SK Jewellery Group sees 27.3% rise in Q1 profit on higher revenue
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On a per-share basis, SK Jewellery's net profit was 0.32 Singapore cent for the first quarter, up from 0.25 Singapore cent a year ago.
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Mindy Tan
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SINGAPORE - SK Jewellery Group posted a net profit of $1.77 million for the first quarter ended March, up 26.3 per cent over the previous year's equivalent period.
On a per-share basis, the jewellery retailer's net profit was 0.32 Singapore cent for the first quarter, up from 0.25 Singapore cent a year ago. SK Jewellery stock last traded at 14 Singapore cents on Monday.
Revenue increased 19.0 per cent to $48.6 million, mainly due to an increase in sales by a subsidiary, SK Bullion.
Daniel Lim, chief executive officer of SK Jewellery Group, expressed optimism for greater growth on the back of the group's continued expansion into China's "growing" bridal jewellery market.
