Chasen Holdings Q1 net profit plunges 81.2% to S$280,000

MAINBOARD-LISTED logistics firm Chasen Holdings saw net profit plunge 81.2 per cent to S$280,000 for the first quarter ended June 30, down from S$1.49 million in the year-ago period, it announced on Wednesday.

Revenue fell 10.4 per cent to S$28.3 million from S$31.6 million in the year-ago period. Chasen attributed this to its specialist relocation business segment seeing delays in some recent projects and lower contribution from contracts in China and the United States.

However, revenue from its third-party logistics (3PL) and technical and engineering business segments rose.

Earnings per share were 0.07 Singapore cent, compared with 0.39 cent a year ago. No dividend was declared, the same as a year ago.

Chief executive officer and managing director Low Weng Fatt said: "Despite the challenging quarter, our order books for specialist relocation and 3PL remain healthy. There is still business to be done notwithstanding the global slowdown in capital investment. We remain vigilant in our cost control to mitigate any impact on profitability."

Separately, Chasen said it continues to explore several options that it believes can facilitate its exit from the Singapore Exchange's watch-list. It has been on the watch-list under the minimum trading price criterion since June 5, 2017.

Chasen shares closed unchanged at eight Singapore cents on Wednesday before the results release.