Chuan Hup's Q2 profit surges to US$3.6m

EARNINGS for electronics manufacturer and property developer Chuan Hup Holdings grew almost fourfold to US$3.6 million in the second quarter.

This was up from US$922,000 a year ago, as the mark-to-market valuations of its investments rose and it recorded a foreign exchange gain on the back of a weaker US dollar.

This translates to earnings of 0.38 US cent a share, up from 0.10 US cent in the same period last year.

Revenue was little changed at US$49.6 million for the three months ended Dec 31, as a decrease in electronics manufacturing services revenue was offset by higher property revenue.

The economic outlook for the next 12 months continues to be challenging, said Chuan Hup. "The board of directors will continue to exercise prudence when considering new investments."

The stock rose 3.7 per cent, or one Singapore cent, to 27.5 Singapore cents before the announcement.