Vibrant's net profit crumble 94.9% to $0.38 million

Losses from its associates hurt its earnings.

Vibrant reported a not-so-bright first quarter as its earnings tumbled 94.9% down to $387,000 from $7.5 million a year ago.

Losses from its associates amounting to $399,000 is mainly to blame. The group has achieved a $5.5 million profit from associates a year ago.

"The group reported share of losses from associates which arisen from China Southwest Energy Corporation Ltd and lower contribution from Plaza Ventures Pte Ltd and Figtree Holdings Limited," the group explained.

Meanwhile, the group registered revenue of $45.8 million, a decrease of 4.6% from $48.1 million during the same period last year.

"The decrease was mainly due to decrease in revenue from freight and logistics business as a result of the disposal of loss making subsidiary and lower revenue from the financial services business," Vibrant said.