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Kingsmen's Q2 profit rises 3.8% to S$3.2m as exchange translation loss shrinks
KINGSMEN Creatives' second-quarter net profit rose 3.8 per cent to S$3.2 million, or 1.61 Singapore cents per share, as lower foreign exchange translation losses helped to overcome higher expenses.
The designer of physical display sets is declaring an interim dividend of one Singapore cent per share, on a par with its year-ago payout.
For the six months ended June 30, net profit fell 40.3 per cent to S$2.3 million.
Revenue rose 6.1 per cent to S$87.9 million in the second quarter, led by exhibitions and thematics sales' 7.1 per cent increase to S$45.4 million.
Cost of sales, however, rose by a steeper 7.5 per cent, to S$67.0 million, while other items of expense increased by 2 per cent to S$18.6 million to contribute to an after-tax profit decline of 4.2 per cent, to S$3.0 million. But the company incurred a translation loss of just S$692,000 from exchange differences in the second quarter, 31 per cent less than the S$1.0 million loss from a year earlier.
Kingsmen said it has secured contracts of S$276 million as at July 31, of which S$245 million is expected to be recognised in fiscal 2016.