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Nobel Design reports higher profit of S$3.64m for Q1

NOBEL Design Holdings reported a net profit of S$3.64 million for the first quarter ended March 31, up from S$3.12 million previously.

Revenue was also higher, rising 9 per cent year on year to S$18.68 million, due to the group's supply chain division under Buylateral Group which sells to the US, it said. Meanwhile, earnings per share worked out to 1.733 cents, up from 1.638 cents.

The company, which was due to announce its results on May 15, had previously said it would extend the release of its first-quarter FY2015 unaudited results by two weeks, pending the board's re-examination of its FY2014 audited financial statements.

"Whilst the European luxury furniture business within the furniture retail/product supply segment has slowed down and remains challenging, we will continue to build on and look for regional product supply opportunities particularly in Penang, Kuala Lumpur and Jakarta," it said.

It added that the property development business in Singapore remains challenging, and that it would continue to seek opportunities both locally and overseas.

"In the light of loan tightening measures and other property related policy measures in Singapore which have affected affordability and spending power of potential customers, the group is cautious about its prospects moving forward but hopes to build on the performance of the first quarter results," the group added.

For FY2014, it reported a net profit of S$22.06 million, up from S$19 million a year ago, while revenue climbed from S$68.4 million for FY2013 (restated) to S$77.7 million.