Company Briefs: Cortina Holdings

Cortina Holdings

Luxury watch retailer Cortina Holdings has posted a net profit of $8.1 million in the fourth quarter, up 4 per cent from the same period a year earlier on higher sales margins.

Revenue for the three months ended March 31 fell 8 per cent to $121.6 million, due to store closures in Singapore, Malaysia and Thailand.

Its fourth-quarter sales margin increased to 26.4 per cent, up from 23.4 per cent in the same period a year earlier.

Full-year net profit was $29.2 million, up 31 per cent from the same period a year earlier. Revenue for the full year was $460.8 million, a fall of 1 per cent.

Full-year earnings per share was 17.7 cents, up from 13.5 cents in the year before.

A final dividend of two cents per share was proposed, unchanged from last year. Cortina has also proposed a special dividend of 3.5 cents per share, up from 2.5 cents per share in the same period a year earlier.

Net asset value per share was 120.6 cents as at March 31, up from 107.7 cents as at March 31 last year.

Keppel Infrastructure Trust

The trustee-manager of Keppel Infrastructure Trust (KIT) has set up a $1 billion multicurrency debt issuance programme on May 23.

Under the programme, Keppel Infrastructure Fund Management may “from time to time” issue notes and perpetual securities in Singapore dollars, US dollars or other currencies agreed between the trustee-manager and the relevant dealer(s), it said in an exchange filing late on Thursday night.

Net proceeds from the programme’s issuances will be used to finance or refinance acquisitions and/or investments of KIT and its subsidiaries as well as any asset enhancement works, according to the filing.

The net proceeds may also be used for general working capital purposes and/or capital expenditure requirements, or refinancing the borrowings of KIT and its subsidiaries.

KIT has infrastructure businesses in the sectors of energy, distribution and network, as well as waste and water.

DBS Bank and OCBC Bank are the joint arrangers and dealers of the programme. The securities will be offered in Singapore.

All notes under the programme as well as the senior perpetual securities will be unsecured and unsubordinated. There may also be subordinated perpetual securities, which will be unsecured.

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