SINGAPORE (May 31): Chasen Holdings, the Pan-Asian logistics specialist, reported FY19 earnings of $5.4 million, down 7% from a year ago on lower operating income and higher income tax expense.

However, the group saw record full-year gross profit of $32.1 million for FY19, thanks to record revenue propelled by demand for its Specialist Relocation services in China.

But other operating income fell 37% to $2.4 million while income tax expense nearly trebled to $2.5 million.

Revenue in FY19 came in at $131.9 million, 3% higher than a year earlier, with Specialist Relocation contributing $78 million or 59% of total sales.

Segment-wise, revenue for Third Party Logistics (3PL) rose 3% to $23.5 million in FY19 as the cross-border trucking market continues to grow.

Contributions from Technical & Engineering (T&E) grew by 3% to $30.4 million.

As at March 31, Chasen had $12.1 million in cash and cash equivalents, up from $9.1 million as at March 31 2018.

The group has proposed a final dividend of $0.003 per share for FY19. Together with the interim dividend of $0.001 per share issued earlier in the year, the total dividend paid out for FY19 will be $0.004 per share.

Low Weng Fatt, Chasen’s Managing Director and CEO, says, “We continue to pick up orders from China and parts of South East Asia, despite slower economic growth. Our order book should keep us busy for the current financial year. Barring unforeseen circumstances, we expect to grow in revenue and to remain profitable in FY2020.”

Shares in Chasen closed 0.1 cent lower at 9.1 cents on Thursday.