Fair value gain helps return Hanwell Holdings to the black

Hanwell Holdings has returned to the black, with a net profit of $4.1 million in the third quarter.

This reverses from a loss of $10.9 million in the same period last year.

It registered net finance income of $3.2 million, mainly attributable to fair value gain on financial assets.

Revenue for the three months to Sept 30 rose by 11.2 per cent to $103.1 million.

In the consumer business, revenue fell, owing to lower turnover generated by the distribution business in Singapore and partially offset by higher turnover from new agency products in Malaysia.

The consumer business recorded a loss of $290,000 compared to a profit of $270,000 in the same period last year.

Earnings per share amounted to 0.75 cent compared to loss of 1.97 cents previously while net asset value per share climbed to 45.49 cents from 44.15 cents as at Dec 31.