Daily news - 23 Feb

Shin Corp posts 342m baht Q4 loss
Shin Corp, Thailand's leading telecoms group, reported a fourth quarter net loss last Friday due to lower profits at its mobile phone unit and a loss made by its satellite business. Shin Corp, controlled by Singapore's Temasek Holdings through two Thai-registered companies, reported an October-December net loss of 342 million baht (S$14.9 million), compared with a net profit of 730 million baht a year earlier.

Wheelock Prop takes $200m investment hit
Wheelock Properties, which has changed its financial year-end from March 31 to Dec 31, recorded a 63.1 per cent fall in net profit to $100.95 million for the 12 months ended Dec 31, 2008, from $273.49 million for the nine months ended Dec 31, 2007. The profit fall was driven by an investment impairment loss. Explaining the use of a shorter nine-month period in FY2007 for comparison, Wheelock said: 'The group changed its financial year-end from March 31 to Dec 31. The group's businesses are not affected significantly by seasonal factors. Therefore, the results for the 12 months ended Dec 31, 2008 are compared against those of the nine months ended Dec 31, 2007.'

Source: Kim Eng