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Q1 EARNINGS OF SGX FIRMS DOWN 8.4%

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Publish date: Tue, 14 May 2013, 10:58 AM
The combined profits of companies listed on the Singapore Exchange (SGX) trended lower for the first quarter ended March 31 from a year ago, data compiled by The Business Times of results reported so
far showed.

As of Friday, the 206 companies with Q1 earnings that can be compared with a year ago reported a combined profit attributable to shareholders of about $6.48 billion, down 8.4 per cent.The broad earnings  picture is mixed, with the number of companies that registered higher profits, lower losses or swung from a position of losses to profits standing at 105, just slightly more than the 101 with lower profits, higher losses or reversed into losses. Overall, 158 companies registered profits in the first quarter, out numbering the 49 that posted losses. Of those 158 companies, nine swung from losses to profits, and 81 saw higher profits
compared with the 67 that reported lower profits. As for the 49 companies that posted losses, 21 swung from a position of profit into a loss, 13 made greater losses and 15 saw smaller losses.

For the quarter, some companies that fared well included Wilmar International, CapitaLand and Wheelock Properties. Wilmar saw profits grow 23.3 per cent to US$315.4; CapitaLand's profits jumped 41.2 per cent to $188.2 million and Wheelock's Q1 profits of $105.3 million were eight times the figures from a year ago.
Posting weaker bottom lines in Q1 were the likes of Keppel Corp which saw profits more than halve to $357 million and Genting Singapore whose profits slumped 43.6 per cent to $115.9million.

Among the three local banks, DBS Group Holdings and United Overseas Bank (UOB) reported higher profits for the January to March period. DBS's profits edged up 1.8 per cent to $950 million while UOB's bottom line grew 4.9 per cent to a record $722million.

Source: AmFraser
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