Hafary Holdings' profit falls 64% on weaker product demand
Published on Aug 27, 2014 9:57 PM
SINGAPORE - Hafary Holdings, a supplier of tiles, wood flooring and sanitary ware, said full year net profit fell 64 per cent to $8 million.
This was partly due to weaker demand for the company's products on the back of property market cooling measures, which led to a decrease in residential unit resale transactions.
Demand for surfacing materials is closely correlated to the volume of residential unit resale transactions, the company said in a statement on Wednesday.
Revenue for the year ended June 30 rose 11.3 per cent to reach $92.7 million, mainly on the back of higher sales to architecture firms, property developers and construction companies.
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