OSIM Q2 net down 24% in soft market

Singapore

LIFESTYLE products group OSIM International continued to be bugged by weak retail sentiment in Asia, with net profit at S$22.5 million for its second quarter ended June 30, 2015, 24 per cent lower than the S$29.5 million figure a year ago.

Revenue continued a double-digit percentage decline seen in the first quarter, down 13 per cent to S$159.5 million from S$182.7 million a year ago.

However, the sales decline was mitigated by the second-quarter launch of OSIM's uMagic chairs priced at around S$5,000 each. Chair sales were actua…