SINGAPORE (June 28): Second Chance Properties reported a 61.6% fall in 2Q net profit to $2.1 million from $5.4 million a year ago on lower sales
Revenue for the three months ended May closed 3.2% higher at $9.7 million but cost of sales rose 10.8% to $4.9 million. This resulted in gross profit falling 3.6% to $4.8 million.
Second Chance says its apparel business continues to be affected by increasing trend of online sales as well as poor consumer spending. To prevent future losses, four more stores will be closed this year leaving only one First Lady Store in Singapore and another in Malaysia.
Meantime, the gold business is expected to continue to be profitable although profits for the current financial year are expected to be lower compared to a year ago.
Downward pressure on retail rental and the loss of rental income from properties sold should also result in lower rental income for the group.
Shares in Second Chance closed at 24 cents on Thursday.
