Manhattan

Manhattan - Latest news was last week where Following a trading query by SGX with regards to its unusual trading activity, Manhattan Resources disclosed that it is currently in preliminary discussions with certain parties on potential business opportunities, including possible investments in a magnesium mine, power plant and hospital. The group however cautioned that such discussions are only at a preliminary stage and there is no certainty or assurance that any definitive agreement or business opportunities will materialise. Separately, the group revealed that it is in talks to undertake an internal restructuring exercise for its Chinese subsidiary. In its recent FY13 results, Manhattan registered a net profit of $1.8m, reversing from a net loss of $12.1m in previous year, on higher revenue of $23.7m (+11%) led by higher coal carrying activities from a long term contract customer in the first three quarters of FY13. Bottomline was boosted by a 187% spike in other income to $6.4m, arising from write-back of allowances, fair value and disposal gains. Going forward, the group has guided that volatility in coal prices could potentially affect its barging activities in FY14, although the group will aim to focus on optimising operational efficiency and cost effectiveness. Manhattan currently trades at 2.4x P/B.