SINGAPORE (May 9): Challenger Technologies posted a 15% decline in earnings to $3.2 million for the first quarter ended March, from $3.8 million a year ago, on the back of lower revenue.
Revenue in 1Q17 fell 15% to $76.5 million, compared to $90.4 million in the corresponding quarter last year.
This was primarily due to weaker performance from retail operations, as well as lower revenue contribution from its corporate sales and tradeshow division.
The decline was partially offset by revenue contribution from Challenger’s online marketplace.
Cash and cash equivalents stood at $54.3 million as at March 31, 2017.
Looking ahead, the group says it will continue to enhance the capabilities and functions of online platform Hachi.tech to increase its competitive advantage amid a challenging retail operating environment.
The group has opened its new flagship store at Bugis Junction, bringing the total number of retail stores to 40.
“We have confidence in growing online revenue, having put in place clear strategies for member acquisition, retention and growth. Hachi.tech will also play a critical role in contributing to our omnichannel approach, which has now strengthened our Bugis flagship opening,” says Challenger’s Chief Executive, Loo Leong Thye.
The group adds that it will continue to explore business opportunities with strategic partners to grow its business in architectural and commercial lighting projects.
Shares of Challenger Technologies last closed at 46 cents on Monday.
