SINGAPORE (May 30): Chasen Holdings, the provider of specialist relocation services, reported earnings of $2.4 million for the 4Q ended March, doubling from its 4Q17 earnings of $1.2 million a year ago on higher revenue.
The latest set of quarterly results brings the group’s earnings for the full year to $5.5 million, double of its FY17 earnings of $2.6 million.
Revenue for 4Q18 grew 10% to $35.4 million from $32.3 million a year ago, mainly contributed by higher revenue contributions from the Specialist Relocation and Third Party Logistics Business segments as compared to a year ago, which the group attributes to strong demand for its specialist relocation services in China and US, as well as cross-border freight services in Southeast Asia.
Chasen adds that its 20% y-o-y growth in FY18 revenue to $127.9 million marks the highest in the group’s history, where its specialist relocation business accounted for the lion’s share of full year revenue contributions.
Low Weng Fatt, Chasen’s managing director and CEO, says he expects the group to continue its positive performance in FY19.
“Demand for our specialist relocation services remains encouraging, particularly in China, and cross-border land freight continues to grow across Southeast Asia. In addition, the continued on-shoring of manufacturing to the US bodes well for a company like ours. We also expect our technical and engineering business segment to pick up in FY19 following our streamlining efforts over the past year,” comments Low.
Shares in Chasen closed 1.5% higher at 6.8 cents on Monday.
