Rowsley's net profit surged 70% to $3.1m in Q1

On back of a fair value adjustment.

Rowsley reported that its net profit jumped 70% year-on-year to $3.1m in the first quarter.

The increase was on back of fair value adjustment of $4.1 million from the re-measurement of shares to be paid to the RSP vendors, which caused other income to more than double to $7.7m.

Group revenue, however, dropped 25% to $16.3 million compared to 1QFY14, mainly due to a decline in contribution from architectural services of about $7.4 million, partially offset by higher revenue from civil and structural engineering services of $1.3 million and master planning services of $0.7 million.

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