The logistics company booked a loss of S$3.2 million in the previous corresponding period
LOGISTICS company Vibrant Group has posted a net profit of S$3.3 million for the half-year ended Oct 31, reversing a loss of S$3.2 million in the year-ago period.
The company on Friday (Dec 13) attributed its performance to improved revenue from shipping as well as increases in other income and finance income. Meanwhile, operating expenses and finance costs fell. Revenue for the period rose 12.4 per cent to S$78.7 million from S$70 million the year before.
The mainboard-listed company attributed this to higher sea freight rates and increased cargo volumes.
Other income increased significantly to S$3.1 million from S$412,000 in the year-ago period, because of fair value gains on equity investments, gains on disposal of other investments, and foreign exchange gains. It posted a foreign exchange gain of S$1.6 million on the strengthening of the Malaysian ringgit.
Finance income rose 24.9 per cent to S$1.5 million due to higher interest from bank deposits and loans to related parties, while finance costs declined 10.9 per cent to S$4.2 million on lower interest expenses on bank borrowings and lease liabilities.
Earnings per share for H1 stood at S$0.0049, up from a loss per share of S$0.0047 previously. No interim dividend for the half-year was recommended. The company did not elaborate on its outlook for the rest of FY2025. Shares of Vibrant Group ended trading on Friday down 3.7 per cent or S$0.002 at S$0.052.
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