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Challenger Technologies posts 50% drop in Q3 profit

CHALLENGER Technologies' net profit for the third quarter ended Sept 30, 2016, halved to S$1.75 million from a year ago due to a S$1.16 million impairment charge and weaker sales.

Revenue for Q3 2016 fell 16 per cent to S$74.4 million compared to Q3 2015 due to lower retail sales owing to the weakened retail sentiment, as well as lower corporate sales.

Earnings per share came in to 0.51 cents, down from 1.01cents a year ago.

Challenger said: "Overall, the group expects the business environment to be difficult in the near term. With more emphasis on the online platform to stimulate growth opportunities, the group expects to mitigate the impact coming from the negative retail operating environment."