SINGAPORE (Sept 13): Vibrant Group says earnings for 1Q ended July tumbled 94.9% to $387,000 from $7.5 million a year ago.

This was mainly due to a $399,000 loss of associates, compared to a $5.5 million profit of associates a year ago.

Although 1Q revenue fell 4.6% to $45.8 million, cost of sales dropped 14.6% to $30.8 million from a year ago, resulting to 25.3% higher gross profit.

The decrease in revenue was mainly due to decrease in revenue from freight and logistics business as a result of the disposal of loss-making subsidiary and lower revenue from the financial services business. The decrease was partially offset by the revenue contributed from the housing project in Jiangyin, China.

Profit from operations rose 14.7% to $6.8 million as other operating expenses fell 59.5% to $1.9 million.

Looking ahead, Vibrant remains cautious on its business outlook given the uncertain global economic conditions.

Shares of Vibrant closed 1.3% lower at 37 cents.

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