Logistics firm Vibrant Group reports 14.8% drop in Q3 net profit

SINGAPORE - Logistics firm Vibrant Group reported on Friday that third quarter net profit dropped 14.8 per cent to $7.8 million.

"Net profit for the third quarter was lower mainly due to fair value loss on marketable securities as compared to the fair value gain on marketable securities for the previous corresponding period," said the firm.

Revenue for the three months to Jan 31 inched up 1.1 per cent to $51.8 million, owing to the finance leasing income contributed from its financial services business.

The firm added this increase was partly offset by weaker demand for logistic services.

It also reported an increase in administrative expenses was owing to general and administrative expenses, incurred in several property development and upgrading projects.

Vibrant Group, GSH Properties, and boutique developer DB2 Group bought the formerly-named Equity Plaza from Keppel Land and Alpha Investment Partners in 2014.

The 28-storey office tower, now called GSH Plaza, in Cecil Street, will be launched by end March.

Quarterly earnings per share were 0.3 cent, down from 0.36 cent a year ago, while net asset value share was 14.14 cents as at Jan 31, down from 14.24 cents as at June 30.

Vibrant Group shares closed flat at 9.6 cents on Friday.