While Malaysian fashion retailer Bonia sold fewer handbags in its second quarter, it did manage to grow its net profit.
It achieved a net profit of RM11.99 million (US$3 million) for the period, to the end of December, up 8 per cent. It attributes the upswing to lower running costs and improved gross profit margins.
Quarterly revenue dropped 7 per cent to RM160.34 million, Bonia saying this had been anticipated because of the closure of counters as part of a rationalisation process.
However, the lower revenue was offset by improved gross profit margins, up 5 per cent.
Year-end sales and the festive season boosted revenue and operating profit to RM15.35 million.
Business in Indonesia, Singapore and Vietnam was hit by weak consumer sentiment.
Still, the quarterly growth was not enough to stem the fall on its half-year earnings, which saw net profit slide 31 per cent to RM13.3 million. Revenue contracted by 10 per cent to RM279.23 million.