Singapore supplement retailer Eu Yan Sang International has had its third-quarter net profit slump to S$286,000 (US$208,515) from $5.45 million as a result of declining revenue, foreign exchange losses and expenses related to closing F&B outlets in China.
Revenue for the four months ending March 31 slipped 6 per cent to $103.87 million, mainly because of lower revenue from the Malaysian market as well as its weakening currency.
Foreign exchange losses of $1.9 million resulted from the weakening Hong Kong dollar during the third quarter as well as the outlet closures.
“Despite the sluggish regional economy, we are heartened by the green shoots of recovery budding in some of our markets,” says group CEO Richard Eu. ”We remain committed to improving our performance through cost-reduction initiatives and rationalisation, while seeking greater levels of efficiency through technology.
“On the other hand, weak macroeconomic conditions continue to weigh down our market performance in Hong Kong and Malaysia.”
