Challenger's Q3 profit down 50% on impairment charge, weak retail sales

Singapore

CHALLENGER Technologies warned that the business environment would be difficult in the near term as its net profit for Q3 ended Sept 30, 2016, halved year-on-year to S$1.75 million, due to a S$1.16 million impairment charge and weaker retail sales.

The impairment provision was for its investments in a last-mile delivery provider, which has scaled down its operations. Stripping out the impairment loss, net profit for the third quarter would have fallen 17 per cent, the IT retail group said.