Courts Asia hit by weaker retail sales in Singapore

Singapore made up 67% of group's sales.

In a release, mainboard-listed Courts Asia Limited today reported a 10.1% increase in group pretax profit from S$7.5 million to S$8.2 million for the third quarter ending March 31, 2014 on the back of a 4.0% increase in sales to S$203.3 million.

Revenue from Singapore, which made up approximately 67.0% of the Group’s sales for the quarter, was down by 2.9% due to weaker consumer demand as well as lower bulk sales for the period.

Courts Asia’s Executive Director and Group Chief Executive Officer, Mr. Terence Donald O’Connor, said,''our sales in Singapore were affected by a weaker retail environment.

Nonetheless, Singapore remains our core market and we continue to innovate our business and improve our proposition to customers. To complement our physical store operations, we have expanded our online sales platform, further enhancing our multi-channel capabilities.”