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Soo Kee’s 4Q earnings rise 23.4% to $2.9 mil on higher revenue

Michelle Zhu
Michelle Zhu2/24/2017 06:28 PM GMT+08  • 2 min read
Soo Kee’s 4Q earnings rise 23.4% to $2.9 mil on higher revenue
SINGAPORE (Feb 24): Soo Kee Group reported $2.9 million in earnings for the fourth quarter ended Dec 31, a 23.4% improvement compared to the $36.4 million of earnings announced a year ago.
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SINGAPORE (Feb 24): Soo Kee Group reported $2.9 million in earnings for the fourth quarter ended Dec 31, a 23.4% improvement compared to the $36.4 million of earnings announced a year ago.

This was largely due to 50.2% growth in 4Q revenue to $54.7 million from $36.4 million in the previous year on the back of higher sales by the group’s subsidiary, SK Bullion, which contributed about $19 million during the quarter.

While material costs grew 91% to $36.8 million in the quarter following the acquisition of the bullion business, employee benefits expense and other expenses notably declined by 13.1% and 11.8% to $4.5 million and $7.4 million respectively as a result of lower headcount, the absence of IPO-related expenses, as well as lower advertising and promotion expenses and rental expenses.

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