OSIM reports Q2 record net profit of $30 million

Lifestyle products firm OSIM International said its second-quarter net profit grew 13 per cent to a record $30 million, due to new products and sales growth. -- ST PHOTO:  KUA CHEE SIONG
Lifestyle products firm OSIM International said its second-quarter net profit grew 13 per cent to a record $30 million, due to new products and sales growth. -- ST PHOTO:  KUA CHEE SIONG

SINGAPORE - Lifestyle products firm OSIM International said its second-quarter net profit grew 13 per cent to a record $30 million, due to new products and sales growth

Revenue grew 10 per cent to $183 million for the three months to June 30.

OSIM said in a statement: "We are pleased with the record performance. We launched uDiva massage sofa during the quarter which has created lots of awareness and good response. We expect uDiva to continue to do well for the current year."

Earnings per share for the quarter were 3.87 cents, up from 3.61 cents, while net asset value per share was 31 cents as at Sept 30.

OSIM proposed a second interim dividend of two cents per share, which will be paid out on Oct 2.

The firm also said that it expects "to continue to create higher consumer demand for OSIM products like uInfinity, uDivine App, uAngel".

It added that it plans to open 20 to 30 OSIM outlets while closing those that are under performing outlets, and that OSIM's sales per outlet have increased.

OSIM shares closed at $2.87, up five cents, on July 31.

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