SINGAPORE (Aug 4): Jeweller Soo Kee posted a 49.5% rise in earnings of $0.83 million in 2Q17 compared to $0.55 million in 2Q16.
This came on the back of a 7.6% rise in revenue to $38.3 million, mainly due to higher sales by the group’s subsidiary, SK Bullion, of $12.48 million 1H17.
Material costs increased 15.4% to $24.3 million from $21 million.
Overall, operating expenses for 2Q17 decreased by $0.49 million mainly due to lower depreciation and amortisation expense, lower finance costs of $0.14 million and as well as other expenses, which includes lower rental expenses, of $0.38 million.
Other losses decreased by $0.31 million due to an absence of foreign exchange adjustment losses due to the weakening of the Malaysian Ringgit which was recognised in 2Q16.
Looking ahead, Soo Kee says the group’s Love & Co. brand will be entering two new markets – Thailand and China – to seek new business channels and drive sustainable growth in the long run.
Daniel Lim, Executive Director and CEO of Soo Kee, says, “Going forward, as consumer sentiment remains cautious, we remain sanguine on the local retail sector but will strive to deliver stronger top-line growth and improve on our productivity to achieve a better performance.”
Shares in Soo Kee closed at 14 cents on Friday.
