OSIM Q4 net profit down 0.7% at S$27.4m, two-cent dividend declared

LIFESTYLE products group OSIM International reported a flat three months of results for its fourth quarter ended Dec 31, 2014.

A two-cent dividend was declared, unchanged from a year ago.

Revenue dipped 0.5 per cent to S$177.7 million from S$178.6 million a year ago, while net profit was down 0.7 per cent to S$27.4 million from S$27.6 million a year ago.

For the full year, revenue rose 6.7 per cent to S$691.1 million from S$647.6 million, while net profit rose 0.6 per cent to S$102.2 million from S$101.6 million.

While recent results point to a softening of its core business of selling massage chairs in Hong Kong and China, with sales in the second half of 2014 down a few percentage points, founder Ron Sim reminded analysts on a Tuesday evening briefing to "look at us as a full-year company, not a quarterly company".

"If you want growth, take the full-year perspective. Topline was up 7 per cent. Margins were unchanged, bottom line up by one per cent, the company is still pretty cash-rich ... Cashflow has also increased, operating cash flow has increased," he said.

OSIM shares closed at S$1.895, down a cent, before results were announced.