Vibrant 1Q earnings surge to $33.1 mil on one-off gains
SINGAPORE (Sept 15): Vibrant Group saw its earnings jump to $33.1 million for the 1Q20 ended July, from $0.7 million a year ago.
This translated to earnings per share of 4.78 cents for 1Q20, compared to EPS of 0.11 cent in 1Q19.
This was mainly due to the gain on disposal of Jurong Island Chemical Hub, gain on sale of its 51.0% stake of Sabana Investment Partners, and disposal of units in Sabana Shari’ah Compliant Industrial Real Estate Investment Trust.
As a result of the one-off gains, other income surged to $59.0 million during the quarter, compared to $1.9 million a year ago.
Revenue from continuing operations fell 10.3% to $37.0 million in 1Q20, from $41.2 million a year ago.
The decline was mainly attributable to the decreased business activity from chemical logistics and financial leasing business.
As at end July, cash and cash equivalents stood at $91.7 million.
Looking forward, the group says it will continue to focus on its core logistical and freight forwarding businesses to ride the waves of economic uncertainty and volatility.
Shares in Vibrant Group closed 0.3 cent higher, or up 2.1%, at 14.6 cents on Friday.
