A bumper one-off gain boosted earnings at Bonvests Holdings in the third quarter, it reported yesterday.
The gain of $30.1 million from the disposal of financial assets helped lift net profit by 602 per cent to $33 million, compared with the same period a year ago.
Bonvests did not elaborate on what assets were sold but the investment holding company said in July that it had agreed to sell 10 per cent of its stake in Cordlife Group to Shanghai-listed Nanjing Xinjie Kou Department Store for $43.3 million.
Revenue in the three months to Sept 30 rose 5.5 per cent to $53.2 million, thanks to higher takings from all divisions except property development as the firm has no projects under way now.
Revenue from property rental rose 7.4 per cent to $6.9 million on higher occupancy and rents from newly acquired commercial properties in Perth, Australia.
The group said it expects the property rental markets in Singapore, Tunis and Perth to remain stable in the near term.
AT A GLANCE
$53.2 million (+5.5%)
$33 million (+602%)
Hotel revenue rose 5.3 per cent to $29 million on contributions from the Four Points by Sheraton hotel in Perth acquired in October last year, though this was partially offset by lower revenue in other hotels.
Bonvests said: "The market conditions in the countries in which the hotel division operates are expected to remain challenging.
"Construction has commenced for the group's hotel in Bintan, the second hotel in the Maldives and the hotel in Douz, Tunisia."
Revenue from the industrial division rose 2.5 per cent from a year ago to $17 million on the back of existing contracts and new contracts secured.
Third quarter earnings per share was 8.196 cents, up from 1.167 cents a year ago.
Net asset value per share was $2.19 as at Sept 30, up from $2.17 as at Dec 31 last year.
Earnings were posted after market close.
Bonvests shares closed half a cent down at $1.235 yesterday.