Aspial Q3 profit falls 75% on higher expenses, FX translation loss

ASPIAL Corp's third-quarter net profit fell 75 per cent on higher expenses and foreign-exchange translation losses.

Profit for the three months to September dropped to S$1.9 million, or 0.1 Singapore cent per share, the jewellery retailer and property development company announced on Monday after the market closed.

For the first nine months of the year, net profit was 88 per cent lower at S$4.4 million, partly due to the absence of year-ago other income of S$28.5 million, which included fair-value gains from investment properties.

During Q3, revenue increased by 2 per cent to S$133.5 million, but material and sub-contractor costs rose 4 per cent to S$94.6 million, while other operating expenses jumped 42 per cent to S$25.4 million. The company also recognised S$2.4 million of losses from foreign-exchange translations.

Aspial shares shed 3.2 per cent, or one Singapore cent, to close at 30 Singapore cents on Monday.