Challenger's Q4 profit tumbles on weak retail sales, impairment charge

Singapore

CHALLENGER Technologies on Wednesday evening posted a 46 per cent slide in net profit to S$4.2 million for the fourth quarter ended Dec 31, 2016, on the back of weak retail sales and impairment provision.

Revenue had dipped 13 per cent to S$83.4 million due to lower contribution from its IT products and services business segment by S$12.3 million. Earnings from the business segment had declined by 13.1 per cent during the quarter, attributable to weak retail operations.