Singapore shares slipped 0.3% with the Straits Times Index (SGX: ^STI) down 11 points to 3,290 points even though there were some solid performances elsewhere in Asia. Tokyo’s Nikkei 225 was up 0.5% to 11,307 points, while Hong Kong’s Hang Seng put on 0.9% to 23,413 points.
Although the benchmark index lost ground some companies fared worse. Singapore Telecommunications (SGX: Z74) posted a 5% drop in group revenues to S$4.6b though revenues in at its Singapore operation ticked up 1% to S$1.7b. SingTel, which also operates in Australia, said net profits were down by 8% to S$827m as a result of costs associated with investing in new networks. Shares in SingTel fell 3% to $3.49.
Pacific Andes Resources (SGX: P11) fell 1.9% to $0.152 after the frozen fish distributor responded to a query from the Singapore Stock Exchange. The company said a 118% jump in prepayment to suppliers in the first quarter despite a 3% fall in revenues was due to the prepayment of a Long Term Supply Agreement. This is the second time this year that the fish supplier or its indirectly-owned subsidiary China Fishery Group (SGX: B0Z) has been grilled by the Singapore Stock Exchange. Shares in China Fishery slid 2.2% to $0.68.
Shares in small-cap crane rental outfit Tat Hong Holdings (SGX: T03) slipped 1.6% to $1.57 despite a 33% jump in third-quarter pre-tax profit to S$24m. Tat Hong, which also rents out construction and earthmoving equipment, said revenues rose 5% to $S206m while gross margins improved 1.5% to 35.9%. However, Tat Hong cautioned that demand in Australia could be affected by reduced public spending.
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