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Challenger Technologies posts 90% jump in Q3 net profit

CHALLENGER Technologies posted a 90 per cent jump in net profit to S$3.3 million for the third quarter from S$1.7 million a year ago led by contribution from its new flagship store and better product mix.

The better showing was also a result of lower employee benefits expenses, decrease in depreciation and rental expenses as well as absence of impairment loss provision of S$1.2 million on investment in a last mile delivery that the company made in the same quarter last year.

Revenue came in at S$78 million, up 5 per cent from a year ago which was primarily driven by better performance from IT products and services business segment chiefly in the corporate sales division and retail operations.

Earnings per share for the quarter stood at 0.96 Singapore cent versus 0.51 Singapore cent a year ago. No dividend was recommended.

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For the nine-month period, net profit rose 12 per cent to S$10.36 million on the back of a 9 per cent fall in revenue to S$233 million.