Soo Kee’s 3Q earnings plunge 69% to $0.2 mil on higher costs

SINGAPORE (Nov 9): Jeweller Soo Kee reported a 68.6% plunge in 3Q earnings to $236,000 on the back of increased material costs.

Revenue rose 32.7% to $49.8 million due to the change in product mix and contribution from the bullion business.

Material costs saw an increase of 80% for 3Q16 to $36.4 million in 3Q16 mainly due to the change in product mix and costs associated with the bullion business that has lower margins.

---

Related Stories

• Thakral targets growth in senior living, drones and beauty
• Nearly half of retailers in Singapore struggle with brand awareness
• Is your retail brand everything, everywhere, all at once?

---