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Business Times
26-05-2025
- Business
- Business Times
Stocks to watch: Sats, The Hour Glass, Japan Foods, Manulife US Reit
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (May 26). Sats : The in-flight caterer on Friday reported net profit of S$38.7 million for the three months ended Mar 31, 2025, gaining 18.3 per cent from S$32.7 million in the corresponding year-ago period. This indicates earnings per share of S$0.026 for the quarter, compared with S$0.022 in Q4 FY2024. Revenue for the fourth quarter was S$1.5 billion, up 10.4 per cent year on year from S$1.3 billion, driven by growth in business volume and rate improvements. The group has proposed a final dividend of S$0.035 per share, which will be paid on Aug 15. This is higher than the final dividend of S$0.015 per share in the corresponding year-ago period. Shares of Sats ended flat at S$2.98 on Friday. The Hour Glass : The retailer of luxury watches reported a 6 per cent drop in net profit to S$74.4 million in the six months ended March 2025, from S$79.5 million in the year-ago period. Revenue was at S$622.6 million, up 9 per cent year on year from S$571.3 million. Earnings per share stood at S$0.1148 for the half-year period, down from S$0.1217 previously. The luxury watch retailer said on Friday that for the full year, profits had been affected by increased operating expenses driven by inflationary pressures on rents and wages combined with a fair value adjustment on investment properties. Shares of The Hour Glass closed flat at S$1.61 on Friday, before the results were released. Japan Foods : The restaurant operator on Sunday reported a loss of S$6.2 million for the second half year ended Mar 31, 2025, sinking further into the red from a loss of S$576,000 in the corresponding year-ago period. This comes as the group's revenue for the half year slid 7.5 per cent year on year to S$40.2 million, from S$43.4 million. The group attributed this to 'tough market conditions', as existing brands, including Yakiniku Shokudo, Ajisen Ramen and Menya Musashi, generated lower revenue. Loss per share for the period stood at S$0.036, compared to a loss per share of S$0.0033 in H2 FY2024. The group did not declare a final dividend, despite declaring a S$0.002 dividend per share in H2 FY2024. Shares of Japan Foods climbed 2.4 per cent or S$0.005 to S$0.215 on Friday. Manulife US Real Estate Investment Trust (MUST) : The manager of the Reit's US office on Friday announced it has received approval from lenders to extend the deadline for the disposal of assets by six months to Dec 31. The Reit will use US$25 million in cash, in addition to proceeds from the sale of a Class A office building Peachtree in Atlanta, US, to partially pare down debts due in 2026, 2027 and 2028. The extension will give MUST more time to meet obligations under the Master Restructuring Agreement. Units of MUST closed 1.6 per cent or US$0.001 higher at US$0.062 on Friday, before the announcement.
Business Times
23-05-2025
- Business
- Business Times
Manulife US Reit gets nod to extend asset disposal deadline to Dec 31
[SINGAPORE] The manager of United States office real estate investment trust (Reit) Manulife US Rei t (MUST) on Friday (May 23) announced it has received approval from lenders to extend the deadline for the disposal of assets by six months to Dec 31. The Reit will use US$25 million in cash, in addition to proceeds from the sale of Class A office building Peachtree in Atlanta, US, to partially pare down debts due in 2026, 2027 and 2028. The extension will give MUST more time to meet obligations under the Master Restructuring Agreement. Under this agreement, MUST can dispose up to four Tranche 1 and/or Tranche 2 assets, which are considered non-core assets, to third-party buyers, in order to raise minimum net sales proceeds of US$328.7 million by Jun 30. These assets refer to the Reit's existing properties, which were classified into different tranches. The manager plans to procure the sale of certain Tranche 1 and Tranche 2 assets, which carry high-to-medium occupancy risks, capital expenditure requirements and low-to-medium return potential. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Tranche 1 assets included the Reit's Centerpointe, Diablo, Figueroa and Penn properties, while Tranche 2 assets included its Capitol, Exchange, Peachtree and Plaza properties. The Reit previously sold two Tranche 2 assets, Capitol and Plaza. In a bourse filing, its manager said it has received approval from lenders to amend the agreement to allow for the disposal of up to three Tranche 2 assets, as well as to divest Peachtree, another Tranche 2 asset. 'Based on the cumulative proceeds from the sales of Capitol, Plaza and Peachtree, MUST will have achieved 82 per cent of the net proceeds target, or US$60 million short of the net proceeds target,' said the Reit manager. The extension also allows MUST time to maximise opportunities to sell Tranche 1 assets and engage with stakeholders and potential buyers in current market conditions. This extension is conditional on the completion of the sale of Peachtree. The sale is expected to be completed by June this year. Assuming that the Peachtree divestment was completed as at Mar 31 this year, and the estimated net sales proceeds and additional US$25 million of cash are used to repay existing loans, MUST's pro forma aggregate leverage is expected to improve to 56.3 per cent from 59.4 per cent, said its manager. The pro forma weighted average interest cost is expected to reduce to 3.9 per cent from 4.4 per cent, and the pro forma weighted average debt maturity will also be extended to 3.1 years from 2.7 years. Units of MUST closed 1.6 per cent or US$0.001 higher at US$0.062 on Friday, before the announcement.
Yahoo
07-04-2025
- Politics
- Yahoo
US aid freeze halts Malawi's top science programme, disrupting research
Just over a year after the US government, through the agency USAID, introduced a five-year, $17 million initiative to strengthen higher education in Malawi through science projects, the programme has been abruptly closed, disrupting research and innovation, one of the affected universities has confirmed. Several institutions that received financial support amounting to thousands of dollars include Lilongwe University of Agriculture and Natural Resources, Mzuzu University, Kamuzu University of Health Sciences, and the Malawi University of Science and Technology (MUST). Science eduction The USAID-funded Transforming Higher Education Systems project, implemented by Michigan State University, targeted students aspiring to enroll in and complete higher education in science, technology, engineering, and mathematics (STEM). Its objective was to enhance the mission and capacity of Malawian universities to drive innovation, productivity, and the competitiveness of Malawian industry. The programme was also designed to improve access to higher education through grants and loans. Additionally, through curriculum development, students were expected to enhance their technical, soft, and entrepreneurial skills, while also engaging in research. However, Professor Alfred Maluwa, director of research and outreach at MUST told RFI that they had received an official communication in February, instructing them to terminate the project. USAID freeze calls into question billions in support for poorest countries Read more on RFI EnglishRead also:Post-election chaos in Mozambique sparks mass exodus to Malawi83% of USAID programs to be scrapped: Rubio'People are going to die': USAID cuts create panic in Africa
Reuters
17-03-2025
- Business
- Reuters
Manchester United to increase season ticket prices by around 5%
MANCHESTER, England, March 17 (Reuters) - Manchester United announced on Monday a rise of around 5% in season ticket prices at Old Trafford for 2025-26 in the latest effort to tackle the Premier League club's financial issues. Prices for tickets to men's matches will increase by an average of 2.50 pounds ($3.25), with the exception of under-16s. "After 11 consecutive years of price freezes, we increased prices by five percent for the past two seasons and intend to do the same for next season to offset continued rises in operating costs," United's Chief Executive Omar Berrada said. "We understand that any price rise is unwelcome, especially during a period of underperformance on the pitch, and we listened carefully to the strong arguments put forward by the Fan Advisory Board in favour of a freeze. "However, the club has decided that it would not be right to keep prices unchanged while costs rise and the club continues to face financial issues. "We have kept the increase to the lowest possible level and protected our youngest season-ticket holders from any rises, while ensuring the club remains financially strong enough to invest in improving the team." United are languishing 13th in the Premier League table and thousands of fans staged protests against the club's ownership earlier this month. The Manchester United Supporters Trust (MUST) said the latest ticket price increase was "less than many feared" but expressed disappointment that the club had ignored the call for a widespread price freeze. "For several months we have argued long and hard that the club need to look at the big picture and freeze ticket prices for next season," read a MUST statement. "Other clubs have done that already and at United it would have sent a powerful message about the need for everyone to pull together to get the club out of the very difficult position it finds itself in." Having announced 150 to 200 job cuts last month, United last week unveiled plans to build a new two billion pounds, 100,000-seater stadium, which would be the largest in Britain. United's current total debt, including 300 million pounds in outstanding transfer fees, is in excess of one billion pounds.
Yahoo
17-03-2025
- Business
- Yahoo
Man Utd fans 'disappointed' by season ticket price increase
Manchester United season ticket prices will increase by about 5% for the third successive year as the club aims to become financially sustainable. The Manchester United Supporters Trust (MUST) says the increase is "less than many feared", and there has been a price freeze for under-16s. But MUST says United fans have "expressed their disappointment" that the club has "ignored" the call for a widespread price freeze. Since becoming the club's co-owner last year, Sir Jim Ratcliffe and his Ineos group have tried improve the club's finances but several changes have been unpopular, resulting in fan protests, in particular at last week's home game with Arsenal. Some of the latest changes for the 2025-26 season include the introduction of a game categorisation model for non-season ticket holders, where premium games cost more. United are also increasing the minimum usage requirement for season ticket holders from 15 to 16 of their 19 Premier League home games. United's chief executive Omar Berrada says the club "worked hard to come up with a pricing package that is fair and reasonable" and that the new changes are being made "to offset continued rises in operating costs". However, MUST says that "we fail to see any justification for the increase" and that the new categorisation model is "a source of major concern". A MUST statement read: "For several months we have argued long and hard that the club need to look at the big picture and freeze ticket prices for next season. "Other clubs have done that already and at United it would have sent a powerful message about the need for everyone to pull together to get the club out of the very difficult position it finds itself in." Berrada said: "We understand that any price rise is unwelcome, especially during a period of under-performance on the pitch, and we listened carefully to the strong arguments put forward by the FAB (Fan Advisory Board) in favour of a freeze. "However, the club has decided it would not be right to keep prices unchanged while costs rise and the club continues to face financial issues. "We have kept the increase to the lowest possible level and protected our youngest season ticket holders from any rises, while ensuring the club remains financially strong enough to invest in improving the team." How much do Premier League clubs make from tickets? Full transcript of Sir Jim Ratcliffe's interview After freezing season ticket prices for 11 years, United are now increasing them for a third straight year. This comes after a second round of redundancies at the club was announced last month, and there was a mid-season rise in some ticket prices to £66, with no concessions. Other cost-cutting measures including the removal of free lunches for staff. Ratcliffe has said the decisions are necessary in order to slash losses, which last year exceeded £113m, and last week he told the BBC Sport "the club runs out of money at Christmas if we don't do those things". The latest season ticket changes represent an average increase of £2.50 per game. Ratcliffe told the BBC: "Well, I don't get involved in the detail of ticket pricing. That's for the management of the club, not for me really. "My sort of general principles on ticket pricing are that it should be fair, affordable for the people in Manchester. "We do need to look after the under-16s and the older people who do not have as much money, but at the same time ticket income is part of the overall income of the club. "The club receives income from ticketing, from merchandising and from TV. They are all major components of how much money we have to spend on new players and the squad." The introduction of a game categorisation model, plus the increase in season ticket prices and the minimum usage requirement as just some of the latest changes: United's 'senior' discount will now track the state pension age of 66, giving older fans 25% off. Some had previously received a 50% discount. Fans behind the dugouts will be relocated, allowing the club to convert those seats for hospitality and sell them at premium prices Fans who sell their ticket back to the club less than 14 days before a game will be charged £10 Car parking charges will rise by 15% Latest Manchester United news, analysis and fan views Get Man Utd news notifications
