Chuan Hup Holdings back in the black with Q2 net profit of S$3.93 million

MAINBOARD-LISTED property investment company Chuan Hup Holdings was back in the black in the second quarter, according to unaudited results released on Friday.

Net profit was US$3.93 million for the three months to Dec 31, 2019, from a loss of US$1.75 million before, as the group narrowed property development expenses. It also saw fair value gains, and currency gains as the Singapore and Australian dollars strengthened against the greenback.

The turnaround came even though revenue was down by 27.4 per cent to US$3.47 million, on a decrease in the number of units moved at its Concerto apartment block in Perth.

Earnings per share for the quarter was 0.42 US cent, reversing a loss per share of 0.4 US cent before, while net asset value was 28.25 US cents, against 29 US cents as at June 30, 2019.

For the half-year, Chuan Hup chalked a net loss of US$319,000, against an earlier profit of US$1.17 million, as revenue fell by 40.8 per cent to US$7.56 million.

No dividend was recommended for the period, unchanged from the year prior.

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The counter shed half a Singapore cent, or 2.17 per cent, to S$0.225, before the results.