Chuan Hup Holdings has reported net profit of US$9.6 million ($12.8 million) for the 1HFY2021 ended December, putting the company back in the black from losses of US$0.3 million in the 1HFY2020.

This was mainly due to the foreign exchange gain of US$7.6 million, mark-to-market gains on investment securities of US$2.4 million, as well as share of results from associated companies of US$0.7 million.

Group revenue stood 11.3% y-o-y higher at US$8.4 million, due to contribution from its One Kennedy Maylands project. The project was completed and commenced settlement in May 2020.

The higher revenue was also attributable to the ongoing sale of Concerto apartment units as well as investment trading gains.

Depreciation had increased due to fixed assets acquired in the previous financial year. Other gains comprised mainly foreign exchange gain on the back of stronger Australian and Singapore dollars against the US dollar. These exchange rate fluctuations against US dollar also contributed to the other comprehensive income of US$9.2 million.

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Earnings per share (EPS) for the half-year period stood at 1.04 US cents compared loss per share of 0.03 US cents a year ago.

Net asset value (NAV) per share was 27.70 US cents as at Dec 31, 2020, compared to 26.39 US cents as at June 30, 2020.

As at Dec 31, 2020, cash and cash equivalents stood at US$114.8 million.

Shares in Chuan Hup closed flat at 20.5 cents on Feb 5.