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Hafary profit falls 27% in quarter ended Sept on higher expenses

Hafary Holdings' net profit for the quarter ended September fell 26.8 per cent to S$2.4 million, or 0.55 Singapore cent per share, as higher expenses ate into margins.

The tile supplier said revenue rose 14.4 per cent to S$30.9 million during the period, but profit before tax fell 21.8 per cent to S$3.1 million as purchase and related expenses grew 31.6 per cent to S$23.2 million.

Hafary has changed its financial year to December from June. For the 15 months ended September, net profit rose 34.6 per cent to S$16.3 million.

The company noted that the Building and Construction Authority of Singapore has projected construction demand of between S$29 billion and S$36 billion for 2015, and average construction demand of between S$27 billion ad S$36 billion in 2016.

"The group remains vigilant to market changes and alert to take on any opportunities locally and overseas to grow our business," the company said.

Hafary shares closed at 17.5 Singapore cents on Tuesday, lower by 1.7 per cent or 0.3 Singapore cent, before the results were announced.