Koda nearly quadruples net profit
Furniture specialist Koda has reported a near fourfold rise in net profit for its third quarter thanks to growing exports, and increased sales of its Commune brand.
Revenue for the period grew 22.5 per cent to US$13.4 million, while net profit was $1.2 million.
Earnings for the first nine months soared 60.4 per cent to $3.6 million, closing in on net profit of 4.05 million for the entire year to the end of June.
Barring unforeseen circumstances, the group expects its performance to improve.
“Our third-quarter net profit jumped by more than 260 per cent,” says Koda MD James Koh. “Our China expansion plans have also exceeded my expectations.”
Commune CEO Joshua Koh says its plan to have 100 stores in China by 2020 is well on track. We are thankful to Enterprise Singapore and the Info-communications Media Development Authority for supporting our growth strategies.”
Commune has 45 stores in China as well as outlets in Singapore, Malaysia and Australia.