Singapore

AMID a slower retail environment, lifestyle products group OSIM International reported a net profit of just S$9 million for its seasonally strong fourth quarter ended Dec 31, 2015, down 66 per cent from S$27 million a year ago.

However, lower profits were also due to a one-off S$5.6 million loss from the closing down of underperforming nutrition subsidiary ONI Australia, and legal fees of S$3.4 million related to luxury tea segment TWG Tea.