Jackspeed Corp cranks up first half earnings

SINGAPORE - Jackspeed Corp, which provides leather seats and accessories to the automotive industry, reported that its half year net profit accelerated to $1.4 million from $145,000 previously.

Revenue for the six months ended Aug 31 rose by 3.6 per cent to $18.6 million.

The leather, accessories and automotive segments accounted for 37 per cent, 21 per cent and 42 per cent respectively of group revenue.

Revenue from the leather segment slipped by 3 per cent to $6.8 million, mainly due to the disposal of a subsidiary, Jackspeed Aviation Pte Ltd in the third quarter of the previous fiscal year.

The fall was offset by the revenue contributed by Dynasty Culture, a 100 per cent-owned subsidiary acquired in the fourth quarter.

Revenue from the accessories segment jumped by 54 per cent to $4 million, mainly due to greater sales demand for existing products.

Revenue from the automotive division shrank by 7 per cent to $7.8 million, mainly due to weakened sales demand for used commercial vehicles.

However, overall gross profit margin increased by 5 per cent, mainly due to continuous efforts in managing cost.

Earnings per share climbed to 0.57 cent from 0.06 cent previously while net asset value per share improved to 13.18 cents compared to 12.44 cents as at Feb 28.

Looking ahead, Jackspeed said it will continue its efforts to develop existing markets, control costs and explore business opportunities.