SINGAPORE (Dec 27): Second Chance Properties reported a net profit of $0.22 million, or 0.03 cent per share, for 1Q19 ended Nov. This is 90.2% lower compared to the 1Q18 net profit of $2.2 million or 0.3 cent per share.
The weaker bottomline was due to losses from its apparel business which widened due to the closure of all retail apparel outlets except its flagship First Lady store in Malaysia; lower gross profit margin from its gold business; lower rental income as well as its securities segment swinging into a loss on unrealised loss recorded on financial assets.
Total revenue rose 5.74% to $6.5 million. Revenue from apparel business increased by $0.02 million to $0.63 million. While the Malaysian apparel business contributed $0.37 million compared to $0.42 million a year ago due to the depreciation in Malaysian ringgit, this was offset by better sales in Singapore.