OSIM net profit rises to record $102 million in 2013

20-quarter growth streak in profitability.

OSIM announced record profit in 2013, profit after tax for the year reaching a record $102 million, up 17% from the previous year.

Full year sales increased by $46 million to record $648 million and Q3 sales was $179 million, increasing 16%. OSIM said the increase in sales was driven by higher consumer demand for OSIM products like uInfinity, uDivine App, uAngel, uPhoria Warm, uHug, uPixie, uCozy, uRelax, uPebble, uBio, uSlender, uShape and nutritional supplements like Taut, Stem C, Zhi and Liver Protector.

TWG Tea became a subsidiary in October 2013 and has also contributed to the sales. Profit before tax reached a high of $129 million and Q4 profit before tax was $34 million, a 10% increase. The better performance was due mainly to an increase in sales and better productivity.

The increase in operating expenses was mainly due to increases in wages and rental but our better productivity in sales per outlet resulted in better profits, added OSIM

"We are pleased that the core business of OSIM continued to grow during the year. Our nutritional supplements subsidiary ONI Global also grew profits. Our share of profits from associated companies was better with contributions from our joint venture factory DT-OSIM and TWG Tea (prior to becoming a subsidiary in October 2013)," said OSIM