Published:
Second Chance Properties’ net profit slipped 35.7% to $4.2m in H1
Due to increased competition and shop closures.
Mainboard-listed retailer Second Chance Properties reported that its net profit fell 35.7% year-on-year to $4.2m in the first half of its financial year.
There was a loss of $1.13 million from the apparel business in FP 2015 as compared to a profit of $0.10 million in FP 2014. This was mainly due to decrease in revenue from this business on account of three shops closed in Malaysia and also on account of expenses incurred on new property acquired for carrying out the apparel business in Malaysia.
The foreign exchange loss on account of depreciating Malaysian Ringgit also contributed to the loss from this business.
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