Property expenses hit Chuan Hup's Q3 earnings
SUBSTANTIAL property expenses dented the bottomline for electronics maker and property developer Chuan Hup Holdings in its third quarter despite higher revenue.
Net profit for the three months ended March 31 fell 57.5 per cent to US$8.53 million from the previous year, even though revenue expanded 34.7 per cent to US$66.87 million over the same period.
An increase in property revenue in Q3 more than offset a 17.9 per cent decline in electronics manufacturing services revenue, the group said in its statement.
It added that the higher property expenses in the quarter were related to apartment units "sold and settled during the current quarter".
Chuan Hup cautioned that "the economic outlook for the next 12 months remains weak", adding: "Although expectations of further US interest rate hikes have scaled back, the currency and equity markets may continue to be volatile."
Earnings per share came in at 0.92 US cent for the quarter, down from 2.15 US cents in the year-ago period. Net asset value per share was 30.02 US cents as at March 31 this year, a drop from 32.61 US cents as at June 30 last year.
Chuan Hup shares rose half a cent to close at S$0.285 on Thursday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Far East Hospitality Trust Q1 net property income rises 6% to S$25.1 million
Boeing gets a welcome respite with US$10 billion bond offering
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Paramount replaces CEO with trio as it talks merger with Skydance
MicroStrategy posts loss on impairment charge, revenue declines