Baker Tech: 2Q10 results. Rev and gross profit -60% yoy, due to slowdown in the O&G industry. But net profit surged 230% yoy, boosted by $15.8m div from PPL. Excluding this one-off, core net profit -63% yoy to $2m…
Prospects appear to be improving with pickup in new orders and continuing rise in enquiries in recent months. Net order book was US$29m, up from US$7m at end 2009, most of which will be completed over next 12 mths. 49% owned associate York Transport Eqpt Asia also starting to turnaround, reversing loss of $545k in 1H09 to $231k in 1H10. York manufacturers trailer axles, and is experiencing strong demand for its products especially from India…
Sh/h have approved the disposal of 15% stake in PPL to Yangzijiang for US$155m. If sale is successful, total cash holdings could rise to some S$306m (~$0.448/sh), assuming the sum of cash from sale proceeds, PPL div payout and current net cash holdings. Stock was last traded at $0.425.
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