Logistics player Chasen Holdings has won contracts worth a total of $12.4 million, as it rides on the recovery of its clients in the manufacturing sector from the worst of the pandemic.

 

The first is a RMB40 million ($8.3 million) project to help an LCD maker in China to relocate while the second is a RMB14.3 million project for another LCD maker relocate.

 

Both projects are scheduled to begin in the second half of the calendar year 2021, and will be completed by March 2022 and May 2022 respectively. 

 

In addition, Chasen&rsquo s 3PL subsidiary, Penang-based City Zone Express Sdn Bhd, has secured a fresh project worth RM3.5 million (S$1.1 million) to move power tools for a German engineering and technology multinational from China to Penang. 

 

This project will run from June 2021 to December 2021. 

 

&ldquo The new orders will keep us busy for the financial year ahead and reflects the on-going recovery to businesses in the group&rsquo s countries of operations,&rdquo says Low Weng Fatt, Chasen&rsquo s managing director and CEO.

 

&ldquo Chasen will continue to leverage the opportunities in the Specialist Relocation and 3PL segments to grow our market share and customers&rsquo base seizing on the momentum to economic re-opening in the quarters ahead,&rdquo he adds.

 

For the year ended March 31, Chasen reported earnings of $1.7 million, a swing from losses of $15.5 million the year earlier. Revenue in the same period was up 29% y-o-y to $130.7 million.