Courts Asia fiscal Q2 profit triples on contributions from Malaysia, Indonesia

Courts earned S$6 million for the three months ended Sep 30, up from S$1.7 million in the corresponding period a year ago.

SINGAPORE: Electronics and furniture retailer Courts Asia said on Monday (Nov 9) that net profit for its fiscal second quarter more than tripled, helped by a stronger performance in Malaysia and Indonesia.

Courts earned S$6 million for the three months ended Sep 30, up from S$1.7 million in the corresponding period a year ago.

This was mainly due to increased sales in Malaysia and sales contribution from new stores in Indonesia, which offset by a marginal decrease in sales in Singapore.

Sales in Malaysia contributed to 35 per cent of Court’s total sales, while Singapore accounted for 63.3 per cent.

Commenting on the group’s outlook, CEO Terence Donald O’Connor said Singapore’s retail environment remains subdued. “But we expect a continued stream of demand for household appliances and furniture, given the expected increase in supply of HDB flats in 2016,” he said.