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Three Shares That Lost To the Market Today

Despite the majority of the Straits Times Index’s (SGX: ^STI) 30 constituents ending the trading session with gains (some 19 out of 30 blue chips had made some headway), Singapore’s stock market bellwether still lost 0.2% as it slipped to 3,238 points. There were some heavy casualties amongst the losers – chief among them being United Overseas Bank (SGX: U11) which fell by 4.3% to S$21.18 – which dragged the index lower.

We’re in the midst of the earnings season now, and there were shares that had poor market reactions to their recent quarterly results, causing them to suffer even harder declines than the Straits Times Index today. Let’s take a look at some of them.

Jardine Cycle & Carriage’s (SGX: C07) shares have lost 2% at its close of S$46.54. The conglomerate’s 50%-owned subsidiary, Astra International, had released its first quarter results yesterday. Astra is listed in Indonesia and is itself involved with a wide array of businesses that include car sales, palm oil, and mining, among others. For the quarter, the subsidiary had seen a 7% year-on-year increase in revenue to IDR49,821 billion while profits had improved by 10% to IDR117 billion.

But despite the growth, Astra’s president director, Prijono Sugiarto warned that “there will be continue to be heightened competition in the car market and a subdued outlook for coal prices for the remainder of the year.”

SP Corporation (SGX: S13) has moved down by 11.6% to S$0.099. The industrial group, which does commodities trading, tyre & auto products, and geotechnical & soil investigation, had turned in its first quarter report card yesterday evening. The results weren’t pretty as both revenue and earnings had suffered double-digit declines; for the quarter, revenue had dropped by 32% year-on-year to S$29 million while profits were 39% lower at S$339,000.

Vard Holdings (SGX: MS7) declined by 3.5% to S$0.955 after seeing huge profit drops. The builder of offshore and specialised vessels had released its first quarter results in the wee hours of the morning today. While quarterly revenue was down 2.7% year-on-year to NOK2.67 billion, profits were slashed by 52.8% from NOK180 million to NOK85 million.

Despite the poor showing, it wasn’t all doom and gloom at Vard Holdings as the company’s order book, as of the end of the first quarter of 2014, had gone up to NOK21.84 billion from NOK19.36 billion at the end of 2013. The company attributed the increase “to an exceptionally high order intake.”

In any case, Vard Holdings still sees “incremental growth opportunities from new business development” and stressed that the performance of its Brazilian shipyards will be “key” to the company’s short to medium term performance. On that front, Vard Holdings revealed that Vard Promar, its second yard in the country, is in the final stage of construction so investors can look forward to its completion soon.

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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.