SINGAPORE (Dec 31): Second Chance Properties posted a 48.4% rise in earnings to $2.5 million for the 1Q16 ended Nov despite revenue recording a fall of 7.1% to $8.2 million.

Sales from apparel business decreased to $1.74 million from $2.25 million a year ago. Of the $1.74 million, Malaysian apparel business contributed $1.40 million. The closure of four shops in Malaysia, the introduction of GST, the weakening Malaysian Ringgit and intense competition there, all resulted in the decreased revenue.

Meanwhile, its gold business experienced better sales in the first quarter of $3.26 million, up from $3 million a year ago.

Rental revenue from properties decreased to $2.14 million from $2.33 million due to a loss of rental income on account of sale of two investment properties as well as lower rentals received on some lease renewals.

As at end Nov, cash and cash equivalents stood at $3.76 million. In addition, investment properties of the group totalled $192.89 million with another $27.58 million worth of properties owned by the group was classified as property, plant and equipment because they were all self-occupied.

Second Chance last traded at 33 cents.