Posts by Stephanie Irvin
Yoma says new directors have ‘sufficient time and bandwidth’ to fulfil responsibilities
MYANMAR-BASED Singapore-listed conglomerate Yoma Strategic Holdings said its two newly appointed directors have “sufficient time and bandwidth” to fulfil their responsibilities, in response to a query from the stock exchange’s regulator. The company – which owns real estate, financial, food and beverage, and transportation businesses in Myanmar – had on Aug 9 announced several changes…
Read MoreFrencken posts 50.3% rise in H1 profit to S$18.1 million
SEMICONDUCTOR player Frencken on Wednesday (Aug 14) reported a 50.3 per cent increase in profit to S$18.1 million in H1 2024, from S$12.1 million in H1 2023. Revenue for the period also rose 6.2 per cent to S$372.7 million from S$351 million a year prior. The increase was driven by better revenue performance in Frencken’s…
Read MoreChina Aviation Oil H1 profit doubles to US$42.4 million on oil price, business volume increases
JET fuel buyer China Aviation Oil (CAO) posted a net profit of US$42.4 million for the first half ended Jun 30, a 114.8 per cent year-on-year leap from US$19.7 million previously. This was attributed to increases in gross profit and share of results from associates, the group said on Wednesday (Aug 14), adding that these…
Read MoreUS lenders push Indian ed-tech giant Byju’s towards insolvency
INDIA’S top court on Wednesday (Aug 14) revived insolvency proceedings against education technology company Byju’s following a lawsuit by a trust representing US lenders who say they are owed US$1 billion by the company. The Supreme Court order is a setback for founder Byju Raveendran whose eponymous online coaching company was valued at US$22 billion…
Read MoreTencent sales growth sped up after blockbuster game release
TENCENT Holdings’ revenue growth accelerated after the blockbuster summer release of Dungeon & Fighter Mobile helped lift China’s most valuable company out of a gaming trough. China’s most valuable company boosted sales 8 per cent in the April-to-June period, when its core gaming arm bounced back from two successive quarters of decline. Net income leapt…
Read MoreMars to acquire Cheez-It, Pringles maker Kellanova in mega US$36 billion deal
FAMILY-OWNED candy giant Mars, whose brands include M&M’s and Snickers, said on Wednesday (Aug 14) it would buy Cheez-It and Pringles maker Kellanova in a nearly US$36 billion deal, making it the biggest buyout in the packaged food industry. Mars will pay US$83.50 per share in an all-cash deal for Kellanova, representing about 33 per…
Read MoreiPhone maker Hon Hai beats profit estimates thanks to AI boom
APPLE’S main manufacturing partner Hon Hai Precision Industry reported better-than-expected profit in the second quarter as the device assembler benefited from strong demand for servers powering AI applications. The iPhone producer, also known as Foxconn, reported net income of NT$35 billion (S$1.4 billion) in the June quarter, beating an average of analyst estimates for adjusted…
Read MoreChina’s embrace of rail and EVs stalls holiday petrol demand
CHINA’S embrace of clean energy means petrol sales are no longer getting their usual bump from holiday travel. Domestic tourists have been out in force this summer, but fossil fuels are playing less of a role in ferrying them around the country. Instead, electricity-driven high-speed rail and new energy vehicles are eating into petrol’s share,…
Read MoreChina’s embrace of rail and EVs stalls holiday petrol demand
CHINA’S embrace of clean energy means petrol sales are no longer getting their usual bump from holiday travel. Domestic tourists have been out in force this summer, but fossil fuels are playing less of a role in ferrying them around the country. Instead, electricity-driven high-speed rail and new energy vehicles are eating into petrol’s share,…
Read MoreBumitama Agri H1 profit falls 27.9% to 856.8 billion rupiah
BUMITAMA Agri posted a 27.9 per cent drop in net profit to 856.8 billion rupiah (S$71.6 million) for the first-half ended Jun 30, from 1.2 tillion rupiah in the previous corresponding period. This translates to an earnings per share of 494 rupiah for H1 FY2024, down from 686 rupiah previously. An interim dividend of S$0.012…
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