SINGAPORE (Feb 5): FJ Benjamin reported earnings of nearly $1 million for 2Q18, reversing from the loss of $7.3 million in the same period a year ago on reduced expenses.
The return to profitability comes despite a 19% decline in revenue to $50.5 million from $62.5 million in 2Q17 given the absence of contributions from several loss-making brands and businesses which were terminated as part of the group’s restructuring exercise.
The $12 million decline in revenue includes $6.8 million of discontinued businesses and an $8.2 million reduction in shipments to FJ Benjamin’s Indonesian associate company, which began buying directly from some of its principals in April 2017.
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