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Jackspeed Corp H1 net profit dips 4.6% to S$3.2m

JACKSPEED Corp, the leather trim manufacturer for car seats, on Monday posted a first-half net profit of S$3.2 million, down 4.6 per cent from the same period a year earlier.

Revenue in the six months to Aug 31 was S$24.1 million, down 7.4 per cent from the same period a year earlier.

The earnings shortfall was due mainly to a decrease of S$0.9 million in the share of profit from an equity-accounted associate, it said.

First-half earnings per share was 1.06 Singapore cents, down from 1.12 cents in the first half of last year.

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Net asset value per share was 20.93 Singapore cents as at Aug 31.

In June, Yap Kian Peng, the executive deputy chairman and chief executive officer of Jackspeed, entered into a conditional sale-and-purchase agreement with the watchlisted company.

The deal will involve Jackspeed disposing the entirety of its business as a going concern and all assets and liabilities to a special-purpose vehicle to be incorporated and controlled by Mr Yap.

The long-stop date for the agreement has since been extended by three months from Aug 30 to Nov 30, 2019. The period for Mr Yap to complete his due diligence exercise on Jackspeed has also been extended.

Jackspeed shares last traded at S$0.124 on Oct 3.