Chuan Hup Holdings (C33) H1 2024 earnings summary

Executive summary

• H1 FY24 revenue rose 46% YoY to USD 3.7m, while net profit fell to USD 0.1m from USD 1.5m, mainly reflecting the absence of a prior-year acquisition gain and higher student-accommodation depreciation and amortisation.

• Other comprehensive income of USD 5.3m, mainly currency translation gains, lifted total comprehensive income to USD 5.5m.

Financial highlights

• Revenue was USD 3.702m, up 46.0% YoY; gains from investment trading and interest income increased by USD 0.9m.

• Profit before tax was USD 109k versus USD 1.785m; net profit was USD 116k versus USD 1.451m.

• Higher operating costs included USD 810k depreciation and amortisation, up 623.2% YoY, largely related to the student-accommodation business acquired in May 2023.

• Total assets were USD 243.4m at 31 Dec 2023, down USD 1.1m from 30 Jun 2023; net assets attributable to equity holders were USD 228.9m.

Outlook and guidance

• Directors intend to exercise prudence when considering new investments amid geopolitical unrest, inflation and high interest rates.