OSIM's second quarter profit grows 16% to $26.1 million

LIFESTYLE products firm Osim International said that second quarter net profit grew 16 per cent to $26.1 million, as it sold more products likes its massage chairs and achieved better productivity.

This is a new record for quaterly profits, which have now grown for 18 consecutive quarters.

Revenue for the three months to June grew 7 per cent to $165 million.

The increase in sales was driven by higher demand for massage products like the uAngel, uHug, uPixie, uCozy and uRelax. It also benefitted from more sales of nutritional supplements like Taut, Stem C, Zhi and Liver Protector.

"We are pleased that this positive growth is broad-based across our five key countries of China, Hong Kong, Taiwan, Singapore and Malaysia," said Osim in a statement.

"Our nutritional supplements subsidiary ONI Global also grew profits. Our share of profits from associated companies was better with contributions from our joint venture factory DT-OSIM and TWG Tea."

Although it has five key markets, Osim actually operates in 34 countries around the world.

Earnings per share for the quarter were 3.61 cents, from 3.09 cents a year ago. Net asset value per share was 31 cents at June 30, from 26 cents at the end of last year.

Osim declared a second interim dividend of two cents per share. This adds to its first interim dividend of one cent per share, paid out after its first quarter results.

Before the results announcement Osim shares were flat at $2.06.