ECONOMY | Staff Reporter, Singapore

Daily Briefing: Jumbo beats No Signboard in IPO subscriptions; Bitcoin loses over 20% of its value

And here are two weak performers during the results season.

From The Motley Fool:

Two weeks ago, First Resources Ltd (SGX: EB5) reported its 2017 third quarter earnings. As a quick introduction, First Resources is an integrated palm oil producer with close to 209,000 hectares of oil palm plantations across the Riau, East Kalimantan and West Kalimantan provinces of Indonesia.

During the reporting quarter, revenue was down by 9.3% year-on-year to US$137.4 million. This dragged net profit attributable to shareholders down by 11.3% to US$31.9 million. First Resources’ poor showing can be attributed to lower average selling prices for its products, and an inventory build up.

But on a bright note, the company’s sales volumes for crude palm oil and palm kernel both increased due to higher fresh fruit bunches production.

Read more here.

From Reuters:

Bitcoin slid to as low as $9,000 in volatile trade on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday. BTC=BTSP.

The cryptocurrency fell as much as 8 percent on Thursday on the Luxembourg-based Bitstamp exchange to hit $9,000 exactly, marking a fall of well over $2,000 in under 24 hours. It then edged back up to trade at around $9,400 in the hour that followed, still down roughly 4 percent on the day.

Read more here

From Bloomberg Finance:

The debate over Singapore’s favorite crab dish may be settled -- at least on the trading floor.

Shares of restaurant chain No Signboard Holdings Ltd., known in the city-state for its signature white pepper crab dish, jumped 11 percent on its debut Thursday -- an impressive open considering the benchmark index slipped 0.3 percent at the trading start. But the debut of rival Singapore seafood eatery Jumbo Group Ltd. almost exactly two years ago leaves No Signboard’s in the dust.

Read more here.

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