Courts Asia's Q2 profit plunges 55%; sales up 3.3%

RETAILER Courts Asia's net profit plunged 55 per cent year on year to $7.16 million for the second quarter ended Sept 30.

Revenue climbed 3.3 per cent to $222.9 million on higher sales in Singapore, which accounts for 70 per cent of the group's sales. However, sales in Malaysia were down 11 per cent, hurt by poorer consumer sentiment as the government rolled out policies to curb household debt as well as a reduction in fuel subsidies. Earnings per share were 1.28 cents, down from 3.18 cents.

For the six months ended Sept 30, net profit declined 37.2 per cent to $14.2 million, against a 2.5 per cent increase in revenue to $420 million.