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China sales drive Best World's Q1 net profit up 63% to S$9.7m
BEAUTY products distributor Best World International reported a net profit of S$9.7 million for the first quarter ended March 31, 2017, up 63 per cent from S$6 million a year ago.
Revenue rose 27 per cent to S$44.7 million from S$35.2 million a year ago.
The boost came from the firm's sales of its DR's Secret skincare range in China, resulting in export segment revenues more than doubling to S$20.7 million in the quarter. However, direct selling revenues fell by about S$1.2 million to S$23.2 million due to a decrease of sales in major market Taiwan.
Total direct selling membership was up 5.6 per cent to 460,195 members at end-March compared to end-2016.
Management said it is cautiously optimistic that China will be the group's key driver, while Taiwan growth will be more subdued.
Earnings per share for the quarter was 3.53 cents.
Best World last traded at S$2.79, down two cents, before results were out.