Croesus Retail Trust 4Q FY 2014 Result

Croesus Retail Trust (CRT) posted a set of above expectation results with twin boosts from higher revenue, especially at Mallage Shobu and lower property costs. This was despite the introduction of a higher consumption tax on 1 April 2014. FY 2014 distribution income of JPY 707.4 million (S$8.51 million) for the 4Q which was 10% ahead of the estimate. For the three months ended 30 Jun 2014, gross revenue was JPY 1.58 billion. Net property income for the quarter beat its forecast by 2.6% at JPY 1.02 billion. Looking ahead, CRT expect the tenant remixing exercise at Mallage Shobu to yield positive returns when the current low occupancy cost is marked to market. The group is also exploring third party acquisitions in addition to its two present Right of First Refusal (ROFR). With a gearing of 51.7%, it has room to raise JPY 16 billion worth of debt to fund its potential purchases.

The Board of Directors has declared a dividend of 3.74 cents per ordinary share for 4Q FY 2014 which is payable on 26 September 2014.

Embark another new chapter

Today is my last working day in my current company.  Tomorrow I will be embarking another new chapter in my career. It was upset to bid farewell with my colleagues and embark into another new journey, but however I made the decision to leave my current company is because of long term plan decision. The job I am doing is purely about working as a job and not as a career. You won't find any achievement in it especially if you are thinking of retirement there. So I made the decision to do something else as a career and hopefully this will be my last job or retirement job. Looking forward to tomorrow and embark another new chapter in my career.

Singtel 1Q FY 2015 Result

SingTel reported a 17% fall in its 1Q FY 2015 profit to S$835 million, hurt by one‐off items and adverse currency movements. Revenue fell 3.4% to S$4.15 billion, while Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was S$1.25 billion, down 3.2%. SingTel derives the bulk of its profits from overseas, making its earnings particularly susceptible to currency changes. The company is expected to benefit from a turnaround in the Indian market where it effectively owns nearly a third of top mobile phone carrier Bharti Airtel. Shares of the company, valued at US$50 billion, have risen 6.8% so far this year, compared with a 4.2% increase in the broader market.

Frasers Centrepoint Limited 3Q FY 2014 Result

Frasers Centrepoint Limited (FCL) announced its 3Q FY 2014 revenue and Profit Before Interest and Tax (PBIT) jumped 41% and 56% from the previous corresponding 3Q FY 2013 to S$575.4 million and S$160.3 million respectively. The strong growth was driven by revenue recognition from overseas markets as a result of project completions in China, sale of completed units in Australia and the United Kingdom during the quarter as well as proceeds from the sale of Changi City Point to Frasers Centrepoint Trust (FCT) as the Group continued to execute on its REIT strategy. FCL’s strong operational performance in 3Q FY 2014 was partially offset by the absence of fair value gain on investment properties that were recorded in the corresponding period last year. The fair value gains arose from an additional valuation exercise taken as at 30 June 2013 in connection to the Group’s listing; the Group would otherwise normally revalue its investment properties at the end of each financial year. Consequently, attributable profit for the quarter was S$109.2 million, down 60% year-on-year. Excluding fair value change and exceptional items, the Group’s attributable profit for 3Q FY 2014 would have surged by 77%, from S$67.7 million a year ago to S$120 million.

FCL achieved strong operating results in the first nine months of the financial year. This was on the back of strong contributions from the overseas markets, as well as from the execution of their REIT strategy. Delivering value to shareholders and growing core earnings through the disciplined execution of their growth strategies remains their focus. They undertook several key corporate actions that enabled the Group to optimise capital productivity and strengthen their income base, as well as diversify their earnings across markets and increase recurring income. They will continue to
execute on their growth strategies to position the Group for long-term sustainable growth.

Singapore Post 1Q FY 2014/2015 Result

SingPost posted a net profit of 5.1% at $39.2 million in the 1Q of FY 2014/2015 higher as compared to $37.3 million in the same quarter last year FY 2013/2014. Excluding one-off items, underlying net profit was flat at $36.2 million.

SingPost continues to grapple with a declining postal industry and rising costs. Despite that, the group achieved a 4.8% increase in revenue to $210.9 million in 1Q FY 2014/2015, as growth in e-commerce-related activities continued to offset declines in the traditional postal business.

In the Mail division, revenue from domestic mail declined slightly but overall mail revenue grew 7.4% to $123.2 million boosted by growth in e-commerce related transhipment business and higher one-off corporate postings relating to the Personal Data Protection Act which came into effect in July 2014.

Logistics revenue was higher by 4.1% to $97.6 million with growth in contributions from ecommerce logistics activities under Quantium Solutions, the domestic parcel business, the freight forwarding business of Famous Holdings and Lock+Store self-storage business.

In Retail and eCommerce, revenue from financial services and eCommerce services grew 9.7% to $22.8 million offsetting declines in traditional retail and agency services. Revenue from eCommerce services was boosted by growth in its Omigo and vPOST business.

Rental and property-related income fell 3.6% to $10.8 million as a result of lower contributions from SingPost’s properties.

The Board of Directors has declared an interim dividend of 1.25 cents per ordinary share for 1Q FY 2014/2015 which is payable on 18 August 2014.

Starhub 2Q FY 2014 Result

StarHub posted a 6.3% decrease in net profit to $94.3 million for the 2Q ended 30 June 2014. Total revenue for the quarter was at $576 million, 2% lower compared to a year ago. On a half-year period, revenue was at $1.1 billion.

Mobile services revenue decreased 1% for the quarter to $310.3 million and was stable for the half year at $616.2 million. Pay TV revenue increased 3% for the quarter to $98.4 million and 1% to $192.2 million for the half year basis. Broadband revenue decreased 17% for the quarter to $51 million and 15% for the half year to $104.9 million. Fixed Network revenue increased 2% both for the quarter and half year periods to $92 million and $182.2 million respectively.

The group’s EBITDA decreased 2% for the quarter and also for the first half to $187 million and $365 million respectively. EBITDA margin as a percentage of service revenue was 34% for the quarter and was at 33.3% for the half year basis.

Free cash flow was $62 million for the quarter and cash capital expenditure (capex) was 6% higher at $95 million compared to a year ago. On a half year basis, free cash flow was $166 million while cash capex was $162 million.

The Board of Directors has declared an interim dividend of 5 cents per ordinary share for 2Q 2014. The dividend is payable on 28 August 2014.