Chuan Hup Holdings’ earnings slumps 66.0% in FY2024

Earnings per share stood at US$0.21.

Chuan Hup Holdings reported earnings of $2.57m (US$1.97m) for FY2024, a 66.0% year-on-year (YoY) decline from $7.54m (US$5.78m) a year ago.

Net profit declined 76.3% YoY to $1.78m (US$1.37m) from $7.54m (US$5.78m) a year ago, driven by a one-off legal claim of $2.47m (US$1.9m) upon receipt of a court judgment by a subsidiary of the group in FY2024.

This was accompanied by the lower $1.96m (US$1.5m) mark-to-market gains on the group’s investment securities and the $0.8m (US$0.6m) impairment loss from its student accommodation business.

On the flip side, revenue for the period increased 47.4% YoY to $7.84m (US$7.24m) from $6.40m (US$4.91m) in FY2023 due to rental income contribution from the student accommodation business of $2.08m (US$1.6m) and gain of disposal of investment securities of $1.56m (US$1.2m).

Earnings per share stood at $0.27 (US$0.21), compared to $0.83 (US$0.63) in FY2023.