SINGAPORE - Trading firm Federal International saw a 449.6 per cent upswing in its first-quarter earnings, as its revenue also swelled substantially.
Net profit for the three months to March 31 came in at $15.99 million, much higher than the $2.91 million from the same period a year ago.
Revenue jumped 160.9 per cent to $57.5 million, thanks to higher contribution from the trading business, which contributed 98 per cent of the total revenue, said the group in a statement on Wednesday.
Earnings per share for the quarter came in at 1.14 cents, more than five times the 0.21 cent previously, while net asset value per share stood at 5.4 cents as at March 31, up from the 4.28 cents as at Dec 31 last year.
Federal International, which has outstanding orders of $47.3 million as at Apr 24, said that it will continue to focus on its core trading business.
"Despite the tougher operating environment, the group will continue to actively grow its presence in terms of products offered and geographical presence in the South-east Asian region."
Federal International shares closed 0.2 cent up at 3.8 cents on Wednesday.