Company Briefs: Keppel Corp

Keppel Corp

Keppel Corp unit Keppel Offshore & Marine has secured a US$40 million (S$55.8 million) contract to provide engineering and construction management support services for an oil drilling platform to be built in Vietnam.

The contract was awarded by the service arm of Vietnam Oil and Gas Group (PetroVietnam), the main contractor for the platform, which will be the first in Vietnam and the first three-column one in the offshore oil and gas industry.

Keppel’s work on the project, known as a Tension Leg Wellhead Platform, includes hull and mooring engineering and construction management support services. It will be deployed in the Ca Rong Do field, off southern Vietnam.

Starhill Global Reit

Starhill Global Reit has posted a distribution per unit (DPU) of 1.18 cents in the third quarter, down 6.3 per cent from the same period a year ago.

Disruptions in revenue, owing to a mall repositioning in China, as well as lower contributions from Wisma Atria retail, Ngee Ann City offices and Myer Centre Adelaide, dealt a hit to DPU. But higher contributions from the master tenants in Singapore and Malaysia, as well as the David Jones Building in Perth, Australia, somewhat cushioned the effects.

Net property income was $41.2 million in the three months to March 31, down 0.9 per cent from the same period a year earlier, as gross revenue dipped 0.6 per cent to $53.3 million.

Income available for distribution was $27.1 million, down 3.1 per cent from a year ago.

Tuan Sing Holdings

Developer Tuan Sing Holdings posted a net profit of $5.4 million for the first quarter, down 44 per cent from a year earlier as the group had sold most of the residential development units completed last year.

Revenue in the three months to March 31 was $74.8 million, a fall of 29 per cent. Property revenue – which contributed 30 per cent to total turnover in the first quarter – was $22.7 million, down from $48.9 million in the same period last year. Earnings per share was 0.5 cent, down from 0.8 cent a year earlier, while net asset value was 78.1 cents as at March 31, up from 77.7 cents as at Dec 31.

Tuan Sing said it plans to launch Kandis Residence in the third quarter.

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