Courts posts Q1 net loss of S$2.21m

Courts Asia posted a net loss of S$2.21 million for the first quarter ended June 30, compared with a net profit of S$6.05 million a year ago.

Revenue declined 3.6 per cent to S$179.8 million from S$186.6 million. The group's profitability was impacted by new consumer protection regulations in Malaysia as well as impact from higher impairment levels in the Indonesia business and the adoption of the Singapore Financial Reporting Standards (International) 9 on a group level.

The retailer reported loss of 0.43 Singapore cent per share, compared with earnings of 1.18 Singapore cents per share a year ago.

Shares of Courts ended at S$0.171 before the results announcement on Monday, down 0.8 Singapore cent or 4.47 per cent.