Sin Heng Heavy Machinery lifts Q1 profit by 15.8% to $3.8 million

Sin Heng Heavy Machinery has lifted its first quarter net profit by 15.8 per cent to $3.8 million.

Revenue for the three months to Sept 30 was 10.1 per cent higher at $47.4 million.

The increase was due to increase in trading revenue, partially offset by the decrease in equipment rental revenue.

Revenue from equipment rental business decreased by 5.3 per cent to $12.4 million, mainly due to completion of some domestic projects.

Revenue from trading business rose by 16.9 per cent to $35 million, mainly due to higher volume of cranes and aerial lifts sold in the domestic and regional markets.

Earnings per share firmed to 0.76 cent from 0.71 cent previously while net asset value per share slipped to 21.38 cents compared to 22.04 cents as at June 30.