Chuan Hup Holdings (C33) H1 2023 earnings summary

Executive summary

• 1H FY23 revenue fell 78.6% YoY to USD 2,536k, while net profit rose to USD 1,451k from USD 181k, mainly on a one-off gain linked to acquiring additional interests in Finbar Group Limited.

• Cash and cash equivalents declined 45.3% from 30 June 2022 to USD 38,201k; net cash outflow included development loans to Australian joint ventures and an associate.

Financial highlights

• Revenue was USD 2,536k versus USD 11,835k; lower development-project revenue and investment-trading gains drove the decline.

• Profit before tax was USD 1,785k versus USD 250k; profit attributable to equity holders was USD 1,451k versus USD 181k.

• Other comprehensive income was USD 784k, mainly currency translation gains; total comprehensive income was USD 2,235k versus a USD 3,354k loss.

• Lower mark-to-market losses on investment securities and lower exchange losses supported results; higher employee benefits expense reflected increased staff-cost provisions.

Outlook and guidance

• Directors will remain prudent when considering new investments amid an uncertain global economic outlook.

• No material factors or events were identified as affecting earnings between the reporting date and the announcement date, except those disclosed.