FINWIRES · TerminalLIVE
FINWIRES

Marco Polo Marine Shares Rise as Fiscal H1 Profit Up 9%

By

Marco Polo Marine's (SGX:5LY) attributable profit to equity holders rose 9% to SG$11.6 million in the six months ended March 31 from SG$10.6 million a year earlier, according to a Friday filing with the Singapore Exchange.

Earnings per share in the fiscal first half came in at SG$0.0031, compared with SG$0.0028 in the year-ago period.

Revenue surged 40% year over year to SG$74 million from SG$52.7 million, backed by strong growth across ship chartering and repair operations.

Shares of the ship chartering and repair company were up over 3% in Friday trading.

Related Articles

Asia

KKCG Maritime's Bid to Revamp Ferretti Board Narrowly Fails to Secure Majority Support

Ferretti (HKG:9638) said a number of resolutions put forth by its substantial shareholder KKCG Maritime narrowly failed to secure majority support at the company's annual meeting, according to a Friday filing with the Hong Kong bourse.The Czech investment group, which recently ended a tender offer to bump its stake in the Italian yacht maker, had previously objected to the company's board and said it planned to nominate a slate of "individuals of high credibility and accomplished backgrounds."KKCG Maritime's slate of directors, led by Karel Komarek, received 47.44% of the votes, versus 52.31% for those nominated by Ferretti International Holding.As a result, all candidates proposed by FIH were elected to the board, except Marina Berlinghieri, who was replaced by Katarina Kohlmayer from the list submitted by KKCG Maritime.Prior to the elections, Piero Ferrari and Stefano Domenicali resigned from the company's board, citing differences with the firm.In his resignation letter, Ferrari expressed "frustration and disappointment" over what he witnessed in the past weeks and alleged that "various entities close to a faction" were impeding substantive discussion and vote.Meanwhile, Domenicali similarly cited the events of the past weeks to allege that the firm fell short of meeting its governance standards.Ferrari and Domenicali were the only directors who had recommended to shareholders that they accept KKCG Maritime's tender offer to acquire shares for cash.KKCG Maritime previously said that despite using 'Ferretti' in its corporate name, FIH did not represent Ferretti S.p.A. and was instead aligned with the Weichai Group, a Chinese state-owned enterprise that makes luxury vehicles.

$HKG:9638
Asia

ASX Midday Sector Update: Information Technology Stocks Advance, Materials Sector Struggles

Information technology stocks advanced 4% at midday Friday.Technology company Xero (ASX:XRO) gained over 10% in recent trade.On the flip side, the materials sector struggled, shedding nearly 3%.BHP Group (ASX:BHP) shares fell 3% in recent trade.

$^AXJO$ASX:BHP$ASX:XRO
Asia

Aldoro Resources Intersects Longest Single Mineralized Intercept to Date from Namibia Project

Aldoro Resources (ASX:ARN) said a diamond drill hole from the Kameelburg project in Namibia returned the longest single mineralized intercept reported to-date at the project, with continuous niobium-rare earth elements-strontium mineralization across the entire 503.98 meters of drilled depth, according to a Friday Australian bourse filing.It reported an intercept of 503.98 meters at 1.3% grade of total rare earth oxides, 4.01% grade of strontium carbonate, 0.17% grade of niobium oxide, and 190 parts-per-million grade of molybdenum from the surface, confirming the carbonatite is mineralized across its entire eastern flank.The drill hole is expected to contribute substantial tonnage to the updated mineral resource estimate scheduled for release in June.

$ASX:ARN