Courts Asia earnings rise 11 per cent

Furniture retailer Courts Asia reports an 11.3 per cent year-on-year rise in earnings to S$6.7 million (US$4.7 million) for its second quarter to September 30.

It attributes the improvement to lower expenses and finance costs, plus a fall in taxes.
Group revenue eased 3 per cent to S$180.5 million for the period.

Distribution and marketing expenses fell 6.7 per cent, mainly because of lower advertising costs and continuous efforts to improve warehouse and distribution management. Administrative costs were down 4.1 per cent while finance costs tumbled 25.6 per cent.

Tax expenses for the quarter were 27.7 per cent lower at $2 million, mainly because of income tax credits from Indonesia’s loss and lower taxable profit from Malaysia, and partially offset by higher taxable profit from Singapore.

Net profit for the six months rose 33.6 per cent to $16.1 million.

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