SG Morning Highlights | CDL H1 Profit Falls 94.1% on Absence of Divestment Gains
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened flat on Thursday; STI up 0.01%
●CDL H1 profit falls 94.1% to S$66.5 million on absence of divestment gains
●Stocks to watch: CLI, ThaiBev, CDL
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened flat on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ gained 0.01 per cent to 3,314.05 as at 9.06 am.
Advancers / Decliners is 67 to 87, with 62.06 million securities worth S$92.26 million changing hands.
Stocks to Watch
$CityDev (C09.SG)$: City Developments Limited posted a 94.1 per cent drop in net profit to S$66.5 million for its first half ended Jun 30, 2023, from S$1.1 billion in the previous corresponding period.
This was mainly due to the absence of significant divestment gains booked in H1 2022, as well as greater financing costs and impairment losses for its UK investment properties in the latest period, said the property developer on Thursday (Aug 10).
Earnings per share stood at S$0.066 for the first half, down from S$1.227 the previous year.
$Best World (CGN.SG)$: Best World International posted a 0.6 per cent drop in net profit to S$38.7 million for its second quarter ended June, from S$38.9 million in the previous corresponding period.
This came as the mainboard-listed group recorded slightly lower revenue and higher cost of sales, partially offset by higher interest income.
Earnings per share (EPS) stood at S$0.089 for the period, up from S$0.0806 in the same period last year, the group said in its financial results released late on Wednesday (Aug 9).
$ThaiBev (Y92.SG)$: Thai Beverage Public Co (ThaiBev) saw its earnings before interest, taxes, depreciation, and amortisation (Ebitda) fall 3.4 per cent to 37.8 billion Thai baht (S$1.45 billion) for the nine months ended Jun 30, 2023, from 39.1 billion baht in the previous corresponding period. (see *Amendment note)
This is despite the food and beverage company having recorded a 3.8 per cent rise in sales revenue to 215.9 billion baht, from 207.9 billion baht in the year-before period.
The group's Ebitda performance takes into account the improvement in revenue, higher brand investment and cost pressures, it said in a business update on Wednesday (Aug 9) night.
$SingaporeLandGrp (U06.SG)$: Singapore Land Group reported a 53.2 per cent decline in net profit to S$168.4 million for the first half ended June 2023, from S$359.8 million in the corresponding period a year earlier.
This is despite a 23.4 per cent increase in revenue to S$325.9 million, from S$264 million a year ago.
In a bourse filing on Tuesday (Aug 8), Singapore Land said that the rise in revenue was driven largely by an increase in revenue from hotel operations, which rose 66 per cent to S$119.5 million. It noted that in the first quarter of 2022, the hospitality sector was still affected by Covid-19 restrictions.
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