F J Benjamin earnings plunge 73% to $1.3 million on weaker sales
A DECLINE in sales of luxury timepieces and weaker festive spending caused earnings for the three months to Dec 31 to fall, F J Benjamin said today.
The fashion retailer registered a net profit of $1.3 million for the quarter, dipping 73 per cent from $4.8 million for the corresponding period last year.
"The lower profitability was due to a decline in sales in North Asia by 36 per cent as a result of reduced spending by visitors from the PRC forluxury timepieces during the October Golden Week which continued into the fourth quarter of 2012," the group said in a statement.
Revenue took a hit, dipping 12 per cent from $109.9 million to $96.9 million. This was also attributed to a reduction in sales in North Asia.