F J Benjamin 2Q net profit rises on one-off gains

SINGAPORE - Second-quarter net profit at fashion and lifestyle group F J Benjamin more than doubled despite lacklustre retail sales in Singapore and Malaysia.

Earnings for the three months ended Dec 31 were $1.24 million, up from $586,00 in the same period of the last financial year.

The strong growth in earnings was due mainly to gains from the partial sale of mandatory convertible bonds issued by the group's Indonesian associated company.

Turnover in the quarter fell 17 per cent to $87.1 million as retail sales in October and November in Singapore and Malaysia were hurt by significant declines in footfall by both locals and tourists.

Earnings per share was 0.22 cents for the quarter, up from 0.10 cents in the same period the previous year. Net asset value per share was 18.12 cents as at Dec 31.