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Courts Q2 profit triples to S$6m on Malaysian growth
COURTS Asia's net profit more than tripled to S$6 million in the electronics and furnishings retailer's fiscal second quarter on the back of stronger sales in Malaysia.
On a per-share basis, net profit for the three months ended September rose to 1.13 Singapore cents. Net profit for the fiscal first half rose 77.8 per cent to S$12.1 million, or 2.25 Singapore cents per share.
Courts' revenue during the quarter rose 4.2 per cent to S$186.1 million, as a 13 per cent increase in sales to Malaysia offset a 2.6 per cent decline in Singapore. Sales growth in Malaysia would have been higher in ringgit terms, at 27 per cent, but the ringgit weakened against the Singapore dollar during the period. Singapore sales account for about 63.3 per cent of Courts' revenue, while Malaysia accounts for about 35 per cent.
The company is expanding its offering in Singapore in December to include do-it-yourself US brand Ace Hardware as an in-store concept in its Megastore. In Malaysia, the company said it will focus on improving store productivity and cost-saving initiatives.
Courts shares were not traded on Monday, but were last bid at 36.5 Singapore cents and offered at 37 Singapore cents.