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Qian Hu's Q2 bottom line soars 5-fold to S$146,000

HIGHER revenue and better margins yielded from the sales of its Dragon Fish and ornamental fish export business boosted results for Qian Hu Corporation (Qian Hu) in its second quarter.

Net profit leapt more than five-fold to S$146,000 from the previous year, the group said in a Singapore Exchange filing on Monday evening.

For the three months ended June 30, revenue crept up 1 per cent to S$21.9 million from the previous year.

The growth in revenue was driven by expansion in its ornamental fish activities, offset by a reduction in its accessories revenue due to the announcement of the abolishment of the implementation of Goods and Services Tax in Malaysia with effect from June 2018, which led to customers deferring their purchases to after that, it said.

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Earnings per share rose to 0.13 Singapore cent as at end-June 2018, up from 0.02 Singapore cent a year ago.

Meanwhile, the board has reviewed the options available to the company to meet the minimum trading price (MTP) exit criteria, but decided it is not the appropriate time to make a decision due to "current tepid market conditions and uncertainty in the global economy".

It said: "The board is monitoring the situation closely and will continue to explore all options to seek anexit from the MTP watch-list within 36 months from June 5, 2017."