Aspial reports Q1 net profit of S$3 million

MAINBOARD-LISTED Aspial Corporation has reported a net profit of S$3 million in its first quarter ended March 31, 2016, up 33 per cent from 2015's S$2.3 million in the same quarter.

Meanwhile, revenue rose 25 per cent from S$100.1 million in the first quarter of 2015, to S$125.6 million in the latest quarter.

The company has attributed the rise in revenue to higher contributions from its real estate and financial services businesses.

Aspial, which started out as Lee Hwa Goldsmiths & Jewellers, now manages a wide portfolio of businesses, including jewellery retail, property development and financial services.

The company's real estate business pulled in S$58.5 million in revenue in Q1 FY2016, an increase of almost 50 per cent from the year before. This was contributed by the progress recognition of sales from its property projects The Hillford, Waterfront@Faber and Urban Vista.

From its financial service business, Aspial raked in another S$37.3 million in revenue, up 30 per cent from a year ago. This was attributed to higher interest income, as well as sales from its retailing and trading of pre-owned jewellery and watches.

Correspondingly, basic earnings per share rose 31 per cent to 0.16 Singapore cent.

Aspial Corporation's shares closed 7.8 per cent higher on Thursday, at 27.5 Singapore cents per share.