Osim achieves record net profit for the quarter

Osim International announced a record net profit of $29 million on Tuesday for the quarter ended March 31, a 15 per cent increase from $25 million the same period last year.

The increase marks the 21st consecutive quarter the massage chair maker has seen year-on-year profit growth.

Sales for the quarter also increased to reach $173 million, up 15 per cent from $151 million last year.

The company said the good performance was primarily driven by higher consumer demand for its products, such as its signature massage chairs such as uAngel and fitness products like uShape under the Osim brand.

Basic earnings per share rose to 4 cents for the quarter, from 3.5 cents for the same quarter last year.

Osim also said that it would be recommending an interim dividend of one cent per share.

The company plans to open 20 to 30 new Osim outlets globally by this year, and 15 new outlets for its luxury tea and tea accessories subsidiary, TWG Tea.

Mr Sim said that the Osim brand will continue to be the key driver of growth for the company. The firm's TWG Tea subsidiary has "great potential", but will need much "time, effort and money to build", he added.