Challenger Technologies reports 3Q19 profit after tax slipped 4 percent

Challenger Technologies outlet at SuntecChallenger Technologies outlet at Suntec. Photo taken pre-Covid

Challenger Technologies reported Monday its third quarter profit after tax fell 4 percent on-year to S$4.31 million on higher expenses.

The higher expenses included increased employee benefits costs on a rise in staff costs and higher rental expenses on new store openings, Challenger said.

Revenue for the quarter ended 30 September rose 1 percent on-year to S$83.32 million, the electronics retailer said in a filing to SGX.

The increased revenue was due to improved performance from IT products and services, which rose by 1.1 percent on-year to S$81.8 million, Challenger said.

“The growth in this segment was mainly attributed to higher revenue contribution from trade show and corporate sales, partially offset by lower contribution from retail sales,” the filing said.

For the nine-month period, Challenger reported profit after tax fell 8 percent on-year to S$12.63 million on revenue of S$246.61 million, up 4 percent on-year.

In its outlook, Challenger said it would continue to expand.

“Amidst global economic slowdown and challenging operating environment, the group will continue to grow Challenger’s footprint in Singapore and expand the ‘PIT.Money’ concept store to further tap into the market segment of pre-owned and demo products,” Challenger said.

The company has a total of 40 stores in Singapore, the filing said.

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