The following companies saw new developments that may affect trading of their securities on Tuesday (May 30):

Sats (S58): SATS has reported a loss of $26.5 million for FY2023 ended March 31, compared to the earnings of $20.4 million in the preceding FY2022.

The loss was attributable to the one-off expenses of $44.9 million from the merger and acquisition (M&A) of Worldwide Flight Services (WFS). The acquisition of WFS was completed on April 3 where it became a subsidiary of SATS. WFS’s financial information will be consolidated into SATS’s financial results with effect from 1QFY2024.

Loss per share stood at 2.2 cents for the year, down from the earnings per share (EPS) of 1.7 cents on a diluted basis.

SingPost (S08): New arbitration proceedings have been commenced against Singapore Post (SingPost) over a share purchase agreement related to Famous Holdings Pte Ltd (FHPL) and its units.

The proceedings were started by Tan Ho Sung in the Singapore International Arbitration Centre, with the notice of arbitration served on May 17, SingPost said in a Monday (May 29) bourse filing.

SingPost and Tan had entered a share purchase agreement in Jan 2013, for the company’s purchase of all of Tan’s shares in FHPL. The sale and purchase of 62.5 per cent of the shares in FHPL was completed in Feb 2013. Tan has exercised his put option for the remaining 37.5 per cent of his FHPL shares, but the sale of this portion has not been completed to date.

Cortina (C41): Luxury watch retailer Cortina charted an 11 per cent fall in its net profit to S$38.6 million for H2 ended Mar 31, its bottom line weighed by a one-off write-back.

The company’s revenue for the half-year rose 7 per cent to S$419.7 million, thanks to a better sales mix and its strategy of introducing new brands such as Jacob & Co, Laurent Ferrier and Parmigiani, Cortina said in its earnings report on Monday (May 29).

However, the company also had a one-off write-back of stock provision, as an exchange of inventory in the prior year was not present in the latest H2 period. Cortina’s operating expenses were also up 2.3 per cent to S$84.5 million, which it attributed to higher rental expenses with its new store, as well as charitable donations for its 50th anniversary.

GK Goh (G41): Investment holding firm will delist on Jun 5 after a successful privatisation bid, a bourse filing on Monday (May 29) indicated.

The move comes a month after offerer Verveine received 95 per cent of valid acceptances for its bid to take the mainboard-listed company private for S$1.26 per share in cash. 

Verveine is a special purpose vehicle owned by GK Goh’s founder and chairman, and its managing director. 

Valuetronics (BN2): Valuetronics Holdings on Tuesday (May 31) reported net profit of HK$65.1 million (S$11.3 million) for the half year ended Mar 31, up 14.4 per cent from its H2 FY2022 net profit of HK$56.9 million as higher interest rates helped to boost the group’s interest income.

Its board has proposed a special dividend of HK$0.06 per share on top of a final dividend of HK$0.10.

Including its interim dividend of HK$0.04 paid out in December 2022, this brings the group’s full-year payout to HK$0.20 as opposed to its FY2022 aggregate dividend of HK$0.14 per share.

Old Chang Kee (5ML): CURRY puff specialist Old Chang Kee’s net profit rose 52.6 per cent to S$3.5 million for H2 ended Mar 31, thanks to higher sales.

The company on Monday (May 29) posted an 18.4 per cent increase in revenue for the half year to S$46.1 million, aided by higher sales across the retail, non-retail and catering segments, with the continued reopening of Singapore’s economy. This comes even as its number of Singapore outlets dropped to 79, from 83 as at end-March 2022.

Revenue from Old Chang Kee’s retail outlets rose by S$6.1 million or 17.2 per cent to S$41.5 million, thanks to stronger contributions from new and existing outlets. Non-outlet sales likewise rose by S$1.1 million to S$4.6 million, due to higher corporate catering orders, non-retail sales and events sales. This was offset by lower delivery sales.

SIA Engineering (S59): SIA Engineering Company’s (SIAEC) revenue and number of flights handled by its line maintenance unit now stands at about 80 per cent of its pre-Covid level, the aircraft maintenance, repair, and overhaul (MRO) company’s chief executive Ng Chin Hwee said.

“We’re counting on a full recovery to not just get back (to where we were), but transformation is about emerging stronger. Our goal is to exceed how we performed, pre-Covid, in one or two years’ time,” he told reporters at the official launch of SIAEC’s next corporate transformation phase on Monday (May 29). 

This new step, dubbed the “Continuous Improvement Journey (CIJ)”, aims to embed and evolve the organisational changes and improvements SIAEC made in its first two transformation phases in 2018 and 2021.