Hafary profits slump 65.2% after one-off gain

But revenues increased 11.3%.

Hafary Holdings registered increases in its revenues, despite a huge drop in profits before tax this year.
Hafary Holdings Limited , a leading supplier of premium tiles, stone, wood flooring and sanitary ware in Singapore, registered revenue increase by S$9.4 million or 11.3% from S$83.3 million in FY2013 to S$92.7 million in FY2014.

In a media release, Hafary revealed that the revenue improvement was driven by an across-the-board increase in sales contributed by its two business segments– General (comprising customers who are home-owners as well as architecture, interior design and renovation firms) and Project (comprising customers who are architecture firms, property developers and construction companies).

Here's more from Hafary:

Profit before income tax decreased by $18.3 million or 65.2% from $28.0 million during FY2013 to S$9.7 million for FY2014. The high profit before income tax for FY2013 was contributed largely by the recognition of a one-time gain on disposal of development property amounting to $22.7 million.
Excluding the one-time extraordinary gain, profit or loss arising from associates and joint venture and fair value gain on investment in listed shares, profit before income tax generated from recurring activities would be $8.7 million for FY2014, compared to the $11.0 million reported in FY2013. Accordingly, net profit attributable to owners of the parent decreased from S$22.3 million in FY2013 to $8.0 million in FY2014. 

Hafary’s Executive Chairman, Mr Low Kok Ann, commented, “We are pleased that the Group continued to put up a creditable performance for the year despite the more challenging business environment. Excluding the one-time extraordinary gain in FY2013, we have delivered a creditable performance in FY2014 comparable to that in FY2013. During FY2014, Hafary continued to enhance its market presence by rejuvenating its showroom designs and enlarging the space to meet the increasing needs of its large and diverse base of customers.