Singapore’s flagship stock market barometer, the Straits Times Index (SGX: ^STI), slipped by 0.1% to 3,140 points today. Only six out of the index’s 30 constituents managed to make some headway during the trading session while 20 others had made losses.
While winners within the index were decidedly rarer than losers, that does not mean that there weren’t any shares outside that managed to make some meaningful gains. Let’s take a look at some of them.
Vard Holdings (SGX: MS7) climbed 5.6% to S$0.85. The offshore and sepcialised vessel builder for the oil & gas industry just announced yesterday that it had won a new contract to build one Diving Support and Construction Vessel.
The vessel, scheduled for delivery from Norway in mid-2016, is for an “international customer”. Vard had previously announced a similar contract win near the end of last December for the same kind of vessel. That particular contract had a value of NOK1b (around S$210m).
Industrial waste gas treatment solutions provider China Environment (SGX: 5OU) is up 1.8% to S$0.58. The company revealed on Monday that its Chinese subsidiary, Fujian Dongyuan Environmental Protection Co., Ltd. had managed to receive a RMB130m (around S$27m) credit facility from China Construction Bank, one of the largest banks in China.
Huang Min, chairman of China Environment, commented that the loan “signifies the confidence of [China Construction Bank] in the operation and business of [the company]”. It is also a nod of approval toward China Environment’s business prospects in providing air pollution solutions in the face of “deteriorating air quality in many parts of China.”
“With these credit facilities,” Huang added, “[China Environment will be] better equipped to secure more contracts and to step up the utilisation of our new plant in Anhui, [China].”
Tee International (SGX: M1Z) managed to gain 1.7% to S$0.295. The engineering and integrated real estate group had released its second quarter results last Friday. For the six months ended 30 Nov 2013, Tee International’s revenue jumped 59% year-on-year to S$119m. But despite the impressive top-line growth, the company’s profits contracted by 40% to S$3.2m.
The company’s top-line growth can be attributed to recognition of revenue from the “on-going and completed engineering and property development projects at 91 Marshall and The Peak @ Cainrhill I.”
Expenses, meanwhile, had grown much faster than revenue with the main culprits being administrative expenses and finance costs. The former jumped 87% year-on-year to S$9.9m due to an expanded headcount while the latter increased by 51% to S$1.5m as a result of higher borrowings.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore writer Chong Ser Jing doesn’t own shares in any companies mentioned