Vibrant

Vibrant: FYApr14 net profit rose 11.2% to $42.7m while revenue climbed 8.4% to $191.4m, mainly contributed by Freight and Logistics which grew 5.9% to $163m, on the completion of the new chemical hub in Jurong Island. Share of associates’ profits increased to 369% to $18.5m mainly from a revaluation gain of investment property. Alteration and addition works to exisiting TUas Avenue 10 warehouse has obtained TOP, while its Gul Circle site will be redeveloped into a 5-storey ramp-up warehouse with GFA of about 45,000 sqm, with completion around 2016. In addition, the group had also acquired Cecil House, 139 Cecil Street, on 19 June, and intends to maximize GFA via upgrading and retrofitting work. On 25 Jun, it had also acquired a 35% equity stake in Equity Plaza. First and final DPS of 0.55¢ declared, translating to a 5.5% yield. NAV stood at 14.24¢, translating to a P/B of 0.7x