SK Jewellery posts 57.9% fall in Q3 net profit

CATALIST-LISTED SK Jewellery Group on Friday reported a 57.9 per cent drop in net profit for the third quarter ended Sept 30.

Earnings shrank to S$459,000 from S$1.09 million on the back of lower revenue after SK Bullion ceased operations in May, combined with changes arising from the adoption of SFRS(I) 16. Depreciation and amortisation expenses increased to S$6.31 million from S$1.13 million a year ago, as a result of the new reporting standards.

Revenue fell 46.2 per cent to S$32.6 million from S$60.7 million a year ago. Earnings per share was 0.08 Singapore cent, down from 0.19 cent in Q3 of the previous year.

For the nine months ended Sept 30, net profit was down 11.3 per cent to S$3.2 million and revenue decreased 29.7 per cent to S$104 million. Earnings per share was 0.58 Singapore cent, compared with 0.65 cent in the previous year.

Net asset value per ordinary share was 10.83 Singapore cents as at Sept 30.

No dividend was declared for the period under review.

SK Jewellery shares closed unchanged at S$0.095 on Friday before results were announced.