SINGAPORE: Courts Asia has posted a second-quarter net profit of $6.7 million, up 11.3 per cent from a year earlier as productivity initiatives paid off despite a fall in revenue amid a subdued retail market.
Revenue for the three months ended Sept 30 fell 3 per cent to $180.5 million as the electrical, IT and furniture retailer’s Malaysia sales tumbled 12.9 per cent (in Singdollar terms) to $57 million. Singapore revenue was flat at $118 million while Indonesia revenue jumped 70.2 per cent to $6 million on contributions from newly opened stores.
In a statement, Courts Asia advised shareholders to look at the financial numbers on a half-year basis, which it said would be more representative since “this year’s Hari Raya shifted forward a few weeks into early July, pulling festive buying into the first quarter”.
In the six months ended Sept 30, net profit jumped 33.6 per cent to $16.1 million as a better profit margin and cost management offset a 1.9 per cent revenue dip to $376.9 million.
Second-quarter earnings per share was 1.3 cents, up from 1.13 cents a year earlier. Net asset value per share was 56.4 cents as at Sept 30, up from 55.8 cents as at March 31.
