Logistics and real estate company Vibrant Group posted a significant surge in second-quarter profit, with earnings up 159.5 per cent to $9 million. It attributed the increase to earnings from its associate, Plaza Ventures, which sold office units at GSH Plaza, a building in the Central Business District.
However, revenue for the three months to Oct 31 fell 4.5 per cent to $45 million for the quarter, due mainly to lower sales from its freight and logistic businesses. It also disposed of a loss-making subsidiary, which resulted in lower turnover.
Earnings per share for the quarter was 1.59 cents, up from 0.66 cent in the same period a year earlier, while net asset value fell to 62.99 cents as at Oct 31, compared with 67.02 cents as at April 30.
Upcoming projects include a mixed residential and commercial development in Jiangyin, China, which is expected to be completed by December 2018.
Low Keng Huat
Net profit at property firm Low Keng Huat fell 74 per cent for the third quarter due to lower turnover in both its hotel and construction businesses. Earnings tumbled to $3 million for the three months to Oct 31, compared with $11.8 million for the same period a year earlier. Revenue fell 34 per cent to $12.4 million.
The company singled out lower room and occupancy rates at the Duxton Perth for its suffering hotel business. Revenues for the hotel segment fell to $20.9 million for the nine months to Oct 31, compared with $29.3 million for the same period a year earlier.
Revenue for the construction division plunged 97 per cent to $0.6 million for the nine months to Oct 31, compared with $18.7 million the year before.
Earnings per share for the quarter was 0.41 cent, compared with 1.59 cents for the same period a year earlier, while net asset value was 88 cents as at Oct 31, compared with 85 cents as at Jan 31 this year.
Investment company MYP is issuing up to 1.05 billion shares at 18 cents apiece for each rights share.
The company said that $168 million raised from the rights issue will go towards the $560 million purchase of the Straits Trading Building in the Central Business District. The rest will come from bank financing.