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Design Studio Q4 profit slumps 41% to S$5.6 million

Friday, February 19, 2016 - 21:12

DESIGN Studio Group Ltd reported a 40.8 per cent slump in net profit for the fourth quarter ended Dec 31, 2015 to S$5.6 million as revenue took a hit from fewer project completions.

The furniture manufacturer, product and interior fitting-out specialist said on Friday that revenue for the fourth quarter slipped 45.9 per cent to S$41 million.

For the full year, net profit contracted by 18 per cent to S$16.9 million on the back of a 6 per cent decline in revenue to S$166.9 million.

Group CEO Ku Wei Siong noted that despite the tough economic situation and lacklustre property market in the region, the group still secured 19 new projects last year in the region. " I am also pleased to share that we have started 2016 on a strong footing, winning seven new contracts so far," he said.

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Design Studio declared a final dividend of 1.25 Singapore cents per share and a special dividend of four cents per share for the fourth quarter ended Dec 31. This compared to a final dividend of two Singapore cents per share and a special dividend of four cents per share in the year-ago period.

This brings the group's total dividend for FY2015 to 6.5 cents per share, representing a 13 per cent dividend yield based on the closing price on Feb 18.

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