Chuan Hup profits from sale of shares

Chuan Hup Holdings, owner and operator of marine transport equipment, earned lower revenue but higher net profit in the third quarter ended 31 March 2011. The Singapore-based company posted net profit of $10.3m for the third quarter, a surge from $755,000 in the same quarter of 2010 as a result of the completed sale of Scomi Marine Berhad shares, an available-for-sale investment.


Revenue was recorded at $1.8m for the quarter, down 59.5% from $4.5m in the quarter a year earlier. Chuan Hup anticipated a tough year ahead due to continuing volatility in the financial markets.


“Market sentiments are affected by adverse conditions such as inflationary pressures from rising food and commodity prices and the expected increase in demand and cost of oil, on the back of political unrest in the Middle East,” the company said. “This is expected to be exacerbated by uncertainties arising from the nuclear disaster in Japan and its impact on the global economy.”
(Source:http://www.seatrade-asia.com)