F J Benjamin Holdings posts 15% rise in 1Q net profit to $3.7m

F J Benjamin Holdings says net profit after tax rose to $3.7 million in the first quarter ended 30 September 2011 (1Q 12) with double-digit sales growth in key markets.

Net profit after tax rose 15% from $3.2 million in 1Q 11, after taking into account a foreign exchange loss of $884,000 against a gain of $1.8 million in 1Q 11. Operating profit nearly tripled to $6.3 million from $2.3 million in the previous corresponding quarter.

Group turnover increased 16% to $96.0 million in 1Q 12 from $82.9 million last year, with improvements seen in the key markets of Singapore, Malaysia, Hong Kong and China. Gross profit margins remained unchanged at 44%. During the quarter under review, F J Benjamin’s fashion business rose 8% in 1Q 12 to $58.6 million while sales for timepieces jumped 32% to $37.1 million.

Nash Benjamin, CEO of F J Benjamin Holdings, says: “We are pleased to have maintained top-line growth momentum amid the European debt crisis which has unnerved global financial markets. We worked hard to seize opportunities and maximised sales potential in our key markets and will continue to do so. However, we are closely monitoring our business in this environment and will be particularly vigilant about our costs and inventory management.”