Best World's net profit jumps in Q1

BEST World International reported a net profit of S$5.96 million for the first quarter ended March 31, 2016, up from S$249,000 a year ago.

Revenue surged some 160 per cent year on year to S$35.23 million due to higher revenue contributions from the group's key markets, namely Taiwan, China and Indonesia.

Earnings per share for the quarter under review were 2.71 Singapore cents, up from 0.11 cent previously.

In a separate announcement, Best World said that its subsidiary Avance Living has entered into a sale and purchase agreement with AM Automotive Services to acquire a property for some S$10 million. It plans to set up a skincare manufacturing facility.

The property, at Tuas Basin Link, is held under a lease issued by Jurong Town Corp for 30 years - from July 1994 - with a covenant for JTC to grant a further 30 year term.