Popular Q3 profit down 30% on higher costs

Singapore

POPULAR Holdings posted a 30 per cent drop in its third-quarter profit as expenses from a book festival ate into its margins, the property and retail company said yesterday. Net profit for the three months to Jan 31 fell 30.6 per cent to $8.1 million, or one cent per share. This was despite a 2.2 per cent increase in turnover, to $156.2 million.

For the nine-month period, net profit was down 33 per cent at $13.4 million, or 1.64 cents per share.