FJ Benjamin, the purveyor of luxury fashion and watches, says net profit after tax was $3 million in 3Q of FY2010 compared to a net loss of $1.9 million in the previous corresponding quarter.

Group revenue grew marginally by 4% to $71.8 million from $69.1 million with increases coming from majority of markets that the group operated in.

FJ Benjamin says the regional economies of Singapore, Malaysia, Hong Kong have shown signs of improvement with Asia’s growth outlook exceeding expectations. Consumer sentiment, however, remains cautious given the uncertainty about policy tightening and interest rate hikes.

Group turnover from the fashion business was flat at $49.2 million with marginal increase from Southeast Asia but offset by the decline in turnover in Australian market. Revenue from the timepiece business grew by 16% to $22.5 million, with increases coming from both Southeast Asia and North Asia markets.

In Southeast Asia, revenue increased by 3%. The fashion business improved by 2% and the timepiece business grew by 14%.

In North Asia, revenue from Hong Kong and China grew by 11% and 19% respectively.

Sales in Indonesia declined by 1% over 3Q09 with lower clearance sales events held. However, improved gross profit margins resulted in higher return in operating margin.

The disposal of the two properties – Henderson property in Singapore and the two units at North Point in Hong Kong was completed in this reporting quarter resulting in exceptional net gain of $48,000.

FJ Benjamin says the group’s balance sheet remains strong with no net gearing. Net cash generated from operating activities remained positive at S$10.1 million.