A strong pick-up in sales sent earnings surging at logistics specialist Chasen Holdings in the fourth quarter.
Net profit surged 95 per cent to $2.43 million, while revenue rose 10 per cent to $35.35 million for the three months ended March 31, compared with the same period last year. Earnings per share were 0.64 cent, up from 0.37 cent a year earlier, while net asset value per share was 18.3 cents, compared with 18.9 cents on the same date last year.
Full-year net profit came in at $5.5 million - a six-year high and more than double the $2.6 million earned in the previous year.
This came on the back of a 20 per cent rise in revenue to $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 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.
AT A GLANCE
Revenue: $35.4 million (+10%)
Net Profit: $2.4 million (+95%)
Besides the higher revenue from the specialist relocation and third-party logistics businesses, Chasen's bottom line benefited from a reversal of a tax provision made in the previous year.
There was also the 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.
Chasen shares closed up 0.4 cent to 7.2 cents yesterday after the results were released.