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Challenger's Q1 net profit up 2% to S$3.76m

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CHALLENGER Technologies' net profit inched up 2 per cent year-on-year to S$3.76 million for the first quarter ended March 31, 2016, as revenue rose 8 per cent to S$90.39 million.

CHALLENGER Technologies' net profit inched up 2 per cent year-on-year to S$3.76 million for the first quarter ended March 31, 2016, as revenue rose 8 per cent to S$90.39 million.

Revenue from its IT products and services business segment increased 7.6 per cent to S$88.9 million - primarily due to contributions from corporate sales and trade shows in Singapore.

This was partially offset by lower revenue from retail operations, said the IT retail chain.

Earnings per share stood at 1.09 Singapore cents - an increase from 1.07 cents in the corresponding period a year ago. No dividend was declared.

Challenger said that two new stores are due to be opened in Q3 this year, adding to its current retail network of 48 stores in Singapore.

"With the continued challenging retail environment and the closure of Funan megastore by the end of the second quarter this year, the group aims to add-on from a brick-and-mortal retailer via the launch of our online marketplace portal in the beginning of April this year. This will enable us to provide a more convenient 24/7 shopping experience to our customers," it added.