The decrease in net profit was mainly due to the absence of the US$1.6 million gain on the acquisition of Finbar Group's shares in 1HFY2023 and higher depreciation and amortisation expenses recognised in relation to the student accommodation business of US$0.7 million in 1HFY2024.
The company was, however, able to record a revenue of $3.7 million in 1HFY2024, up 46.0% y-o-y, from the additional rental income of US$0.9 million from its student accommodation business acquired in May 2023.
Chuan Hup also recorded an increase in gains from investment trading and interest income of US$0.9 million in 1HFY2024.
As at Dec 31, 2023, cash and cash equivalents stood at US$26.6 million
Shares in Chuan Hup closed unchanged at 17.3 cents on Feb 2.