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.” 

Get the latest Singapore corporate news stories for FREE

“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.