SG Morning Highlights | Singapore Airlines Posts Stable Profit in H2 of Fiscal Year

Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.51 percent to 3306.23 as at 9:08 am.

$SIA (C6L.SG)$: Singapore Airlines (SIA) reported a stable profit in the second half of its fiscal year, fuelled by lower tax expenses and a surplus on the disposal of aircraft, spares, and spare engines, according to a filing with the Singapore Exchange. The flag carrier's profit attributable to owners remained at SG$1.23bn ($921m), or SG$0.311 per share, compared with the same period a year ago. Revenue for the six months ended March 31 rose year on year to SG$9.85bn from SG$9.36bn, due to higher passenger flown revenue and an almost 18% increase in traffic. SIA will pay a final dividend of SG$0.38 per share on August 21, subject to shareholder approval.

$Grab Holdings (GRAB.US)$: Grab has reported a Q1 net loss of $115m, down 54% from its loss of $250m in the same period last year, with the group's adjusted EBITDA coming in at $62m for the quarter. Grab said the improvement was due to better group adjusted earnings before interest, taxes, depreciation and amortisation, and improved share-based compensation expenses. The ride-hailing giant also revealed Q1 revenue rose 24% YoY, driven by revenue growth across all segments due to a reduction in on-demand incentives as a percentage of on-demand gross merchandise value. On-demand GMV rose 18% YoY.

$Seatrium (S51.SG)$: Seatrium has been awarded a contract from Single Buoy Moorings, a subsidiary of SBM Offshore, for the topside fabrication and integration of a floating production storage and offloading vessel. The vessel, named Jaguar, will have a storage capacity of two million barrels of oil, and is designed to produce 250,000 barrels of oil per day with an associated gas treatment capacity of 540 million cubic feet per day and a water injection capacity of 300,000 barrels of water per day. Seatrium will deliver several topside modules, riser, mooring and umbilical structures, and will be responsible for installing and integrating these structures and all topside modules for the FPSO vessel.

$OUE Healthcare (5WA.SG)$: A wholly-owned subsidiary of OUE Healthcare has agreed a sale and purchase agreement to sell a vacant land plot in Kuala Lumpur for MYR125m ($35.6m). The net cash proceeds of around MYR120.3m will be used for working capital purposes. The move is part of OUE Healthcare's ongoing strategic initiatives to enhance its capital structure to support its business transformation, according to a company statement. OUE Healthcare is Singapore's largest unitholder of First REIT, with a direct stake of about 33% and a 40% stake in its manager, First REIT Management.