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Chuan Hup Q3 profit surges to US$20.08m from one-off disposal gains

TUG and barge service provider Chuan Hup Holdings on Monday reported that net profit for its third quarter ended March 31, 2015 had surged to US$20.08 million, compared to US$2.27 million in the year-ago period, due to one-off gains from the disposal of its interest in an associate as well as the disposal of a leasehold property.

Meanwhile, revenues grew 18.6 per cent to US$48.96 million due to a 23.8 per cent increase in the revenues of electronics manufacturing services.

For the nine months ended March 31, 2015, net profits increased by 79.1 per cent to US$24 million mostly due to one-off transactions during the quarter, and revenues held steady at US$147.96 million, compared to US$147.769 million in the year-ago period.

The group expects the global economic outlook for the next quarter and the next 12 months to be conservatively positive.

Ongoing concerns of growth prospects in the eurozone and China could lead to volatility in global financial markets which may impact mark-to-market valuations of investments, the group said.

It added that uncertainties in the pace of economic growth in different regions could also impact demand for electronics manufacturing services and residential properties in Australia and the board of directors will continue to exercise prudence when considering new investments.

Earnings per share in the third quarter stood at 2.15 cents while net asset value per share was 31.38 cents. No dividends were declared for the quarter.

On Monday, Chuan Hup's counter closed trading up 2.99 per cent at US$0.345.