SINGAPORE (Nov 6): Jeweller Soo Kee Group posted earnings of $560,000 for the 3Q ended September, more than double from earnings of $236,000 a year ago.
This was largely attributable to lower material costs, which fell 31.3% to $25.0 million, compared to $36.4 million a year ago. This was mainly due to a change in product mix.
Revenue fell 22.3% to $38.7 million in 3Q17, from $49.8 million a year ago. This was mainly due to a decrease in sales by its subsidiary, SK Bullion.
As at end September, cash and cash equivalents stood at $17.1 million.
“The local retail sector continues to experience headwinds from the combined challenges of cautious consumer spending and rising labour costs, says Daniel Lim, Soo Kee’s executive director and chief executive officer.
“We will continue to strive for growth via our established retail distribution network through the introduction of new product lines and the creation of a unique shopping experience for our customers,” he adds.
Looking ahead, Lim says the group is eyeing entry into new markets as it seeks to grow beyond Singapore and generate new revenue streams.
“Coupled with our ongoing efforts to streamline operational efficiencies to generate cost-savings, we seek to deliver better bottom-line performance for our shareholders,” he says.
Shares of Soo Kee Group closed 0.2 cent lower at 13 cents on Monday.
