Stocks to watch: SingPost, Marco Polo Marine, Penguin International
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Aug 26):
SingPost, the Singapore postal service operator, reported a 55.2 percent increase in operating profit for its first fiscal quarter ended June 30, reaching S$4.1 million. The growth was attributed to cost management, reduced labour costs, and efficiency gains. Although group revenue for Q1 decreased marginally by 0.9 percent year-on-year to S$93.4 million, the operating profit margin expanded from 2.8 to 4.4 percent.
Despite the positive quarterly results, SingPost shares saw a decline of 2.9 percent or S$0.01, closing at S$0.33 on Tuesday.
Marco Polo Marine, a marine logistics company, reported a 13 percent increase in revenue for its third quarter ended June 30, reaching S$35.7 million from S$31.7 million in the previous corresponding period. This growth was driven by stronger contributions from both its ship chartering and shipyard divisions. Profit for the quarter rose 7 percent to S$15 million from S$14 million in the year-ago period. Marco Polo Marine shares ended at S$0.128, up 0.8 percent or S$0.001 on Tuesday.
Penguin International, a shipbuilder, secured its first prime contract with the Singapore Navy. Concurrently, the New Woodlands Gateway industrial hub continues to take shape, with the RTS Link project nearing completion. However, despite strong IPO activity in Vietnam, investor interest has been tepid, potentially impacting trading of securities for various companies in the region.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
