FJ Benjamin Q3 net profit plunges 88% to $417,000

Fashion retailer FJ Benjamin yesterday posted a 88 per cent plunge in net profit to $417,000 for the third quarter year-on-year.

Revenue for the three months ended March 31 dipped 3 per cent to $92.6 million from the preceding year.

The company cited a slowdown in demand for luxury timepieces in China and reduced tourist spending by visitors from the mainland in Hong Kong.

"The retail environment in Singapore was largely affected by cautious consumer spending," it added, but said it was "cautiously optimistic" that consumer spending would improve towards the third quarter of this calendar year.

Earnings per share stood at 0.07 cent for the quarter, down from 0.61 cent the preceding year.

Net asset value per share was 22.93 cents as at March 31, down from 23.55 cents as at June 30 last year.