Osim International's Q1 net profit drops 42%

SINGAPORE - Lifestyle products group Osim International posted a 42 per cent drop in net profit in the first quarter.

Earnings for the three months to Mar 31 came in at S$7.8 million, down from S$13.5 million a year earlier. Revenue dropped 8 per cent to S$138.3 million.

Earnings per share for the quarter was 1.06 cent, down from 1.75 cents last year.

Net asset value per share was 51 cents as at Mar 31, unchanged from Dec 31 last year.

Mr Sim launched a bid late last month to take Osim private with an initial offer of S$1.32 per share that was later raised to S$1.37.

On April 5, a number of Osim shares were "inadvertently" purchased at prices ranging from S$1.38 to S$1.39, which were higher than the final offer of S$1.37 then.

Chief executive Ron Sim decided to compensate shareholders who sold their stock below the latest offer price.

rachaelb@sph.com.sg