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Courts Asia's Q3 profit hit by soft retail market, ringgit weakness
FURNITURE store Courts Asia on Thursday reported a 35.8 per cent fall in net profit for its fiscal third quarter amid weaker sales, and currency losses linked to the ringgit.
Net profit for the three months ended Dec 31, 2014, stood at S$4.02 million, compared to S$6.27 million a year ago. Revenue fell 5 per cent to S$193 million, reflecting a softer retail market in Singapore and Malaysia.
It booked a 34.3 per cent lift in finance expenses to S$7.09 million, due to "unrealised exchange losses incurred on inter-company loans when the Singapore dollar strengthened against the Malaysian ringgit". It also incurred higher interests from a syndicated loan in Malaysia.