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Design Studio posts lower Q1 profit

PropertyGuru

By Romesh Navaratnarajah:Design Studio Furniture Manufacturer Ltd, one of the leading furniture companies, has recorded a decline in net profit to S$4 million in the first quarter of this year, underpinned by lower revenue which fell 16.2 percent to S$24.7 million during the period.

The group said that revenue contributions from commercial and hospitality projects surged more than seven-fold to S$19.2 million following the strategic acquisition of DDS Group, while revenue from residential property fell due to fewer projects being completed in the first quarter.

Despite the fall in revenue, the company was able to achieve an increase in gross margin to 27 percent in Q1 compared with 23.5 percent during the same period last year.

"As testimony to Design Studio's inherent strengths and business strategies, we have provided our shareholders with twenty-two consecutive quarters of profitable growth," said Chief Executive Bernard Lim.

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"Our ability to deliver quality products with innovative approaches and unparalleled service has helped us secure several high-profile projects with renowned developers at the beginning of the year, bolstering our impressive order book to S$238.7 million as of 31 March 2012," he added.

In Singapore, the firm has secured a contract from Overseas Union Enterprise Ltd (OUE) to supply and install furniture pieces in 462 residences at the Twin Peaks development.

At the same time, Design Studio has expanded overseas, securing a contract to fit-out the public areas of Traders Hotel in Nusajaya, Malaysia.

"We believe that the synergy with DDS Group will continue to contribute to our performance. DDS Group's established presence in Southeast Asia and the commercial and hospitality sectors complement Design Studio's core businesses of interior fit-out services," noted Lim. Related Stories:S'pore developers post weaker property development results

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