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Second Chance's Q2 profit plunges 64%

Wednesday, March 30, 2016 - 19:51

APPAREL, gold and property firm Second Chance Properties' net profit for the second quarter tumbled 64 per cent to S$1.1 million on lower revenue and gains from the fair valuation of properties.

Earning per share was 0.16 Singapore cent, down from 0.45 cent a year ago.

Second Chance's revenue for the three months ended Feb 29, 2016, fell 16 per cent to S$8.4 million.

Its apparel business in Malaysia has been affected by the closure of eight shops, the introduction of the goods and services tax, a weaker ringgit and intense competition, it said.

Its fair value gains on properties dropped by half to S$553,000, while the loss on fair valuation of assets widened from S$690,000 to S$1.58 million.

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