The decrease in net profit was mainly due to recognition of the one-off legal claim of US$1.9 million upon receipt of court judgement by a subsidiary of the group in FY2024.
This came alongside lower mark-to-market gains recognised on the group's investment securities by US$1.5 million and impairment loss recognised for the intangible assets relating to the group's student accommodation business of US$0.6 million in FY2024.
That said, the group was able to record a revenue of US$7.24 million in FY2024, up 47.4% y-o-y, from the additional rental income of US$1.6 million from its student accommodation business.
Chuan Hup also recorded an increase in gains from investment trading of US$1.2 million in FY2024, partially reduced by decrease in sales of development properties of US$0.6 million.
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Gross profit in FY2024 stood at US$2.36 million, down 62.5% from US$6.28 million.
Meanwhile, the group’s total assets increased by US$10.1 million to US$254.7 million as at June 30. This non-current assets of US$14.5 million was mainly due to the increase in loans to joint ventures for development projects in Australia of US$11.4 million and increase in investment properties recognised in relation to the student accommodation premises of US$3.1 million.
The group’s total liabilities for the reporting period had increased by $17.3 million from June 30, 2023 mainly due to the increase in borrowing of USD 13.0 million resulting from the drawdown of loan for acquisition of a property in Singapore.
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The increase in lease liabilities was due to the new leases and renewal of leases in relation to the student accommodation business of $3.1 million.
Shares in Chuan Hup Holdings (SGX:C33
) closed at 0.3 cents lower or down 1.81% at 16.3 cents on Aug 26.
