SINGAPORE (May 29): Chasen Holdings swung back to profitability in FY17 with earnings of S$2.5 million compared to a loss of S$3.3 million a year ago.

For the 4Q ended March, the relocation specialist also reported earnings S$1.2 million compared to a loss last year.

For the quarter and full year, group revenue of S$32.3 million and S$106.2 million respectively were 14% or S$12.7 million higher respectively from the same periods a year ago.

This was mainly due to higher revenue from specialist relocation and third-party logistics business segments across the geographic regions of USA, Thailand, Malaysia and China.

For 4Q and FY17, the group’s gross profit of S$10.7 million and S$26.9 million respectively were higher than corresponding periods last year by S$5.6 million and S$9.8 million respectively in tandem with the rise in revenue.

Improvement in 4Q and FY17 gross profit margin by 13% and 7% respectively was mainly contributed by specialist relocation segment which attracts better gross margins than technical and engineering and third-party logistics business segments.

In its outlook, Chasen expects the relocation segment to contribute positively to the group’s results over the next twelve months, with the start of several relocation projects in China, Malaysia, USA and Vietnam.

The group also expects to remain profitable in FY18.

Shares of Chasen closed at 10 US cents on Friday.