The gain on disposal was recognised within the group’s other income. Other income, including the group’s gain on disposal of $6.4 million, surged to $6.7 million from $453,000 in the six-month period the year before.
Mainboard-listed MTQ Corporation (SGX:M05
) has reported a profit after tax of $7.6 million for the 1HFY2024 ended Sept 30, 342% higher than its restated profit after tax of $1.7 million for the corresponding period the year before.
The surge in profit was due to the $6.4 million gain on disposal of the group’s property located at 182 Pandan Loop (Pandan property). The group granted an option to a third party for the sale of its property with certain plant and equipment as part of its relocation process on Sept 1, 2022. The aggregate consideration for the option was $6.0 million. The option was exercised on the same day to which its fee and deposit of 5.0% of the sale price was received by MTQ in the FY2023 ended March 31.
