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.

The company is the second largest integrated vehicle assembly, distribution, sales and finance company in Indonesia, and carries brands that include Nissan, Volvo, Suzuki, Hino, Audi and Volkswagon.

Earnings per share amounted to 0.211 cent compared to loss of 0.144 cent previously while net asset value per share grew to 62.57 cents from 52.37 cents as at Dec 31.