Third quarter 2012 results (Part 3)

Companies had started reporting their financial results for the quarter covering 1 July to 30 September 2012 (Third Quarter 2012).

The following table provides information on net profit attributable to shareholders and year-on-year change between current period in 2012 against corresponding period of 2011. It includes information on dividend declared by the board of directors.

  Net Profits Y-o-Y Change Dividend
SIA $90.1 m – 54.0% 6.0 cents
StarHub $96.2 m + 27.0% 5.0 cents
Great Eastern Life $619.6 m NM  

Note: All companies reported third quarter results except for SIA (second quarter results).

SIA’s performance in the second quarter was hurt by widening losses of SIA Cargo and higher fuel costs, reversing first quarter gain. (First Quarter net profit: $78m; +73% y-o-y change) Earnings per share declined 8.5 cents to 7.7 cents for the quarter compared to a year ago. Net asset value per share climbed to $11.04 this quarter from $10.84 at end of first quarter. Future performance of SIA will be hurt by Euro-zone crisis and slowdown in global economy.

StarHub turned in an increase in net profit in the third quarter. For the nine months ended September, net profit was $271.4 million (increase of 21.8% over last year’s performance).

Great Eastern Life’s net profit jumped significantly making comparison with the corresponding quarter of last year un-meaningful. In the current quarter, GE Life booked a post-tax gain of $421.6 million from sale of Asia Pacific Breweries Limited and Fraser & Neave Limited. “Excluding this gain, the Group delivered strong performance for the quarter with profit attributable to shareholders of $198.0 million, underpinned by continued growth in underwriting profit and mark-to-market gains on investments.” (Source: Great Eastern Life) This is clearly a better performance compared to previous year where net profit for that quarter was just $40.4 million. The third quarter results of GE Life will impact favourably OCBC’s net profit figure because Great Eastern Life is a subsidiary of OCBC.

Copyright © 2012, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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