Aspial Q1 profit up 20.5% to S$7.6m

ASPIAL Corporation posted a 20.5 per cent increase in net profit for the first quarter from S$6.3 million a year ago to S$7.6 million, the group said in a Singapore Exchange filing on Wednesday evening.

Earnings per share grew to 0.39 Singapore cent from 0.33 Singapore cent in the preceding year.

For the three months ended March 31, revenue surged 50.8 per cent from S$140.9 million in the year ago period to S$212.4 million.

Revenue from its real estate business almost doubled from S$67.9 million in Q1 2017 to S$133.7 million in Q1 2018.

The increase in revenue was contributed by the progress recognition of sales from CityGate and revenue from the settlement and handover of completed residential units for Avant project in Melbourne, Australia, it said.

Revenue from Aspial's financial service business increased by 19.7 per cent from S$44.1 million in Q1 2017 to S$52.8 million in Q1 2018.

Meanwhile, its jewellery segment posted a revenue for the first quarter of S$31 million, up 2.6 per cent from the preceding year.

Net asset value per share slipped to 17.25 Singapore cents as at March 31, from 17.4 Singapore cents in three months ago.

Aspial shares last traded on May 8 at S$0.255.