Chasen Holdings, the relocation specialist with technical/engineering capabilities, reported a 34.5% y-o-y increase in net profit after tax to $1.6 million in 1Q2011.

The group posted a 3.2% y-o-y increase in revenue for 1Q2011 primarily due to continuation of recently started and commencement of new relocation projects in China, which boosted the contributions from the Relocation Services and Third Party Logistics Services business segments.

Both Relocation Services and Third Party Logistics segments recorded almost twofold increase in revenue to $8.1 million and $3.1 million respectively in 1Q2011 compared to 1Q2010.

But these were partly offset by lower revenue from engineering segment as it declined from $10.7 million in 1Q2010 to $5.8 million as many projects were completed and recognised in 4Q2010 and new projects were slow to start in 1Q2011.

Gross profit rose 33.0% y-o-y to $5.2 million in 1Q2011 compared to last corresponding period. Gross profit margin improved from 23.7% in 1Q2010 to 30.5% in 1Q2011 primarily due to change in sales mix and more than half of the profit coming from the relocation business segment.