Second Chance posts flat net profit for Q2; revenue falls 11%

SECOND Chance Properties, a property firm and a retailer of gold jewellery and apparel, on Wednesday posted flat net profit for its fiscal second quarter, reflecting in part a slip in revenue.

Net profit for the three months ended Feb 28, 2018 stood at S$1.96 million, compared to S$1.98 million in the same period a year ago.

Revenue fell 11 per cent to S$6.81 million. Correspondingly, pre-tax income was down 10 per cent to S$2.07 million. But the company also absorbed a smaller income tax expense for the quarter.

The company did not give a segmental breakdown for its quarterly sales.

Its revenue for the fiscal six months was down 14 per cent to S$12.9 million, reflecting lower sales in apparel, gold, and properties.

Its single-largest revenue generator is the sale of gold jewellery, and sales from that segment fell 13.3 per cent to S$6.34 million due to "general market and economic conditions".