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.
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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.
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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.
