Chuan Hup Holdings C33 has reported earnings of US$1.5 million ($1.9 million) for the 1HFY2023 ended Dec 31, 2022, 8.01 times higher than earnings of US$181,000 in the corresponding period the year before.
The earnings surge was due to the higher share of results of associates, which surged 362.6% y-o-y to US$2.3 million due mainly to a one-off gain. The gain was recognised in relation to the excess of the group's share of an associate's identifiable assets and liabilities over the consideration paid for the acquisition of additional interests in Finbar Group Limited.
During the period, revenue fell by 78.6% y-o-y to US$2.5 million due to lower revenue from the group’s development property projects and lower gains from investment trading.
Profit before tax, on the other hand, surged by 614% y-o-y to US$1.8 million on the one-off gain from the share of results of associates.
In addition, market movements and exchange rate fluctuations have led to lower mark-to-market loss recognised on investment securities of US$1.2 million, lower exchange losses recognised of US$0.9 million, higher interest income earned of US$0.7 million, lower gains on investment trading of US$1.7 million and lower increase in fair value of investment properties of US$0.8 million.
Earnings per share (EPS) for the 1HFY2023 stood at 0.16 US cents.
As at end-December, cash and cash equivalents stood at US$38.2 million.
Shares in Chuan Hup Holdings closed flat at 22 cents on Feb 10.
