Chasen Q4 profit surges 95% on China specialist relocation business

SINGAPORE - Fourth quarter net profit at mainboard-listed logistics specialist Chasen Holdings surged 95 per cent to S$2.43 million, fuelled by a strong pickup in sales.

Revenue for the three months ended March 31 rose 10 per cent from the same period a year earlier to S$35.35 million, driven mainly by the specialist relocation business in China.

Earnings per share for the quarter was 0.64 Singapore cent, up from 0.35 Singapore cent a year earlier.

Net asset value per share was 18.3 Singapore cents as at March 31, from 18.9 Singapore cents on the same date last year.

The company recorded full-year net profit of S$5.5 million - a six-year high and more than double the S$2.6 million earned in the previous year.

This came on the back of a 20 per cent rise in revenue to S$127.9 million, which the company says is the highest in its history.

The specialist relocation business in China and the United States accounted for the lion's share of the group's revenue. Among other things, Chasen is helping various flat-panel display manufacturers fit out new fabrication plants in China while providing move-in services for a large automobile battery production factory in the US state of Nevada.

Besides the higher revenue from the specialist relocation and third-party logistics businesses, Chasen's bottom line also benefited from a reversal of a tax provision made in the previous year as well as an absence of an impairment loss on an investment in an associate company and an allowance for doubtful debts, which the group incurred in the previous financial year.