News
Domestic services marketplace Ovvy scores $600,000 in seed funding
Domestic services marketplace Ovvy scores $600,000 in seed funding
The proceeds will be used to enhance its product and grow the team.
Bank lending up 1.37% in April
It was buoyed by business loans which rose 2.29% to $411.70b.
Epicentre Holdings cancels private placement after failure to contact CEO
The firm is also facing repayment demands from three creditors.
URA tenders residential-with-commercial Bernam Street site
It can yield up to 325 potential units.
IHH Healthcare profits surged 56.39% to $29.42m
Parkway Pantai’s revenue climbed 49% to $847.49m. IHH Healthcare began the year on a bright note as its profits climbed 56.30% YoY to $29.42m (MYR89.51m) in Q1 from $18.81m (MYR57.23m) during the same period a year ago. Revenue also jumped 17.19% YoY to $1.20b (MYR3.64b) from $940m (MYR2.85b) in Q1 2018. Revenue from Parkway Pantai, the group’s largest operating subsidiary, rose 49% YoY to $847.49m (MYR2.57b), thanks to the sustained organic growth from existing operations and the continued ramp-up of Gleneagles Hong Kong Hospital, as well as contribution from newly acquired Amanjaya and Fortis. The increase in revenue also included a one-off $9.37m (MYR28.5m) trustee management fee income from RHT relating to the sale of the RHT assets. In Singapore, Parkway Pantai’s inpatient admissions decreased 1.2% to 19,118, but average revenue per inpatient admission grew 7.0% to $10,441 (MYR31,772). Acibadem Holdings, a private healthcare provider in Turkey where IHH owns a 90% stake, saw revenue decline 5% to $317.81m (MYR967.1m). Inpatient admissions decreased 3% to 58,364 but revenue intensity grew 27.2% to $2,660 (MYR8,094) on a combination of price adjustments for patients on private insurance and paying out-of-pocket, taking on more complex cases and an increase in foreign patients. IMU Health, the group’s medical education arm, saw revenue slip 4% to $20.28m (MYR61.7m) mainly due to lower student intake and population for some of its courses. Meanwhile, PLife REIT’s revenue grew 4% to $11.7m (MYR34m) backed by contribution from a nursing rehabilitation facility acquired in February 2018. “Our decisive actions in Turkey to pare down $344.92m (US$250m) of non-Lira debt last month will reduce forex volatility on earnings from the second quarter onwards. In Greater China, we ramped up operations in Gleneagles Hong Kong with new service offerings catering to demand, while the development of Gleneagles Chengdu and Gleneagles Shanghai continues on track,” IHH managing director and CEO Tan See Leng said. In its financial report, IHH said that it will focus on ramping up its existing operations and integrating Fortis in the near to medium term. The group will also increasingly leverage technology to increase its productivity and service offerings, including adopting more advanced medical treatments and to improve clinical outcome.
Singapore's most innovative companies recognised at the Singapore Business Review Technology Excellence Awards 2019
Close to 150 corporate leaders graced the awards ceremony.
Mapletree Investments' profits up 10.3% to $2.16b in 2018
Its acquisitions in Australia, the US and Europe bolstered earnings.
M1's mobile plan consolidation could deepen losses in industry postpaid revenue
Singtel and StarHub could revamp their bundled plans to compete with M1’s base plan.
Daily Markets Briefing: STI down 0.64%
Don’t expect gains today.
Daily Briefing: GIC to buy US$70m of shares from pharma firm Hansoh; NWC proposes $50-$70 pay hike for low-wage workers
And CapitaLand plans to achieve 100% green certification by 2030.
Chart of the Day: Check out how food factory rents can cost
Factories with freezer and refrigerated facilities can fetch 25-35% higher price than the average.
Dairy Farm could rely on health and beauty segment to drive earnings
Its food division is floundering whilst its supermarkets suffer from poor locations and lack of improvement programmes.
Hotel demand to continue outstripping room stock in 2019
Visitors who cannot find rooms are forced to turn to alternative accommodation providers.
Funan could bring in $16.5m of rental income to CapitaLand Mall Trust
Its retail segment and office segment are already pre-committed by 90% and 98%, respectively. CapitaLand Mall Trust could finally reap the benefits from its new mall Funan by H2 2019, according to UOBKH analyst Jonathan Koh and Peihao Loke. The mall’s retail net lettable area (NLA) is about 325,000 sqft, of which 90% is already pre-committed, the report noted. Funan also has two grade-A office blocks with NLA of 214,000 sqft that are 98% pre-committed, with key tenants including government agencies Attorney General’s Chambers, the Department of Statistics, and Smart Nation & Digital Government Office, as well as coworking operator WeWork. “Management expects Funan to provide yield-on-cost of 5%. We estimate Funan to contribute rental income of S$16.5m in 3Q19, representing 8% of total gross revenue,” the analysts said. Also read: Should incumbent malls be threatened by Jewel Changi and Funan in 2019? The report also noted that the retail mall is designed to integrate online and offline shopping with data analytics and logistic functions to empower modern retailers’ omni-channel strategy. “It has a 24-hour click-and-collect drive-through supported by warehousing facilities. It deploys automated guided vehicles (AGVs) with laser-based navigation system to pick up purchases from retail shops for temporary storage at click-and-collect boxes (shoppers do not have to carry shopping bags),” they explained. Funan is scheduled to open in June 2019. It is by far 85% larger than its predecessor Funan DigitaLife Mall, which closed on July 2016.
GoJek hits 10 million Singapore trips 6 months after kickoff
It will launch a rewards programme for drivers who have completed over 1,000 trips since November. Indonesian ride-hailing platform GoJek hit the milestone of 10 million completed trips in Singapore after six months of operations in the city-state, according to an announcement.
LTA initiatives a boon for ComfortDelGro
A proposal for a new rail line could fuel a contract win for SBS transit.
Hyflux gets another debt moratorium extension to 2 August
It has yet to accept and enter into binding agreements with potential investors.
Commentary
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