Kingsmen Q1 profit falls 14.5% on lower interior design demand

LOWER demand for interior design services from high-end luxury retailers contributed to a 14.5 per cent drop in Kingsmen Creatives' Q1 net profit.

The company on Tuesday reported net profit of S$0.79 million for the three months ended March 31, down from S$0.92 million a year earlier. Revenue for Q1 fell 3.9 per cent to S$51.9 million, from S$53.98 million for the same period the year before.

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. But this was offset by a 22.3 per cent drop in the group's retail and corporate interiors revenue. Demand for interior design and fit-out services from the high-end luxury retail segment fell, the company said.