Jackspeed Corp's half year profit tumbles 44%

Leather and car accessories distributor Jackspeed Corp half-year net profit plunged by 43.8 per cent to $145,000.

Revenue fell 6.9 per cent to $19.6 million for the six months to Aug 31.

The lower turnover was due mainly to lower revenue from the automotive business, which was affected by vehicle loan curbs.

Earnings per share was 0.06 cent compared with 0.1 cent a year ago, while net asset value per share fell to 12.35 cents from 12.43 cents at Feb 28.