SINGAPORE (May 12): FJ Benjamin reported 3Q net profit of $33,000 compared to a loss of $5.1 million a year ago.
FJ Benjamin says the continued economic slowdown in its key markets coupled with weaker regional currencies, posed significant challenges to the group’s business in 3Q17.
Revenue fell 19% to $49.5 million partly due to the absence of brands and businesses which were discontinued during the intervening period.
But group operating expenses fell 13% to $27.2 million as management continued to rein in spending across all business units and geographies. Total savings in the quarter amounted to $3.9 million.
Gross profit margin improved to 46% from 41% in the previous quarter.
Net other income also rose to $2.2 million from $0.4 million.
Management says it will continue to manage costs while identifying opportunities that would assist a return to profitability.
The counter closed at 6 cents.
