Singapore Corporate News - 12 Nov 2007

Full Apex net profit for Q3 rises 19.4% to 46.9m yuan

FULL Apex Holdings' third-quarter net profit rose 19.4 per cent from a year ago to 46.9 million yuan (S$9.1 million).

The maker of plastic soft-drink bottles said its revenue rose 1.3 per cent to 287.5 million yuan for the three months ended September, compared to the same period last year.

The higher revenue was mainly due to higher sales of bottles from the increased output of the group's production facilities in Tianjin, Shenzhen and Jiedong, it said.

Basic earnings per share for the quarter came to 0.0592 yuan, up from 0.0498 yuan a year ago.
For the nine months ended September, net profit rose 10.7 per cent to 141.4 million yuan, while revenue rose 5.5 per cent to 830.2 million yuan, compared to the same period last year.

The group recently diversified into making plastic chips that are used to manufacture the bottles, in a bid to introduce a new source of revenue and better manage the costs of its own raw materials.

Pine Agritech Q3 net profit falls 40.4%

PINE Agritech has posted a sharp 40.4 per cent fall in net profit to 93 million yuan (S$18.1 million) for the third quarter ended Sept 30, hit by higher soybean and finance costs and lower sales of its soybean-based products.

The company warned that sales of soy protein isolates (SPI),one of its two main products, has been affected by the sharp increase in soybean costs as well as weaker demand from meat processors due to the recent shortage in supply of live pigs in China.

Sales of its other product, a health food - soy oligosaccharide syrup (SOS) - fell on weaker demand from its wholesaler, it said.

Earnings per share fell to 0.031 yuan from 0.052 yuan.

Revenue for the group dropped 23.3 per cent to 365.1 million yuan. For the nine months, net profit was up 14.1 per cent at 383.2 million yuan.

For the quarter under review, Pine Agritech said that sales of SPI fell by 16.9 per cent due to weaker demand from the processed meat industry and lower selling prices.