Vibrant Group, which has businesses in logistics, real-estate and financial services, reported a 39% rise in 1Q16 earnings ended July to $8.88 million from a year ago despite a 4.9% decline in revenue to $48.1 million.
The decrease in revenue was mainly due to the decrease in revenue from freight and logistics business and provision for financial services.
Group gross profit decreased 11.8% to $14.4 million as profit from operations decreased by 22.8% to $5.9 million as a result of the lower revenue as well as the fair value loss on convertible bond and marketable securities.
The decrease was however partially offset by the fair value gain on foreign currency forward contracts and gain on foreign exchange.
The group’s share of profits from associates also increased significantly to $5.5 million from $0.7 million in the previous corresponding period mainly due to the contribution from Plaza from the sale of strata office units at GSH Plaza and from Figtree Holdings.
As at end July, the group has cash and cash equivalents of $30.9 million and net gearing of 0.97 times.
Vibrant also provided an update on its properties under development.
Cecil House has obtained building plan approval and sales is targeted to launch in 4Q2015.
Refurbishment works for GSH Plaza started on April 1, 2015 and sales was launched on April 8, 2015.
Looking ahead, Vibrant still expects uncertainties in the global and regional economies. However, the group says it will continue to improve operation efficiency and maximise resources to reduce the impact of rising operating costs.
Vibrant closed 3.9% lower at 7.4 cents.
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The decrease in revenue was mainly due to the decrease in revenue from freight and logistics business and provision for financial services.
Group gross profit decreased 11.8% to $14.4 million as profit from operations decreased by 22.8% to $5.9 million as a result of the lower revenue as well as the fair value loss on convertible bond and marketable securities.
The decrease was however partially offset by the fair value gain on foreign currency forward contracts and gain on foreign exchange.
The group’s share of profits from associates also increased significantly to $5.5 million from $0.7 million in the previous corresponding period mainly due to the contribution from Plaza from the sale of strata office units at GSH Plaza and from Figtree Holdings.
As at end July, the group has cash and cash equivalents of $30.9 million and net gearing of 0.97 times.
Vibrant also provided an update on its properties under development.
Cecil House has obtained building plan approval and sales is targeted to launch in 4Q2015.
Refurbishment works for GSH Plaza started on April 1, 2015 and sales was launched on April 8, 2015.
Looking ahead, Vibrant still expects uncertainties in the global and regional economies. However, the group says it will continue to improve operation efficiency and maximise resources to reduce the impact of rising operating costs.
Vibrant closed 3.9% lower at 7.4 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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