Courts Asia posts 66% lower FY18 earnings of S$8m on Malaysia headwinds

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SINGAPORE (May 30): Courts Asia, the retailer of IT, household electrical and furniture goods, reported earnings of S$8.1 million for FY17/18, down 66.1% from its FY17/16 earnings of S$23.7 million a year ago on lower gross profit margin and an overall revenue decline due to buisiness headwinds faced in Malaysia.

For the latest quarter ended March, the group swing into 4Q losses of S$3 million from S$4 million in earnings in the same period a year ago.

Revenue for the full year fell 3.7% to S$713.1 million from S$740.5 million previously due to lower contributions from its outlets in Malaysia, due to lower sales of goods and earned service charged income... (Click here to read the full story)