SINGAPORE, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Newly Mainboard-listed Courts Asia Limited ("Courts Asia" and together with its subsidiaries, "the Group"), one of Asia's leading electrical, IT and furniture retailers, delivered a second quarter of growth post-listing.
Net profit rose 21.6% to S$6.2 million for the three months ended December 31, 2012 ("3Q 2013"), compared to S$5.1 million in the last corresponding period ("3Q 2012"). This was achieved on the back of year-on-year sales growth of 9.4%, which increased to S$195.5 million in 3Q 2013 from S$178.7 million in 3Q 2012. In tandem with higher Group revenue, gross profit in 3Q 2013 increased by 6.0% to S$57.8 million. Gross profit margin remained at a healthy level of 29.6%, despite a marginal dip against the last quarter.
Courts Asia's Executive Director and Chief Executive Officer, Mr Terence Donald O'Connor (泰利, 欧康纳), said: "We are pleased to have seen another quarter of good financial performance. In Singapore, the new Bukit Timah, Clementi and Star Vista outlets boosted our topline. Whilst sales dampened in our flagship Megastore during the renovation between October to November, we saw a positive momentum after the December re-launch. In Malaysia, sales was driven by tablets and smartphones, notably Samsung and Apple brands.
"At the same time, we re-launched eCourts in October last year, providing the multi-channel shopping experience that complements new features at our revamped Singapore megastore.
"Going forward, we will now establish a strong presence in the western region of Singapore. We have just signed the letter of offer with CapitaLand for a store in Westgate mall, which will open at the end of 2013. Along with the already announced store slated to open in JEM, a new shopping mall which will be operational by May 29, 2013, we will bring our presence in the West to three stores.
"In Malaysia, we successfully launched the Jerteh, Terengganu store in January, bringing our store network to 59. Before the end of March, we will add one more store in Sg Petani, Kedah, with further store openings in Teluk Intan, Perak and Pontian, Johor in the first quarter of our financial year starting April 2013."
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The IPO of Courts Asia's shares was sponsored by The Hongkong and Shanghai Banking Corporation Limited, Singapore, who assumes no responsibility for the contents of this announcement.