Chuan Hup FY2019 net loss widens to US$26.4m

CHUAN Hup Holdings on Thursday posted a net loss of US$26.4 million for the financial year ended June 30, widening from US$913,000 a year ago. This excludes a profit of US$73 million from the disposal of its manufacturing business; if included, Chuan Hup would have posted a net profit of US$46.6 million for the year. (see clarification note)

This was mainly due to share of losses from an associate, which amounted to US$19.9 million.

Revenue also dived 67.7 per cent to US$18.3 million from US$56.6 million in FY2018, due to a decrease in revenue from property sales.

Loss per share for continuing operations was was 2.84 US cents, compared with restated loss per share of 0.10 US cents a year ago.

Chuan Hup proposed a final dividend of one Singapore cent for the year, the same as in the previous year. Combined with an interim special dividend of nine cents paid out on May 30, total dividends for FY2019 will be 10 Singapore cents per share. (see clarifiction note)

Shares of Chuan Hup closed at S$0.27 on Thursday, down 0.5 Singapore cent or 1.82 per cent.

Clarification note: The article above has been revised to include certain profits and dividends for clarity.