Popular Holdings' gains take a 38% dive to S$11.3m

So many things to blame.

According to a release, SGX mainboard-listed Popular Holdings Limited, the largest retail book chain in Southeast Asia, posted a year-on-year decrease in Group turnover by 8% to $240 million for the six months ended 31 October 2012.

Profit before tax decreased by 38% to S$11.3 million in 1HFY13 as compared to the same period of the previous year. Net profit attributable to shareholders of the Company decreased year-on-year by 42% to $8.3 million in 1HFY13. 

Excluding turnover from Property Development Division, Group turnover in 1HFY13 was sustained at $237 million.

Foreign exchange gain in 1HFY12 and foreign exchange loss in 1HFY13 resulted in lower other operating income and higher other operating expenses in 1HFY13.

The increase in distribution, selling and administrative expenses was mainly due to increase in headcount, advertising and promotion efforts, delivery charges, utilities
and maintenance expenses arising from the expanded network of retail stores.

The higher Group effective tax rate was mainly due to losses of subsidiaries that could not be offset against profit within the Group.