Chuan Hup full-year profit plunges 71.9% at US$10.3m

CHUAN Hup Holdings has posted a 71.9 per cent drop in net profit to US$10.3 million for the year ended June 30, 2016 from US$36.7 million in FY2015.

The group holds a diversified portfolio of investments in the electronics manufacturing services and property sectors, in addition to its equity investments portfolio.

Its revenue inched up 1.5 per cent to US$238.5 million from the preceding year. The higher revenue was attributable to sale of apartment units, partly offset by lower electronics manufacturing services revenue, the group said.

The drop in net earnings was amid the absence of one-off gains in FY2015 from the disposal of an associate company and a leasehold property that had amounted to US$26.10 million. Moreover, FY2016 earnings were impacted by lower profit contribution from electronics manufacturing services and lower fair valuation of investments.

Earnings per share fell to 1.11 US cents from 3.93 US cents in the year-ago period. Net asset value per share eased to 30.19 US cents as at June 30, 2016 from 32.61 US cents as at June 30, 2015.

Chuan Hup has recommended a final dividend of one Singapore cent. In the preceding year, it had declared a one-Singapore-cent final dividend as well as a two-Singapore-cent special dividend.

The counter ended 0.5 Singapore cent lower at 26.5 Singapore cents on Friday.