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Kingsmen Creatives' Q1 profit falls 14.5%
Kingsmen Creatives has reported a 14.5 per cent drop in Q1 net profit to S$0.79 million, from S$0.92 million a year earlier.
This came as revenue for the three months ended March 31 fell 3.9 per cent to S$51.9 million, from S$53.98 million for the corresponding period in the previous year.
While Kingsmen's exhibitions and museums division posted a 23.2 per cent increase in revenue, thanks to major projects such as the Hong Kong Maritime Museum, King Abdulaziz Center for World Culture and Kidzania Singapore, the group's retail and corporate interiors arm saw a 22.3 per cent drop in revenue due to lower demand for interior design and fit-out services from the high-end luxury retail segment.
The group said that China's slowdown and uncertainties in the European and American markets hit its performance in Q1. It expects its exhibitions and museums business to continue to do well and believes its retail and corporate interiors division should benefit from the expansion of affordable luxury and fast fashion brands into Asian markets.
As at April 30, 2015, Kingsmen secured contracts of about S$204 million and expects S$181 million to be recognised in FY2015.