OSIM Q2 net profit drops 24% to S$22.5m

Lifestyle products group OSIM International reported a net profit of S$22.5 million for its second quarter ended June 30, 2015, 24 per cent lower than S$29.5 million a year ago.

Revenue was down 13 per cent to S$159.5 million, from S$182.7 million a year ago.

An interim dividend of two cents per share was declared, unchanged from a year ago.

Asked if the worst of the retail slowdown was over, OSIM founder and CEO Ron Sim said at an analyst briefing on Thursday evening: "The market could still be soft . . . nobody really knows how the market will move. But we need to ensure we have new, innovative products to sustain us. We have a few more items coming up in the second half."

OSIM closed unchanged at S$1.455 before the results were out, near a 33-month low.