Singapore

It was bolstered by improved performance from its palm, laurics, and other segments.

Revenue from public transport services grew 6.8% to $334.4m. SBS Transit started 2019 on a positive note as profits climbed 23.3% YoY to $20.6m in Q1 from $16.76m in the same period a year ago, thanks to higher contribution from public transport and other commercial services. Revenue also rose 6.9% YoY to $350.76m from $328.18m a year ago. According to an announcement, revenue from public transport services inched up 6.8% to $334.4m boosted by higher fees earned with higher operated mileage from bus services and higher ridership and average fare from rail services. Operating profit also increased by $4.6m to $10.4m backed by higher revenue and lower premises costs. “Bus service revenue is expected to be higher with the full year contribution from the Seletar and Bukit Merah Bus Packages which commenced operations from March 2018 and November 2018 respectively,” SBS Transit said. Average daily ridership for the DTL climbed 10.4% YoY to 476,000 passenger trips. Meanwhile, average daily ridership for North-East Line and the Light Rail Transit grew by 3.2% YoY to 603,000 passenger trips and 10.4% YoY to 141,000 passenger trips respectively. “Rail service revenue is expected to be higher with higher ridership as well as the fare adjustment of 4.3% effective from 29 December 2018,” the firm said. “Notwithstanding this, the rail business will continue to face challenges from operating and maintenance costs.” For other commercial services, revenue grew 9.6% YoY to $16.3m bolstered by higher advertising revenue. Consequently, operating profit for Q1 increased 11.1% YoY to $11.3m. The firm’s earnings per share also jumped 23% YoY to $0.663 from $0.539 a year ago.

The higher contributions from edible nuts and cocoa boosted earnings.

It has a retail mall and three hotels in the Marina Bay area. UOL could gain from revamp and redevelopment potential riding on the government’s plan to rejuvenate the CBD, according to DBS Equity Research analysts Rachel Tan and Derek Tan. The firm has a stronghold in the area following its 50% stake acquisition in UIC and its purchase of a minority stake in Marina Centre Holdings (MCH). “UOL now has control over a prime integrated development comprising a retail mall and three hotels fronting the Marina Bay area,” the analysts said in a report.

The group’s total contract value reached $3.7b.

And UOB snatches Deutsche Bank’s global DevOps lead for wealth management.

The increase coincides with premium growth.

Wall Street's weakness could weign on the local bourse today.

High-net worth wealth also fell 8.8% to US$84b.

The move comes after the private utility and developer submitted a non-binding letter of intent in May 3.

The move aims to encourage fund managers to set up operations in Singapore.

Its food business saw the highest revenue increase to $163.3m in Q2.

The firm’s expenses more than doubled to $182.3m.

A maximum of CNY300b will be available to eligible Singapore firms.

Higher contribution from US Bank Tower boosted its performance.

Its legal representative in Changsha Best Commodity Trading Co. is the CEO’s brother-in-law.