Yongmao's Q4 profit down 37.3%

Singapore

YONGMAO Holdings's net profit for the fourth quarter ended March fell 37.3 per cent, from 11 million yuan (S$2.4 million) to 6.9 million yuan as revenue dropped 22.8 per cent, from 220.5 million yuan to 170.1 million yuan.

This was mainly due to a decrease in sales in People's Republic of China (PRC) by 42.8 per cent as a result of weaker domestic demand due to the property slowdown in many cities. Sales in Asia (outside the PRC) grew 9.2 per cent, especially in Malaysia, Laos, Macau and Hong Kong. Overall, PRC sales still formed the largest market of the group, amounting to 45.6 per cent of revenue in Q4 compared with 61.6 per cent a year ago. Asia (outside the PRC) formed the second largest market, contributing 34.3 per cent of revenue against 24.2 per cent previously.