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Second Chance Properties posts 50 per cent drop in Q1 FY17 profit
SECOND Chance Properties' first quarter net profit was halved year on year to S$1.26 million, weighed down in part by poorer performances from its apparel and securities business.
Revenue for the quarter ended Nov 30, 2016, fell about 10 per cent to S$7.4 million as its apparel, properties and securities businesses reported lower revenues.
Earnings per share fell to 0.17 cent, down from 0.37 cent a year ago.
The company said: "The introduction of GST and the weakening Ringgit on top of the political situation in Malaysia have led to a drastic drop in consumer spending badly hitting the retail industry. Our apparel business in Malaysia has deteriorated further and we expect continued losses during the year. In order to mitigate these losses, we will be closing at least 10 stores in this financial year."
However, it expects the apparel business in Singapore, as well as the gold business, to remain profitable.