Chasen Holdings

Chasen Holdings: 4QFY14 net profit turned around y/y to $2.1m vs loss of $7.4m, on the absence of arbitration write off, lower provision for doubtful trade debts and less legal and professional fees. Revenue surged 46% to $26.5m mainly from its relocation business to $10.7m (+231%) from the continuation of several projects, but partially offset from its technical and engineering segment of $9.1m (-6%) from fewer projects secured. Gross margin improved 13pts to 25% from the change in sales mix. This brought FY14 earnings to $2.5m, from loss of $5.4m, and revenue of $101.5m (+28%). Final dividend to be announced.