SINGAPORE - Higher sales from Malaysia and Indonesia sent second quarter net profit skyrocketing at Courts Asia Limited.
Net profit for the three months ended Sept 30 surged 253 per cent compared to the same period last year, to S$6 million. Revenue increased 4.2 per cent to S$186.1 million.
Sales in Malaysia, which contributed to 35 per cent of the group's total sales in the second quarter, rose 27 per cent (in Malaysian Ringgit) compared to last year, mainly due to bulk sales for digital products, Courts said in a statement. Courts sells furniture and electrical and IT products.
Sales in Singapore contributed 63.3 per cent of sales for the second quarter. Singapore sales decreased by 2.6 per cent mainly due to lower sales across product categories and the muted retail environment, Courts said in a statement.
Indonesia sales contributed to 1.7 per cent of the group's sales, registering a quarterly revenue growth of 5.8 per cent (in Indonesian Rupiah) after the opening of two new stores in May 2015.
Earnings per share for the three months rose from 0.31 Singapore cents last year to 1.13 Singapore cents this year. Net asset value per ordinary share fell from 55.1 Singapore cents on March 31 to 52.2 Singapore cents on Sept 30.