SINGAPORE (May 8): SK Jewellery Group, the jewellery retailer formerly known as Soo Kee Group, reported a 26.3% rise in 1Q earnings to $1.8 million from $1.4 million a year ago on higher revenue.
Revenue for the quarter grew to 19% on-year to $48.6 million mainly due to increasedsales by the group’s subsidiary, SK Bullion, along with higher sales of jewellery products and mementoes.
Material costs grew 26.5% to $31.7 million from $25.1 million in 1Q17 as a result of a change in product mix.
Employee benefits expense rose 6.5% to $5.1 million over the quarter due to higher staff-related expenses and sales commissions.
“Despite the challenges experienced in the local retail market, we are pleased to deliver yet another good set of results for 1Q18. Our endeavours in expanding our business and efforts in enhancing our brand equity continue to pay off into the new fiscal year,” says Daniel Lim, CEO of the group.
“Moving forward, with our continued forays into the PRC’s growing bridal jewellery market, we seek to derive greater growth and deliver greater value for our shareholders.”
Shares in SK Jewellery closed flat at 14 cents on Monday.
