Gallant Venture posts turbo-charged results after buying Indonesian vehicle unit
THE acquisition of an Indonesian vehicle company has given Gallant Venture a big lift in earnings and revenue.
The mainboard-listed company reported a second quarter net profit of $8.5 million, reversing from a loss of $3.5 million in the same period last year.
Revenue for the three months to June 30 rocketed to $559.2 million from $51.4 million previously.
Gallant said in a statement that the results included the consolidation of Indomobil Sukses Internasional's financial performance from May 2 this year.