The sale of its manufacturing site in Tai Seng may have left mainboard-listed Datapulse Technology scrambling to find a new core business.
But it has yielded a tidy sum in the meanwhile, bringing the erstwhile disk drive maker back into the black in the second quarter.
Net profit stood at $38.1 million for the three months to Jan 31, the company said yesterday. This marked a turnaround from the loss of $698,000 the year before.
The recovery was largely thanks to the $44.6 million gain recognised from the disposal of its leasehold property, which gave a fillip to the group's other income. Revenue grew by 58 per cent to $4.5 million, mainly on the back of a one-off special project.
The firm clocked $200,000 in turnover from Wayco Manufacturing, which makes personal care products.
Datapulse has been roiled by controversy since a freshly appointed board acquired Wayco in December. Ms Ng Bie Tjin, daughter of co-founder Ng Khim Guan, wants to halt the business diversification and oust the board at an extraordinary general meeting on April 20.
And the Singapore Exchange has mandated an independent review to address the circumstances of the board's approval for the Wayco deal.
Datapulse's financial position "remained healthy", with a net cash position of $87.1 million as at Jan 31, the company noted in its announcement. The counter closed up by one cent at 35 cents, before results were released.