Thursday, August 15, 2013
See Hup Seng
See Hup Seng: 2Q13 net profit almost doubled to $2.8m (+83% y/y), spurred by improved contributions from both its corrosion prevention (CP) and refined petroleum (RP) segments. Revenue edged up to $75.9m (+20%) mainly attributed to higher CP contribution of $11.4m (+31%) and RP of $63.4m (+17%). Gross profit margin improved 0.4 ppts to 15.4%, mainly driven by the RP segment which had lower cost of inventory replenishment.
RP was led by higher sales of industrial and wholesale products as well as petroleum-intermediates due to firm demand from industrial and construction activities in Singapore, as well as an expansion of transport capacity. This was partially offset by lower selling prices.
CP was boosted by higher sales generated from plant operations on the back of higher volume from the marine, industrial and construction sectors in Singapore. CP's trading unit revenue doubled as a result of revenue recognition of a turnkey project.
Net gearing stood at 0.45x.
See Hup Seng trades at 16.4x P/E.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment