Second Chance Properties' net profit sinks on flagging Malaysian apparel business

SINGAPORE - Second Chance Properties' net profit for the six months ended Feb 28 declined due to the poor performance of its apparel business in Malaysia.

Net profit in the period declined 35.8 per cent to $4.2 million, due to three apparel shop closures in Malaysia, as well as expenses incurred on new property acquired for carrying out the apparel business there.

Foreign exchange losses on account of the depreciating Malaysian ringgit also contributed to the losses, the company said in a statement on Monday.

Revenue for the half-year fell 4 per cent to $18.9 million.

Earnings per share for the six months ended Feb 28 was 0.62 cent, compared with 0.97 cent in the same period of the preceding financial year.

Net asset value per share was 37.91 cents as at Feb 28, down from 38.87 cents on Aug 31 2014.