Popular Holdings' net profit drops by a quarter due to lower revenue

LOWER revenue from Popular Holdings' property development and retail and distribution businesses pulled down its performance for the full year.

The book retailer and developer said in a statement that net profit for the year ended April 30 fell 25.2 per cent to $23.3 million.

Turnover declined 7.6 per cent over the previous financial year to $524.2 million.

Its mainstay retail and distribution business saw a 4 per cent decline in revenue to $462.9 million which was attributed to the closure of two Harris stores in Singapore during the second half of the financial year.

Also contributing to the drop was the absence of the "BookFest@Singapore" annual sales event at Suntec Singapore due to the venue being closed for renovation, and the cessation of its magazine distribution business in Taiwan in the previous financial year.

Earnings per share came in at 2.79 cents, down from 3.70 cents in the previous financial year. Net asset value per share for the year ended April 30 was 27.29 cents, up from 25.09 cents.

The group has declared a cash dividend of one cent per share, which will be payable on Sept 25 if approved at the annual general meeting.