SG Morning Highlights | Singapore's July Visitor Arrivals Grow to 1.4 Million

Advancers / Decliners is 55 to 116, with 66.05 million securities worth S$103.93 million changing hands.

Singapore's international visitor arrivals climbed to 1.42 million in July, driven by a stronger return of Chinese travellers, which more than doubled from June.

July's reading was up from the 1.13 million recorded in the previous month, according to the latest data from the Singapore Tourism Board (STB) on Wednesday (Aug 16). It is also slightly less than double the 726,739 visitors recorded in the corresponding month in 2022.

Revenue for the quarter rose by S$6 million, or 6.2 per cent, to S$103.9 million, NetLink’s trustee-manager announced in an earnings update on Thursday (Aug 17).

Of the revenue increase, S$4.1 million came from non-regulated asset base (RAB) revenue, mainly contributed by the trust’s ancillary projects. The remaining S$1.9 million came from RAB revenue, on the back of higher residential, non-residential, non-building address points (NBAP) and segment connections orders.

The company announced in a Thursday (Aug 17) bourse filing that two of the contracts are for the provision of electrification solutions to design, manufacture and integrate power distribution centres and electrical systems and equipment in the US. It is slated for execution from this year to 2025.

The third contract involves the supply, installation, integration and maintenance of communication and security systems for the Singapore government. This will be from the second half of 2023 to 2034.

Revez and RM are advancing claims against the group for alleged breaches of contract, which include breaches of confidentiality, non-solicitation and non-compete obligations, the company said in a bourse filing on Thursday (Aug 17).

The claims also involve allegations of breaches of duties and a conspiracy to injure RM, with the wrongdoings carried out via Zing.