Both projects were secured by Chasen’s subsidiary Chasen (Chuzhou) Hi-Tech Machinery Services Pte Ltd and homebased Chasen Logistics Services Limited respectively. They are both scheduled for completion by March 2021.
SEE:Chasen Holdings secures $21 mil worth of projects, said to have positive financial impact in 2H20
Revenue recognition for the project in China commenced in 2HFY2021 while revenue for the Taiwan project will be recognised in FY2021.
Under its Third Party Logistics segment, Chasen won three contracts worth a total of RM20 million ($6.6 million) to deliver electronic and semi-conductor parts for two US MNCs with manufacturing plants in Singapore, Malaysia and China.
The contracts have a tenure of one year and were secured by Chasen’s Malaysian subsidiary City Zone Express.
“The recovery from the disruptions caused by the pandemic is clear and gaining momentum for our two logistics segments. The electronics sector, especially in the PRC, is witnessing good orders, which favour our leadership position in Specialist Relocation while our 3PL is benefiting from robust demand in cross-border land freight services and warehousing in Southeast Asia and East Asia,” says Chasen’s managing director and CEO Low Weng Fatt.
Shares in Chasen closed 0.1 cent higher or 1.8% up at 5.8 cents on Dec 9.
