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Chasen Holdings reports FY2024 net loss of $6.57 million; clinches $34.2 mil in new projects

Khairani Afifi Noordin
Khairani Afifi Noordin • 2 min read
Chasen Holdings reports FY2024 net loss of $6.57 million; clinches $34.2 mil in new projects
Revenue for FY2024 was down 17% y-o-y to $95.7 million. Photo: Chasen Holdings
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Chasen Holdings has reported a net loss of $6.57 million in FY2024 ended March, down from a profit of $2.05 million in the preceding financial year due to a one-off non recurring charge.

The charge arises from the demolition of 18 Jalan Besut property to make way for the development of Chasen’s new Integrated Logistics Hub. 

Revenue for FY2024 was down 17% y-o-y to $95.7 million. This was mainly attributable to the uncertain global economic environment brought about by escalating geopolitical tensions, as well as the wars and conflicts in the Middle-East that impacted investment sentiments and factory expansion plans in the company’s region of operations. 

Correspondingly, gross profit for FY2024 stood $12.8 million, down 28% y-o-y, while gross margin for the period decreased by 2%.

Separately, Chasen’s subsidiaries from two of its business segments have secured new projects amounting to $34.2 million.

Its specialist relocation segment clinched a total of $22.5 million, of which $20.7 million came from Chasen-USA. This relocation project is for the first wing of a lithium ion rechargeable battery manufacturing plant in the state of Kansas. The project commenced in April and will run until March 2025. 

See also: Cordlife posts net loss of $11.57 mil for 1QFY2024 due to refund fulfilment

The remaining S$1.8 million comes from Singapore-based Liten Logistics, which had secured several relocation contracts for MRT and construction projects. 

Meanwhile, two subsidiaries from its technical and engineering segment had secured two projects valued at $11.6 million. 

Singapore-based Hup Lian Engineering was awarded another solar panel installation project worth $9.6 million. This project starting in August involves the installation of solar panels atop 144 HDB blocks in Sengkang, Bedok and Yishun and is expected to be completed by end-2025. 

See also: Changi Airport Group reports FY2024 earnings of $431 mil, 13.1 times higher y-o-y

Chasen’s contract manufacturing entity in the People’s Republic of China, Promax Suzhou had secured a contract valued at $2.0 million to manufacture and assemble e-scooter travel luggage for its foreign-owned PRC-based customer. The production has started and the customer shall take delivery of the first 330 e-scooter luggage at the end of May. 

Chasen expects a positive contribution to its financial performance for the year ending March 31, 2025.

Shares in Chasen closed 0.2 cents higher or 2% up on May 29 at 10.1 cents.

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