The S&P 500 dropped for a second day and closed below its 200-day
moving average for the first time in five months.
The moving average is a measure
of the market’s long-term trend, and a significant breakthrough that level
would be seen as a sign of weakness. Just minutes before the closing bell,
stocks accelerated their declines and the S&P 500 fell more than 1 percent.
Since reaching a 52-week closing
high of 1,465.77 on September 14, the S&P 500 has dropped 6 percent. On
Wednesday, a day after Democratic President Barack Obama defeated Republican
Mitt Romney in the U.S. election, the benchmark S&P 500 dropped more than 2
percent for its biggest one-day percentage decline since June 1.
Investors worry that if no deal
is reached in Congress over some $600 billion in spending cuts and tax
increases due to take effect early next year, the struggling U.S. economy could
fall into recession.
Singapore
The SIA Group registered a net
profit of $168 million in the first half of the 2012-13 financial year, a
decline of $71 million (-30%) over the same period last year. This was mainly
attributable to lower non-operating items as the Parent Airline Company last
year benefited from a higher surplus on the disposal of aircraft and spare
engines.
Group operating profit increased
$8 million (+6%) year-on-year to $142 million. This was contributed by the
improvement from the first quarter (+$61 million), albeit off a low base
following the Japanese earthquake in the corresponding quarter last year. However,
the $61 million increase was partially offset by a weaker second quarter (-$53
million), with the widening of losses from SIA Cargo as the air freight market
remained soft.
Group revenue grew $294 million
(+4%) to $7,571 million, on the back of 8.0% growth in passenger carriage,
partially set off by a 3.4% decline in yields. Group expenditure rose by $286
million (+4%) to $7,429 million, principally on account of higher fuel cost
(+$112 million, or +4%), arising from higher fuel volume uplift as capacity
grew 5.1%. Other variable costs also increased in line with the capacity
growth.
The operating results of the
airlines’ companies in the Group for the first half of the financial year are
as follows:
- Parent Airline Company
Operating profit of $169 million ($53 million profit in 2011)
- SilkAir Operating profit of $37
million ($34 million profit in 2011)
Operating performance first half
year 2012-2013
The Parent Airline Company
recorded an 8.0% increase in passenger carriage (in revenue passenger
kilometres) during the half year, exceeding the 5.1% capacity expansion (in
available seat-kilometres). As a result, passenger load factor improved by 2.1
percentage points to 79.6%.
SilkAir’s capacity growth of
23.1% was closely matched by the increase in passenger carriage, pushing
passenger load factor marginally higher to 74.4%.
Singapore Airlines took delivery
of two A380-800s, reinstated two B777-200ERs that had been leased to another
airline, decommissioned two B777-200s and returned one B777-300 on expiry of
its lease during the second quarter. As at 30 September 2012, the operating
fleet of the Parent Airline Company comprised 101 passenger aircraft – 58
B777s, 19 A330-300s, 19 A380-800s and five A340-500s – with an average age of 6
years 4 months.
SilkAir took delivery of one
A320-200 during the quarter, and as at 30 September 2012 its operating fleet
comprised 22 aircraft – 16 A320-200s and six A319-100s. SIA Cargo’s fleet
remained unchanged at 13 B747-400 freighters. Scoot took delivery of two
B777-200s, bringing its total fleet to four aircraft. It also launched
inaugural flights to Bangkok, Taipei and Tianjin during the quarter.
With the commencement of the
Northern Winter schedule on 28 October 2012, the Parent Airline Company is
operating daily B777-200 services to Yangon. The new flights have replaced
seven of SilkAir’s 16 weekly A320-200 services and increased combined seat
capacity by 55%. A new Singapore-Riyadh-Jeddah routing is also operating three
times a week, replacing existing services to Riyadh via Dubai and Jeddah via
Abu Dhabi. Additional capacity has also been mounted to London, Mumbai and
Perth, while frequencies to Barcelona, Istanbul and Milan have been reduced.
Services to Abu Dhabi and Athens have been suspended.
Visakhapatnam has been introduced
as a new destination in SilkAir’s network, while frequency has been increased
to existing destinations, including Hyderabad, Kochi, Kota Kinabalu, Kunming,
Phuket and Thiruvananthapuram. Scoot has also expanded its network to include
Tokyo, and will be adding Shenyang and Qingdao.
Malaysia
Fraser & Neave Holdings Bhd’s
earnings rose 11.2% to RM73.60mil in the fourth quarter ended Sept 30, 2012,
boosted by the recognition of deferred tax asset.
It said on Thursday it benefited
from the recognition of RM19mil deferred tax asset (DTA) on the remaining lines
upon their commercial production. The DTA was the Halal hub tax incentive
granted to the Pulau Indah plan.
F&N’s revenue fell 12.8% to
RM868.36mil from RM995.46mil. Its operating profit declined 10.9% to RM65.23mil
from RM73.23mil. Earnings per share were 20.4 sen compared with 18.4 sen a year
ago.
It proposed a final single tier
dividend of 23 sen per share together with a special single tier dividend of 15
sen per share.
Explaining the fourth quarter
results, F&N said the group no longer manufactured and distributed
Coca-Cola products in FY12 financial year.
“Notwithstanding the absence of
the Coca-Cola business, group revenue had exceeded that of the corresponding
quarter last year,” it said.
On a comparable basis and
excluding last year’s Q4 revenue contribution of RM161mil from Coca-Cola, group
revenue rose 4% to RM868mil aided by strong export volume growth in soft drinks
and dairies Malaysia divisions.
Group operating profit fell 10.9%
to RM65.23mil from RM73.24mil mainly due to the absence of both the Coca-Cola
contribution and a net reversal of provision from the divestment of the glass
business.
For the financial year ended Sept
30, 2012, it said earnings fell 28.5% to RM274.03mil from RM282.13mil in the
previous financial year.
Revenue declined 17.3% to
RM3.238bil from RM3.915bil.
“Excluding the Coca-Cola’s
revenue contribution of RM544mil last year, group revenue declined 4% mainly
due to the loss of revenue in Thailand as a result of the factory closure
caused by the flood and the absence of property sales. This shortfall had been
narrowed by the double digit growth of the non-Coca-Cola soft drinks revenue of
10%,” it said.
Indonesia
Total Bangun Persada, an
Indonesian construction company, expects its profit to grow 20 percent next
year on booming construction deals.
The Jakarta-based company aims to
post net income of Rp 210 billion ($22 million) in 2013, up from this year’s Rp
175 billion target. Revenue is forecast to jump to Rp 2.1 trillion next year,
from 2012 target of Rp 1.9 trillion.
“We are confident of reaching
that target next year,” Elvina Apandi Hermansyah, the company’s corporate
secretary, said.
The company expects to generate
construction contracts valued at Rp 2.1 trillion next year, more than its
estimated value of Rp 1.8 trillion this year. The company secured total
contracts worth Rp 2.1 trillion at the beginning of October. That value has already
exceeded its full year’s target.
Robust economic growth in
Indonesia, at 6.2 percent in the third quarter this year from a year earlier,
helped spur the construction in Jakarta and other areas.
Total is also building Trans
Hotel Bandung 2 for the CT Corp group, owned by tycoon Chairul Tanjung. Other
contracts include the Hermitage Service Apartment in Menteng, Central Jakarta.
It is building commercial space
for retailer Ramayana in various areas, including Lampung in Surabaya; Cilegon,
Banten; Sorong, Papua; Klender, East Java; and Cibinong and Cibadak in West
Java.
Total is also building an office
building for Bank Pan Indonesia in Jakarta, and buildings at an industrial
plant for cigarette-maker Gudang Garam in Gempol, East Java.
Its net income rose to Rp 134
billion in the first nine months of this year, from Rp 83.4 billion in the same
period last year. Revenue increased to Rp 1.37 trillion in the period, from Rp
1.1 trillion a year before.
Philippines
Integrated Micro-Electronics Inc.
tripled its nine-month net profit year on year due mainly to its expansion in
Europe and Mexico, better utilization of China plants and the reduction in
overall expenses.
IMI, a leading worldwide provider
of electronics manufacturing services and power semiconductor assembly and test
services, posted a net profit of $5 million in January to September. This was
up by 209 percent from $1.6 million posted in the same level last year.
Its nine-month consolidated sales
revenues rose by 18 percent year on year to $495.7 million.
“Despite a highly fragile global
economy, we expanded our revenues and net income on acquisitions as well as
business expansions of key customers,” IMI president and chief executive
officer Arthur Tan said in a statement.
Newly acquired subsidiaries in
Europe and Mexico recorded $131.7 million in revenue in the first nine months
while another subsidiary, PSi Technologies Inc., contributed $36.8 million.
The company’s operations in China
and Singapore posted $210.6 million in combined revenue, 1.5 percent lower year
on year due to reduced volume in a telecommunication infrastructure program and
delay in the production of new models for an industrial electronics program.
Yesterday in Asia
Tokyo tumbled 1.51
percent, or 135.74 points, to 8,837.15, Sydney fell 0.72 percent, or 32.7
points, to close at 4,483.8 and Seoul lost 1.33 percent, shedding 25.83 points
to 1,911.09.
Hong Kong skidded 2.41
percent, or 532.94 points, to 21,566.91 and Shanghai fell 1.63 percent, or
34.22 points, to 2,071.51.
Singapore slid 1.02
percent, or 31.02 points to 3,012.25.
City Developments sank 1.61
percent to Sg$11.64 and Jardine Cycle and Carriage fell 0.71 percent to
Sg$47.36.
Taipei fell 0.61 percent,
or 44.55 points, to 7,242.63.
Taiwan Semiconductor
Manufacturing Co. was 0.55 percent lower at Tw$90.5 while leading smartphone
maker HTC added 1.44 percent to Tw$211.5.
Manila rose 0.17 percent,
or 9.42 points, to 5,446.71.
Wellington added 0.31
percent, or 12.15 points, to 3,955.25.
Fletcher Building was up 1.24
percent at NZ$7.34 and Contact Energy rose 1.52 percent to NZ$5.36 while
Telecom was steady at NZ$2.38.
Kuala Lumpur shares ended
down 0.27 percent, or 4.46 points, at 1,641.07.
Sime Darby lost 0.2 percent to
9.73 ringgit, IOI Corp fell 0.8 percent to 5.01 while Axiata rose 1.4 percent
to 5.91.
Jakarta fell 0.52 percent,
or 22.56 points, to 4,327.87.
Coal firm Indo Tambangraya
slipped 1.9 percent to 41,150 rupiah and nickel company Vale Indonesia was down
1.9 percent at 2,600 rupiah.
Bangkok shed 0.46 percent,
or 6.04 points, to 1,293.70.
Bangkok Bank dropped 0.85 percent
to 174.50 baht, while Siam Cement lost 0.78 percent to 384 baht.
Mumbai fell 0.30 percent,
or 56.15 points, at 18,846.26 points.
Private Tata Power fell 2.12
percent to 101.65 rupees while engineering giant Larsen and Toubro slid 2.04
percent to 1,634.4 rupees.
Business & Investment Opportunities
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