FJ Benjamin profit drops 68% to $4.45m

FJ BENJAMIN Holdings reported a 68 per cent drop to $4.迷你倉45 million in net profit attributable to equity-holders for the financial year ended June 30 as sales in its North Asian timepiece business declined on slower economic growth in China and reduced tourist spending in Hong Kong.Earnings per share for the year were at 0.78 cent, down from 2.44 cents the preceding year.The results included exceptional gains of $2.82 million from the disposal of properties in Hong Kong. Excluding exceptional items, net profit fell 89 per cent to $1.63 million.Including non-controlling interests and exceptional items, the fashion retailer's net profit was 70 per cent lower at $4.04 million.There was a fair value gain of $2.4 million on an investment but this was offset by an exchange loss of $1.2 million compared with a gain of $1.7 million the previous year.Turnover fell 5 per cent to $373.4 million due in part to a sluggish retail environment in Singapore and increased competition as retailers mark down inventory amid esc文件倉lating rent and labour costs.The company has recommended a first and final dividend of 0.5 cent per share. Last year, it paid a dividend of one cent per share.Nash Benjamin, chief executive Officer of FJ Benjamin Holdings, said: "It has been a challenging year. Consumer sentiment in the countries we operate in has been depressed, with the biggest effect on our timepiece business in North Asia which fell by 31 per cent due to reduced spending by Chinese consumers. In addition, rent and labour costs in Singapore continue to increase, putting pressure on operating margins."Mr Benjamin added that the group will continue to invest in adding new brands to its portfolio and increasing its footprint this year in the luxury segment.The company has secured distribution rights for Tom Ford and Valextra, and will open a Goyard store in Singapore this fourth quarter. It has also secured rights for Superdry and will open three stores in Malaysia.FJ Benjamin shares closed trading yesterday at 25.5 cents, down half a cent.存倉