Retailer of IT gadgets Challenger Technologies has reported a 17.8% y-o-y drop in revenue to $270.8 million between FY2019 and FY2020, as the company generated lower sales in the absence of trade shows.

However, earnings for the year was up 31% to $23.3 million, thanks to a combination of rental waivers, rebates, government grants, wage subsidies, and also lower employee benefits.

The company, which operates a network of 42 stores, plans to pay a final dividend of 2.7 cents, up from 1.5 cents declared for the same period last year.

SEE: Wife of Challenger CEO Loo buys shares; company to grow 'price-sensitive' segment

In its earnings commentary, the company maintains a cautious tone. “In view of the current evolving Covid-19 situation, the group will continue to exercise caution in managing overall business given various uncertainties at the macro level.” 

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“We will continue to improve operational efficiencies and driving greater e-commerce presence to mitigate any downside impact caused by the pandemic,” the company says.

Challenger Technologies’ shares last traded at 48 cents.