See Hup Seng, the provider of corrosion prevention services in Singapore and distributor of refined petroleum products, today reported a 220% surge in net profit to $7.3 million for the 12 months ended 31 December 2010 (FY10) on the back of a 27% rise in revenue to $199.5 million.

The group’s performance was fuelled by its refined petroleum distribution business which saw an 84% jump in net profit to $6.8 million after acquiring TAT Petroleum and a return to profitability of the corrosion prevention business.

For the three months ended 31 December 2010 (4Q10), the group posted a net profit of $2.5 million, reversing the loss of $1.1 million posted in the year ago period.

This was achieved on revenue growth of 22% y-o-y to $54.6 million in the quarter, thanks to the strong sales performance of TAT Petroleum.

 

/theedge///

 

SEE HUP SENG POSTS NET PROFIT OF S$2.3M IN FY2009

Key Highlights:

• Group revenue improved with each quarter in FY2009 to a total of S$157.2M, albeit 22% lower than FY2008
• Early efforts to streamline cost structure helped achieve profitability
• Cash and cash equivalents rose to S$40.5 million despite difficult business backdrop
• Group proposing a tax-exempt (one-tier) final dividend of 0.3 cents per share \

maybe to play safe, u continue to queue at 0.245...  if can get, good for u, if cannot get, u still other counter to buy.

for me since i already in, i have no choice already.

see below for TP:

Remember Buy & Hold :P Just have to wait he cover his shorts !