Chasen Holdings says net profit for the third-quarter (Q3 FY2010) rose 108% to $0.2 million compared from $0.08 million for the corresponding period last year.

Chasen is an investment holding company with subsidiaries providing specialist relocation solutions, facilities for packing and warehousing of machinery and equipment and other third party logistics services, technical and engineering services for the region’s manufacturing, marine and construction industries.

Turnover for the third quarter reached $16.7 million, up 51% over the corresponding quarter last year, mainly as a result of higher turnover recorded by most of its businesses.

Chasen says several of the delayed relocation projects in China have started in Q4 FY2010. In addition, the management of its engineering subsidiary has initiated action to recover the costs incurred in a project of which recorded a loss in this quarter.

The result of these two developments should contribute positively to the company’s full-year financial results, which will end on 31 March 2010.