9 million for its financial year ended Dec 31, 2023.
This would represent a reversal from the net loss booked for the same period a year earlier.
In a profit guidance update on Friday (Feb 16), Cosco said it had recognised a non-cash impairment of goodwill of S$99 million from its acquisition of Cogent Holdings in 2018, which affected its results for FY2022.
Sri Trang Agro-Industry (NC2): Rubber group Sri Trang Agro-Industry swung to a net loss of 422 million baht (S$15.8 million) for its fourth quarter ended Dec 31, 2023, from a net profit of 987.8 million baht a year ago.
This is due to a non-recurring item and an impairment loss of a subsidiary, reported the mainboard-listed company in a bourse filing on Friday (Feb 16).
Revenue for the period decreased 14.3 per cent to 21.7 billion baht, from 25.3 billion baht in the corresponding year-ago period.
Sri Trang Gloves (STG): Glove maker Sri Trang Gloves (Thailand) reported on Friday (Feb 16) a 10.1 per cent increase in net loss for the fourth quarter, despite higher sales volume and revenue.
Net loss for the three months ended Dec 31, 2023 rose to 42.3 million baht (S$1.6 million) from a 38.4 million baht loss in the year-ago period.
Sales revenue in the fourth quarter rose 11.5 per cent on year to 5.3 billion baht, on the back of higher volume.
Olam (VC2): A review concluded by Olam Group has turned up no evidence that its Nigerian unit was involved in a multibillion-dollar fraud as reported by media outlets last year.
Two September 2023 articles published online by Daily Nigerian and PrimeBusiness.Africa claimed that the Department of State Services was investigating Olam Nigeria, Olam Group and its subsidiaries for alleged fraud involving over US$50 billion.
They also said Olam allegedly funnelled US$34 billion into the Central Bank of Nigeria through its special purpose vehicles as capital importation at official rates, before round-tripping the foreign exchange by selling to other businesses at parallel market rates.
Elite Commercial Reit (MXNU): Elite Commercial REIT has reported a distribution per unit (DPU) of 3.42 British pence (5.8 cents) for the FY2023 ended Dec 31, 2023, 28.9% lower y-o-y, based on a payout ratio of 100%
DPU for the 2HFY2023 fell by 34.2% y-o-y to 1.48 pence also based on a payout ratio of 100%.
At a payout ratio of 90%, unitholders will receive DPUs of 3.07 pence for the FY2023 and 1.33 pence for the 2HFY2023.
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