FJ Benjamin Holdings has posted a loss of $6.1 million for its FY2024 ended June, reversing from the earnings of $3.5 million in FY2023.
The net profit in FY2023 included a write back of allowance for expected credit losses of $625,000 and a foreign exchange gain of $666,000 compared to a foreign exchange loss of $142,000 recorded in FY2024.
For the 2HFY2024, the company recorded a loss before tax of $3.9 million, compared to a profit before tax of $2.1 million in the previous corresponding period.
Revenue for FY2024 was down 9% y-o-y to $78.4 million. Sales for the full year in Singapore and Malaysia were down 23% and 9% y-o-y respectively.
Gross profit margin dropped by 4.2 percentage points to 48% from 52.2% as the company had to drive sales with additional promotions amid weaker consumer demand.
Meanwhile, group operating expenses declined by 4% to $41.2 million in FY2023. This follows lower staff costs from store closures and lower staff commission among others.
Moving forward, the company will continue to manage costs and maximise market opportunities of its portfolio of fashion and wellness brands.
Shares in FJ Benjamin closed flat on Aug 27 at 14 cents.
