Taka Jewellery reports 6% y-o-y earnings improvement to $5.4 mil for 1HFY2024

For the half-year period, revenue decreased slightly by 2% y-o-y to $70.6 million.

Taka Jewellery Holdings 42L has announced earnings of $5.4 million for the 1HFY2024 ended Dec 31, 2023, a 6% increase over its earnings of $5.1 million in the previous corresponding period.

The Singaporean jewellery company also increased its earnings per share to 0.96 cents in 1HFY2024, up from 0.91 cents per share in 1HFY2023.

For the half-year period, revenue decreased slightly by 2% y-o-y to $70.6 million as cost of sales held steady at $50.2 million.

Gross profit also decreased to $20.3 million in 1HFY2024, down by 4% y-o-y, while gross profit margin decreased to 28.8% for the half-year period compared to 29.6% in 1HFY2023 due to a change in product sales mix.

In 1HFY2024, the company recorded an operating cash flow before working capital changes of $10.2 million, adjusted for working capital outflow of $11.2 million and income tax paid of $1.1 million.

Cash and cash equivalents stood at $11.8 million as at Dec 31, 2023.

The company says it is poised for a strategic expansion plan, envisioning a gradual increase in the number of our jewellery and pawn shop outlets to strengthen its brand position and elevate its market competitiveness.

In the face of a challenging macroeconomic environment marked by exchange rate and gold price volatility, inflationary pressures and high interest rates, the company says it strives to be resilient and is reasonably optimistic about sustaining profitability in FY2024 barring any unforeseen circumstances.

Shares in Taka Jewellery closed unchanged at 6.8 cents on Feb 8.

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