Challenger Technologies posts Q4 net profit of S$5.9m

CHALLENGER Technologies posted a net profit of S$5.9 million for the fourth quarter ended Dec 31, 2017, up 94 per cent from a year ago, on the absence of an impairment loss provision of S$1.1 million on investment in a last mile delivery company, as well as contribution from a new flagship store and improved product mix.

Revenue ticked up 7 per cent to S$89 million for the quarter, primarily driven by improved performance from IT products and services business segment.

Earnings per share stood at 1.7 cents for the quarter, up from 0.87 cents previously.

Net profit for the full year was S$16.2 million, up 32 per cent from S$12.3 million a year before that.

Revenue for FY17 was S$322.1 million, down 5 per cent previously.

A proposed final dividend of 2.20 cents was declared for the year, to be paid out May 18.

In its outlook, the group remains cautious of the business environment of the retail industry in Singapore and expects the operating environment to remains challenging. The group said that it will continue to execute improvement strategies in term of cost management, enhance operational efficiency and boosting productivity.

Currently, the group has a total retail network of 38 stores, spread across Singapore.