Thursday 28 Mar 2024
By
main news image

SINGAPORE (Feb 27): Investors expressed their disappointment with companies that reported weaker earnings by sending their shares lower.

The Straits Times Index declined 0.7% to 3,402.86.

Noble Group led declines by blue chips, falling 8% to a 12-month low of 97.5 cents, as news of its huge impairment charges sent investors rushing for the exit. More than 102 million shares changed hands.

The supply chain manager incurred its first quarterly loss in three years in 4Q2014 following a US$438-million ($593-million) write-down, of which US$200 million was related to its associate Yancoal Australia.

Golden Agri-Resources gave up 1.2% to end at 40.5 cents after the palm oil producer turned in a 4Q2014 net loss of US$21.9 million ($29.7 million), compared to earnings of US$123 million a year earlier.

It blamed the outcome on fair-value losses on its biological assets.

ST Engineering fell 1.1% to $3.51.

The group said its 4Q2014 earnings declined 16% y-o-y to $140.3 million on lower contributions from its aerospace, electronics and marine businesses.

"We continue to see a muted outlook for 2015 with any potential earnings rebound coming only in 2016 and beyond," said Maybank Kim Eng, calling ST Engineering's 4Q2014 performance a "kitchen-sinking quarter".

Weaker earnings from Yangzijiang Shipbuilding also dented its shares.

The stock fell 1.2% to $1.225 after the shipbuilder said lower profit margins and hefty provisions for its investment portfolio sent its 4Q2014 earnings down 15% y-o-y to RMB636.6 million ($140 million).

In the broader market, decliners outnumbered gainers 270 to 165.

Some 1.51 billion shares worth $1.41 billion changed hands, compared with 1.13 billion shares worth $946.2 million on Thursday. 

      Print
      Text Size
      Share