OSIM Q4 profit plunges 66% to S$9m

LIFESTYLE products group OSIM International reported a net profit of S$9 million for its fourth quarter ended Dec 31, 2015, down 66 per cent compared to S$27 million a year ago.

Lower profits were due to slower sales, a one-off S$5.6 million loss from the closing down of subsidiary ONI Australia and legal fees of S$3.4 million related to TWG Tea.

Revenue fell 5 per cent to S$169 million from S$178 million a year ago.

A final dividend of two Singapore cents a share was proposed, unchanged from a year ago. This brought full-year dividends to six Singapore cents a share, unchanged from a year ago.

Earnings per share for 2015 were Singapore 6.8 cents, down from 13.4 Singapore cents in 2014.

Looking ahead, OSIM founder Ron Sim said he expected 2016 will bring better results. "Obviously we do not know this quarter or next quarter how bad the market will be. I care less about what the market is. I care about what I should create."

OSIM closed Thursday trading at S$0.94, up two cents.