OSSIA International posted a 30 per cent drop in net profit to S$4.7 million for its second half ended Mar 31, from S$6.7 million in the previous corresponding period, it said in a bourse filing on Tuesday (May 28).
Earnings per share stood at 2.61 Singapore cents for the half-year period, down from 3.99 cents the previous year.
H2 revenue for the company, which mainly imports and distributes apparel, sporting goods, footwear and accessories in Taiwan, fell 9.6 per cent to S$17.9 million, from S$19.8 million a year earlier.
For the full year, revenue fell 0.1 per cent to S$30.2 million, while net profit was down 34.6 per cent to S$6.6 million.
The company attributed the fall in revenue primarily to the weakening of the Taiwan dollar against the Singapore dollar.
It noted underlying business growth, however, as its revenue in local currency rose to NT$704.7 million from NT$667.8 million.
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Meanwhile, distribution costs increased to $9.7 million from $8.9 million due to the outsourcing of its warehouse operations.
The company noted that its sales team had turned in an exceptional performance, leading to an increase in sales incentives in the year.
Administrative expenses also rose to $4.9 million from $4.7 million, amid an increase in manpower resources during the reporting period.
A final dividend of 0.7 Singapore cents per share was proposed for the year, down from 1.8 cents the year before; shareholders will need to give their approval for this at the upcoming annual general meeting. The payout date will be announced later.
Shares of Ossia closed 1.8 per cent higher at S$0.115 on Tuesday, before the results were announced.
