Corporate digest

Qian Hu

QIAN HU reported a 61.6 per cent year-on-year increase in net profit for the second quarter ended June 30, on the back of higher net handling income.

The mainboard-listed integrated fish service provider posted a Q2 net profit of S$236,000, compared to S$146,000 in the corresponding period a year ago. This was achieved despite a 12.5 per cent decline in revenue to S$19.2 million from S$21.9 million. Lower revenue was a result of poorer sales in all the business segments - fish, accessories and plastics.

But a 144.2 per cent rise in net handling income derived from the handling of transhipments in relation to its aquaculture business helped to boost Qian Hu's bottom line. Net handling income went up from S$590,000 to S$1.4 million.

Also, its fish segment achieved a 55.6 per cent increase in operating profit to S$588,000, boosted by higher sales of edible fish that fetched higher margins. It is gradually downsizing its dragon fish business, which has experienced intense price competition since 2018.

Earnings per share rose to 0.21 Singapore cent in Q2 from 0.13 Singapore cent in the year-ago period while net asset value per share increased marginally to 45.03 Singapore cents as at June 30 from 44.75 Singapore cents half a year ago.

Qian Hu enjoyed a 50.8 per cent higher net profit at S$273,000 for the first half of the financial year 2019, compared to S$181,000 for the year-ago period. But revenue was 12.6 per cent lower at S$38.1 million, versus S$43.6 million for H1FY18.

Abterra

MAINBOARD-LISTED mineral and resources company Abterra reported a 580 per cent jump in its first quarter net profit to S$1.55 million from S$228,000 in the corresponding period last year.

Its revenue for the three months ended March 31 dipped 45 per cent year-on-year to S$24.2 million from S$43.8 million but the impact was cushioned by a 50 per cent decline in cost of sales.

Abterra's cash levels stood at S$300,000 as at March 31 but net assets improved from S$64 million as at Dec 31, 2018 to S$66.7 million as at March 31.