SINGAPORE (May 2): FJ Benjamin Holdings reported earnings of $0.3 million for the 3Q ended March, down 19% from its $0.37 million net profit in 3Q18 mainly due to lower revenue and a lower foreign exchange (forex) gain compared to that of a year ago.
Group revenue fell 22% y-o-y to $32.7 million from $41.8 million due to loss-making brands which were discontinued after the previous corresponding period, as well as a $1.9 million drop in sales for its Indonesian associate, which FJ Benjamin says is now directly financing more of their purchases.
The group also attributes a 5% decline in revenue from its on-going business to $30 million from $31.6 million previously to a shorter Chinese New Year festive spending period following Christmas, as the former holiday fell in early Feb this year compared to mid-Feb in 2018.
