Property investment and property development company Chuan Hup has recorded earnings of US$13.3 million ($18.0 million) in its latest FY2021 ended June earnings, reversing from a lost of US$17.1 million in FY2020.
This was despite a 22.4% drop in revenue to US$19.6 million from US$25.2 million a year ago, mainly attributable to lower sales contribution from development property projects Concerto and One Kennedy.
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Overall, the group's earnings were thanks to changes in fair value of several assets. The fair value of investment properties came in at US$1.2 million, compared to a loss of US$3.6 million a year ago; fair value of investment securities were US$2.3 million compared to a loss of US$3.6 million last year; and fair value of derivative financial instruments were US$0.9 million, compared to a loss of US$1.2 million in the previous year.
In FY2021, the group also saw profit from it sshare of results of associations of US$2.2 million, compared to a loss of US$1.1 million in FY2020, due to contribution from Finbar Group and Keyland Ayala Properties.
As at end-June, cash and cash equivalents stood at US$90.1 million.
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The board has declared a final dividend of 1 cent, along with a special dividend of 1 cent.
Shares in Chuan Hup closed 4.6% higher at 23 cents on Aug 27.