Singapore shares are set to consolidate near six-month highs, with commodities firm Olam International in the limelight after reporting a 12% fall in quarterly net profit. The commodities firm was hit by margin weakness in its industrial raw material segment, but gave a positive outlook on Tuesday.
Singapore’s benchmark Straits Times Index gained 0.37% on Tuesday to 2,987.41 points, its strongest close since early August. Here are some stocks and factors to watch according to Reuters:
Offshore vessel builder STX OSV Holdings said its net profit for the three months ended December more than doubled to 638 million Norwegian krones ($142 million) on higher orders and strong margins.
Warehouse operator Global Logistic Properties said its net profit in October-December rose 11% to $115.3 million compared with a year ago due to growth in China, and was looking for acquisitions.
Supplier of marine fuel Chemoil said it recorded a fourth quarter net profit of US$19.5 million ($24.7 million), reversing from a loss of US$1.8 million a year earlier, helped by a surge in revenue and higher gross contribution per metric ton.
Singapore Technologies Engineering’s aerospace arm ST Aerospace said it has been awarded a contract worth US$15 million ($19 million) a year to support Korean low fare airline Eastar Jet’s engines over 10 years.
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