Daily Archives: February 20, 2016

20Feb
sgx2

S&P warns it may cut Icahn Enterprises to junk status, stock falls

BOSTON:
  • U.S. ratings agency Standard & Poor’s warned on Friday it may cut the credit rating of billionaire investor Carl Icahn’s Icahn Enterprises to junk status after the portfolio absorbed heavy commodity sector losses in the last few months.
  • S&P placed its triple-B-minus issuer credit rating and senior unsecured debt rating of Icahn Enterprises on “CreditWatch with negative implications,” the agency said in a statement.
  • The news weighed on Icahn Enterprises’ stock price, pushing it down nearly 11 percent in afternoon trading to $48.75. In the last 12 months the stock price has been cut in half mainly because its energy investments have been hit by falling commodity prices.
  • Icahn Enterprises has lost “at least $1.4 billion in value” since the end of September, S&P wrote in the statement, adding it thought Icahn’s hedge fund had lost money this year because of bets on energy companies including Chesapeake Energy Corp. and Cheniere Energy Inc., along with miner Freeport-McMoRan Inc., which have fallen. Chesapeake is down 56 percent this year.

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20Feb
SGX

UIC sees 35% fall in full-year earnings to $261 million

SINGAPORE :

  • Property group United Industrial Corp (UIC) registered a 35% fall in FY15 earnings to $260.6 million from a year ago on lower share of results of associated companies and joint ventures.
  • Share of results of associated companies decreased by 25% to $31.6 million due mainly to lower fair value gain on Novena Square investment property held by an associated company of $4.6 million.
  • Share of results of joint ventures decreased by 22% attributable mainly to lower progressive revenue recognised for the Archipelago residential project which was completed in September 2015.
  • Full-year revenue rose by 16% to $807.2 million due mainly to higher revenue recognised on the sales of trading properties.
  • UIC closed 0.68% higher at $2.96 on Friday.

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20Feb
sgx-asx

SGX : PACC Offshore sinks into full-year net losses of US$131 million

Market Updates :

  • SINGAPORE (Feb 19): PACC Offshore Services Holdings, the offshore support vessel operator, reported net losses of US$131 million ($184 million) for FY2015, compared with the earnings of US$53.2 million recorded in FY2014 on higher expenses and goodwill impairment.
  • Group revenue rose 20% to US$280.8 million, with the increased contribution from the offshore accommodation business segment which more than doubled to US$93.2 million.
  • The OSV segment reported a 2% decline to US$136.2 million and the transportation and installation segment recorded a 34% decline to US$27.3 million.
  • The group also recorded other expenses of US$135.6 million during the full year period, which comprised an impairment of goodwill of US$127 million and fixed assets of US$21.4 million. In comparison, the group reported other income of US$58 million in FY2014, largely from the gain on disposal of vessels.

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