Catalist-listed Chasen Holdings says net profit for the full year ended 31 March 2010 (FY2010) soared by 67% to reach $6.47 million compared to $3.87 million for the corresponding period last year. Group revenue increased by 35% from $54.94 million last year to $74.19 million.

The increase in group revenue was the result of higher revenue recorded by most of its businesses. Pre-tax profit jumped by 70% from $4.65 million for last year as compared to $7.90 million for the financial year ended 31 March 2010.
 

Managing Director Low Weng Fatt says: “The group performed exceedingly well for its fourth quarter. This was due to the commencement of the several delayed relocation projects in the People’s Republic of China during the fourth quarter. The group expects the projects commenced from the fourth quarter to continue to contribute positively to the group’s earnings in the next financial year.”

The Technical and Engineering division continued to be the largest contributor to the group’s revenue, while the Relocation division’s share of total revenue increased from 20% to 25%. The improved performance of the Relocation and the Third Party Logistics divisions contributed to a 24% increase in the group’s gross profit.

Chasen expects the group to continue to be profitable in the next 12 months.