Monday, November 15, 2010
SeeHupSeng: 3Q Rev at $47.0m, +11%yoy, flat qoq, net profit $1.0m, -17%yoy, +78.4%qoq. Gross profit margins stable at 16.3% compared to 16.8% in 3Q09, 16.4% prev quarter. Decrease in net profit due to acquisition fees for balance of 49% of TAT Petroleum and business expansion. Net profit increased qoq due to a shift in rev mix (18.3% from 16.8% in 2Q10) to the higher margin corrosion prevention segment. TAT Petroleum contributes 80% of grp rev and is expected to be positive on 2010-11 earnings.