Best World's Q2 profit jumps 62.4%; firm revises dividend policy

BEST World International, a direct seller of skincare and wellness products, on Monday posted a net profit of S$11.97 million for the second quarter ended June 30, up 62.4 per cent from a year ago.

Revenue increased 7.2 per cent to S$55.28 million.

Earnings per share went up 61.9 per cent year on year to 2.17 Singapore cents for the quarter. An interim one-tier tax-exempt dividend of 1.5 Singapore cents per share was declared for the financial period, down from two Singapore cents per share a year ago.

The company also announced a revision of its dividend policy for FY2017 to FY2019. It intends to recommend and distribute dividends of not less than 40 per cent of its consolidated profit net of tax attributable to owners of the parent company excluding non-recurring, one-off and exceptional items as stated in the audited financial statements of the year. Previously, it was 30 per cent.

In a statement to Singapore Exchange, it said the dividend policy has been formulated considering its "historical performance, past dividends paid and the expectation of the group's financial prospects from FY2017 to FY2019".

It added that that the policy is "in line with good corporate governance practices and is in the best interest of our shareholders".