SINGAPORE, May 28, 2013 (GLOBE NEWSWIRE) -- Newly Mainboard-listed Courts Asia Limited ("Courts Asia" and together with its subsidiaries, "the Group") today posted earnings growth for the full year ended 31 March 2013 ("FYMar2013").
EBITDA rose 11.1% to S$75.0 million for FYMar2013, compared to S$67.5 million in the last corresponding year ("FYMar2012"). Net profit rose 5.1% to S$41.4 million for FYMar2013 compared to S$39.4 million in FYMar2012. The profit was achieved on the back of year-on-year sales growth of 9.6%, which increased to S$793.8 million in FYMar2013 from S$724.2 million in FYMar2012. In tandem with higher Group revenue, gross profit in FYMar2013 increased by 7.9% to S$250.3 million. Gross profit margin remained at a healthy level of 31.5%.
For the three months ended 31 March 2013 ("FYMar2013 4Q"), sales increased 3.0% to S$188.5 million from S$183.0 million in the past corresponding period ("FYMar2012 4Q"). Gross profit held steady at S$60.6 million, with gross profit margin of about 32.2%. EBITDA decreased 1.36% to S$21.8 million in FYMar2013 4Q from S$22.1 million in FYMar2012 4Q, due to lower other income and other gains and higher distribution, marketing and finance expenses.
In FYMar2012 4Q, the Group's sales were boosted by a S$7.5 million service charge income positive transfer1 that impacted the top and bottom lines. However, this year's corresponding quarter ("FYMar2013 4Q") saw a lower positive transfer of S$200,000, resulting in relatively weaker profits.
Courts Asia's Executive Director and Group Chief Executive Officer, Mr. Terence Donald O'Connor, said: "We recently announced the site of our first 'big-box' megastore in Malaysia, which will mean we are likely to exceed on our targeted expansion plan of increasing our retailing area by an average of 120,000 sq. ft. a year in Malaysia. In Singapore, we are adding two new stores in the west by the end of the year, exceeding the target of one new store a year.
We are making good progress in Indonesia, with our first big-box store slated for opening in 2014 in Bekasi, eastern Jakarta."
As of 31 March 2013, the Group has a strong balance sheet with cash and cash equivalents of S$89.0 million.
1 Service charge income positive transfer refers to the release of previous year's unearned service charge income to current year.
The initial public offering of Courts Asia's shares was sponsored by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, who assumes no responsibility for the contents of this announcement.