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Aspial's Q1 profit dips 92% to S$2.26 million

PROPERTY developer and jewellery retailer Aspial Corporation's net profit dipped 92 per cent year-on-year to S$2.26 million for the first quarter ended March 31, 2015.

This was due in part to subdued demand for Singapore properties as a result of various property cooling measures. Aspial's retail sales were also affected by a decline in tourist arrivals and consumer spending.

The group's revenue was down 22 per cent to S$100.1 million, due to lower revenue contributions from its property and jewellery business. Revenue from its property business declined on lower recognition of sales from projects, the result of slow construction progress at Waterfront@Faber and The Hillford.

The lower revenue from its jewellery business was attributed to "weak market sentiments and a smaller retail network". The ongoing consolidation of retail stores had resulted in a reduction of 12 stores in the first quarter as compared to a year ago.

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The group's earnings per share stood at 0.12 cents, while its net asset value was 17.6 cents per ordinary share. No dividend has been declared.

Aspial's counter closed on Thursday, when it was last traded, at 39 cents, up half a cent.