Turnover surged 124.8 per cent to $35.7 million. Net tangible assets per share rose to 13.14 cents from 10.55 cents. But earnings per share fell to 1.59 cents from 1.87 cents. The higher turnover was attributed to its new marine division, whose maiden contribution of $9 million made up a quarter of group turnover. AP Oil's trading business segment contributed 48.6 per cent of turnover, manufacturing 26.2 per cent and marine 25.2 per cent. 
Chairman and managing director Ho Leng Woon said: "We have improved our sales as we secured new major customers, particularly big accounts such as national oil companies whose orders are substantial. We also successfully entered the new marine business, and this division has made a positive contribution." AP Oil expects an even better performance in the second half of this year, having successfully entered new markets such as China, the Philippines and Thailand. The group has announced an interim dividend of 0.156 cent per share, net of tax.  Investor interest in new listings is back with a vengeance, judging by the surge in subscription rates and hefty first-day gains posted by recent market debutantes. The newest listing on the Singapore bourse, AP Oil International - which makes its debut on SGX Sesdaq today - yesterday said the public tranche of its offering was 148 times subscribed. Meanwhile, the share price of mainboard-listed Colorland Animation more than doubled on its first day of trading yesterday, before closing at a 65 per cent premium to its IPO (initial public offering) price of 20 cents. Colorland shares hit an intraday high of 40.5 cents, before easing to close at 33 cents. The counter was the second most actively traded of the day, with 32.4 million shares changing hands. 
AP Oil International said in a statement yesterday that a total of 5,789 applications were received with application monies amounting to $34.8 million. Because of the overwhelming response, those who applied for up to 49 lots were allocated one lot, or 1,000 shares, while applicants for 50-99 lots received two lots and applicants for 100-499 lots received three lots. Applicants for 500 lots and above were allocated six lots. The lubricants and specialty chemicals manufacturer had offered the public one million shares at 23.5 cents apiece, while another 16.55 million shares were placed out privately. The shares are priced at a price earnings (PE) ratio of six times.  As for Hongkong-based Colorland, an animation services provider, some 20 million shares were offered - of which 1.5 million was for public subscription. The issue price represents a PE ratio of 4.7 times.  The positive response to the two recent IPOs comes on the back of hefty gains posted by two other new listings - Norelco Centreline and Surface Mount Technology (SMT) - on their debuts last month.  Contract equipment manufacturer Norelco shot up to 34.5 cents on its debut, a 65 per cent premium over its 21-cent offer price, while electronics services provider SMT chalked up a 75 per cent premium over its 31.5-cent offer price to close at 55 cents on Day One.  Analysts said the attractive pricing of the shares and small public float could be one reason why recent IPOs have fared so well. 

