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Super's net profit shrinks 7% to $9.8m
Consumers are starting to get frugal.
Super Group has registered a lower net profit this 2Q16, a reduction of 7% from its net profit of $10.5m last year.
Super Chairmperson and Managing Director David Teo ascribed the profit dip to the continued regional market downturns and depressed regional currencies, which in turn lowered demands in consumer goods.
“With continued regional markets downturn, weak consumer sentiments and depressed regional currencies, our consumers have become more prudent with their spending and this has affected demand across most segments of consumer goods including our instant food & beverage products," Teo said in a statement.
He added that the depreciation in regional currencies in the food and beverage (F&B) sector has negatively impacted the group's sales revenue.
The F&B company also registered a higher selling and distribution this quarter at 14% spike and its general and administrative expenses rose to $14.6m from $13.8m the same period last year.
However, despite the headwinds, Teo claimed that the group has remained profitable and cash generative.
"The group’s healthy financial position with net cash of S$116.5m places us in a strong position to weather current headwinds," he said.
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