Hafary Holdings' profit falls 64% on weaker product demand

Showroom at Hafary Pte Ltd, which specialises in tiles, stones, mosaic, wood and bathrooms accessories. Hafary Holdings, a supplier of tiles, wood flooring and sanitary ware, said full year net profit fell 64 per cent to $8 million. -- PHOTO:&nb
Showroom at Hafary Pte Ltd, which specialises in tiles, stones, mosaic, wood and bathrooms accessories. Hafary Holdings, a supplier of tiles, wood flooring and sanitary ware, said full year net profit fell 64 per cent to $8 million. -- PHOTO: HAFARY PTE LTD

SINGAPORE - Hafary Holdings, a supplier of tiles, wood flooring and sanitary ware, said full year net profit fell 64 per cent to $8 million.

This was partly due to weaker demand for the company's products on the back of property market cooling measures, which led to a decrease in residential unit resale transactions.

Demand for surfacing materials is closely correlated to the volume of residential unit resale transactions, the company said in a statement on Wednesday.

Revenue for the year ended June 30 rose 11.3 per cent to reach $92.7 million, mainly on the back of higher sales to architecture firms, property developers and construction companies.

Earnings per share fell to 1.88 cents from 5.55 cents the previous year. Net asset value per share stood at 8.8 cents as at Jun 30 this year, compared with 10.4 cents on the same date last year.

The company is proposing a final dividend of 0.3 cent per share, to be approved at the upcoming annual general meeting.