Chasen expects loss in FY24 amidst development of logistics centre

Its corporate office is being redeveloped as a distribution centre.

Chasen Holdings Limited flagged a possible net loss for its financial year ending 31 March 2024 as it redeveloped a property into a logistics centre.

The projected deficit, including a non-recurring loss, was associated with the demolition of the 18 Jalan Besut property which the company used as a corporate office. This was to make way for the development of Chasen's new Integrated Logistics Hub on the amalgamated sites at 16 and 18 Jalan Besut, it said in a bourse filing.

“The company is still in the midst of finalising its financial results for FY2024. Further details on the Group financial performance will be made available in the coming Results announcement,” Chasen said. 

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Earlier, Chasen said it was selling its interest in logistics firm City Zone Group of Companies to Switzerland-based Kuehne + Nagel for $67.4m, with net proceeds of $57.2m

The purchase is still being completed.