Primary tabs

Portfolio gains 1.5%, adds Golden Energy and Resources

Trinity Chua Published on Mon, Feb 20, 2017 / 10:26 AM GMT+8

A-

A+

SINGAPORE (Feb 20): Concerns over bad loans appeared to weigh on the Straits Times Index this past week. The STI surged to a new high on Feb 13, but fell 39 points to close on Feb 14 at 3,072.47 points. It was up just 0.03% in the week to Feb 14. Our Singapore Market Portfolio, however, managed a 1.5% increase.

Several of the companies in our portfolio made significant gains. Old Chang Kee, which was added two weeks ago, closed at a 52-week high of 86 cents on Feb 14. Since it was added to our portfolio, the stock has climbed 6.2%.

The curry-puff maker has just reported its results for the three months ended December 2016. Earnings increased 11.1% y-o-y to $1.4 million and revenue grew 7.5% to $20.3 million. The improved numbers came mostly from sales in new outlets. Existing outlets reported lower revenue for the period. The group was also affected by the absence of revenue from the temporary closure of stalls in malls that are undergoing renovations or enhancements. However, Old Chang Kee also received a boost from an enlarged delivery and catering services business. Revenue from this segment increased 58.9%.