THE following companies saw new developments that may affect trading of their securities on Thursday (May 11):
SingPost: POSTAL service group Singapore Post (SingPost) on Thursday (May 11) posted a 28 per cent decline in net profit for the second half of the year ended Mar 31 to S$34.6 million, from S$48.1 million the year before.
It attributed the fall in its bottomline to losses from its post and parcel business as delivery volumes fell, while operational costs within the segment rose due to upward inflationary pressures.
“SingPost is reviewing the commercial sustainability of the domestic postal business,” said the company.
This was a reversal from the S$9.9 million net loss posted by the group in the first half of FY2023, after it took into account an exceptional item related to the acquisition of an Australian unit.
Singapore Airlines: SINGAPORE Airlines (SIA)announced that it intends to redeem 50 per cent of the zero-coupon mandatory convertible bonds (MCBs) issued in June 2021.
The listed national flag carrier said on Wednesday (May 10) that the accreted principal amount payable, being 108.243 per cent of the principal amount of the MCBs, will be approximately S$3.4 billion. The yield-to-call works out to be 4 per cent per annum.
This redemption will be carried out on a prorated basis, with the redemption amount to be paid to eligible bondholders on Jun 26.
The redemption will be fully funded by the airline’s cash reserves, which stood at S$15.4 billion as at Dec 31, 2022.
Prime US Reit: PRIME US Reit posted a 7.2 per cent fall in net property income to US$23.6 million for its first quarter ended Mar 31, 2023, from US$25.4 million the year before.
Gross revenue for the quarter dropped 1.7 per cent to US$40.2 million, from US$40.8 million, said the real estate investment trust (Reit) manager in a business and operational update on Wednesday (May 10).
Distributable income in Q1 slipped 22.5 per cent to US$14.9 million, from US$19.2 million in the year-ago period.