Super Group's net profit slides 29% to $11.1m as regional currencies tumble

Weak consumer spending dented its bottom line.

Super Group booked a net profit of $11.1m in the second quarter, 29% lower on a year-on-year basis.

The weak results were blamed on extremely weak regional currencies, particularly in Myanmar, Malaysia and Eastern Europe.

The group was also impacted by weak consumer spending within the region. Higher Branded Consumer (BC) sales from its core markets Asian markets such as Thailand, Myanmar and China were offset by lower sales from markets such as the Philippines and Eastern Europe.

Its Food Ingredients segment registered revenue growth in Indonesia while lower sales were recorded in Philippines and China.

"We continued to see negative impact from the weaknesses of domestic currencies in Asia on our revenue and weakened consumer spending within the Asian markets," said David Teo, Chairman and Managing Director of Super Group