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Vibrant Group posts Q1 net profit of S$33.1m

VIBRANT Group on Friday posted a net profit of S$33.1 million for the first quarter ended July 31, soaring from S$742,000 a year ago.

The freights and logistics, real estate and financial services group's results got a hefty boost from the gain on disposal of Jurong Island Chemical Hub, gain on sale of 51 per cent of Sabana Investment Partners, and disposal of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust units.

As a result, other income came in at S$59 million compared with S$1.9 million the year before.

Revenue had a poorer showing, falling 10.3 per cent to S$37 million due to decreased business activity from the chemical logistics and financial leasing business.

Earnings per share was 4.78 Singapore cents, compared with 0.11 Singapore cent a year ago.

Vibrant shares gained 0.3 Singapore cent or 2.1 per cent to close at 14.6 Singapore cents on Friday.