Singapore Corporate News - 2 Nov 2007

FibreChem posts Q3 net profit of HK$148m

FIBRECHEM Technologies chalked up a 45.3 per cent year-on-year surge in third quarter net profit to HK$148 million (S$27.6 million), helped by new income streams from microfibre products.

The new microfibre leather facility that started operations a year ago helped to drive the chemical fibre manufacturer's Q3 revenue up 30.2 per cent to HK$478.8 million.

FibreChem said that profits from microfibre leather sales are exempted from income tax this year, and that margins from the business are higher than those of bi-component fibres.
This helped overall net margins to grow from 26.4 per cent to 30.3 per cent.

The Fujian-based manufacturer said that sales from a new long fibre production facility with an annual capacity of 10,000 tonnes also contributed to revenue. The facility started operations in June.

Net profit for the first nine months rose 75.1 per cent to HK$398.5 million as revenue rose 52.5 per cent to HK$1.3 billion.

Basic earnings per share for Q3 rose to 16 HK cents from 13, while earnings per share for the nine months rose to 45 HK cents from 29.

FibreChem said that orders for its uniform microfibre leather products will remain strong for the year as the group continues to penetrate the fashion apparel and upholstery markets.

Keppel AmFels wins US$780m in contracts

KEPPEL Offshore and Marine's (Keppel O&M) US unit has secured contracts to build four jackup rigs for Rowan Companies Inc worth US$780 million.

Each of the rigs is valued at US$195 million and includes the cost of equipment which will be provided by the owner.

Deliveries of the four LeTourneau Super 116E design rigs are scheduled to be made progressively from the second quarter of 2010 till 2011.

They are specified to have initial leg lengths of 410 feet for operating in water depths of up to 350 feet and drilling depths of down to 30,000 feet and will be capable of drilling high-pressure, high-temperature and extended-reach wells.

Wholly owned subsidiary Keppel AmFels has also just delivered a second rig to Scorpion Offshore and is constructing six more jackups: three for Scorpion Offshore; and one each for Atwood Oceanics, Diamond Offshore and Perforadora Central.