GALLANT Venture said net profit for the first quarter surged 337.7 per cent to $1.76 million, even though revenue slipped by 11.7 per cent to $54.54 million.

The profit jump was due to lower operating costs, the firm said.

Earnings per share were 0.07 cent for the quarter, up from 0.02 cent a year ago. Net asset value climbed to 51.1 cents as at March 31, from 51.05 cents as at Dec 31 last year.