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Gallant Venture back in the black with S$144m Q4 profit
GALLANT Venture on Monday posted a net profit of S$144 million for the fourth quarter ended Dec 31, 2016, against a loss of S$57.8 million the year before, mainly due to a gain from the divestment of its subsidiary, Market Strength.
Revenue dipped 16 per cent to S$431.8 million, mainly due to lower sales of passenger vehicles, heavy-duty trucks and equipment from its subsidiary, PT Indomobil Sukses Internasional (IMAS), in which it has a 52.35 per cent stake.
No dividend has been declared for the quarter.
For the full year, revenue was down 15 per cent to S$1.7 billion, due mainly to lower passenger vehicle, heavy-duty truck and equipment sales.
For FY2016, net profit stood at S$71.4 million, compared to a loss of S$144.9 million the year before, again due to a gain on the divestment of Market Strength.
Said IMAS in a Singapore Exchange filing: "IMAS's passenger car results have been affected by the lack of new product launch versus the competitors. IMAS's commercial and heavy-duty truck and equipment businesses continue to be affected by the reduced consumer and poor economic sentiment. However, contributions from its financing services, vehicle service, car rental and logistics businesses are continuing to grow."
It added that the refocusing of our industrial parks business continues and that they continue to pursue land sales in Bintan Resorts.