F J Benjamin
After reporting two consecutive quarters of losses, fashion retailer F J Benjamin (FJB) has managed to swing back into the black in the second quarter with a net profit of $961,000.
For the three months ended Dec 31, FJB's better operating profit of $956,000 helped to lift earnings, compared with an operating loss of $3.6 million a year ago, which dragged the group into a net loss of $7.3 million in the same period.
Revenue fell 19 per cent to $50.5 million owing to a restructuring exercise the group underwent. The drop in revenue reflected the absence of several loss-making brands and businesses, which were terminated as part of the exercise that is now completed, FJB said.
The $12 million decline in revenue comprised $6.8 million of discontinued businesses and an $8.2 million reduction in shipments to the group's Indonesian associate company, which started buying directly from some of its principals in April last year.
The decline in sales was partially offset by a $3.3 million increase in ongoing businesses.
ST Engineering
ST Aerospace, the aviation arm of ST Engineering, has secured two contracts from Lufthansa Cargo and Air Canada.
Yesterday, the company said it won a five-year exclusive contract in heavy maintenance support worth US$30 million (S$39.6 million) from Lufthansa.
Separately, ST Aerospace announced that, through its United States affiliate, VT San Antonio Aerospace, it has secured a contract from Air Canada to perform interior reconfiguration services on part of the airline's Boeing 787 Dreamliner fleet.
Keppel T&T
UrbanFox, an omni-channel logistics and channel management solutions brand, will receive up to $17 million from parent company Keppel Logistics to power its growth efforts in e-commerce channel management, warehousing and inventory management as well as last-mile fulfilment.
Keppel Logistics, a wholly owned subsidiary of Keppel Telecommunications & Transportation (Keppel T&T), will have a total stake of 85 per cent in UrbanFox following the capital investment, up from 59.6 per cent previously.
A newly launched UrbanFox Marketplace hosts a selection of brands, ranging from beauty products to household essentials.