SINGAPORE: Singapore-based fashion and lifestyle group, FJ Benjamin Holdings, posted lower net profit for its second quarter ended 31 December 2012.
Its net profit for the quarter fell 72.5 per cent to S$1.3 million from S$4.8 million a year ago mainly due to a decline in sales of luxury timepieces in North Asia, weaker festive spending in Southeast Asia, and higher rentals.
Mr Nash Benjamin, chief executive officer of FJ Benjamin Holdings, said: "It has been a tough quarter with weaker sales in our timepiece business in North Asia as visitors from the PRC continued to cut back in spending on luxury timepieces in Hong Kong and China. This also had, to a lesser extent, an effect on our business in South East Asia. We have also witnessed a fall in foot traffic at major shopping malls in Singapore and Malaysia during the festive season."
Group turnover fell 12 per cent to S$96.9 million, compared to S$109.9 million in the same period last year.
Sales of timepieces dropped 30 per cent to S$28.7 million.
Earnings per share stood at 0.23 cents, down from 0.84 cents last year.
The group plans to scale up its retail network of 191 stores to 211 stores by end June 2013.
Mr Benjamin said: "Looking ahead, we expect business conditions to continue to be challenging although renewed optimism in the Chinese economy at the start of the year may see demand picking up. Management will continue its efforts to drive revenue, keep costs lean and be prudent in managing business risks."
The company said it will launch the first Goyard store in Singapore in the fourth quarter of 2013 at Ngee Ann City, selling luxury brands of luggage and handbags.
- CNA/fa
FJ Benjamin Holdings posts lower net profit for Q2
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FJ Benjamin Holdings posts lower net profit for Q2
