Koda’s Profit Skyrockets
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Furniture specialist Koda has reported a near fourfold rise in net profit for its third quarter thanks to growing exports, and increased sales of its Commune brand.
Revenue for the period grew 22.5 per cent to US$13.4 million, while net profit was $1.2 million.
Earnings for the first nine months soared 60.4 per cent to $3.6 million, closing in on net profit of 4.05 million for the entire year to the end of June.
Barring unforeseen circumstances, the group expects its performance to improve.
“Our third-quarter net profit jumped by more than 260 per cent,” says Koda MD James Koh. “Our China expansion plans have also exceeded my expectations.”
Commune CEO Joshua Koh says its plan to have 100 stores in China by 2020 is well on track. We are thankful to Enterprise Singapore and the Info-communications Media Development Authority for supporting our growth strategies.”
Commune has 45 stores in China as well as outlets in Singapore, Malaysia and Australia.
Questions & Answers
Q.What contributed to Koda's significant profit increase in the third quarter?
What contributed to Koda's significant profit increase in the third quarter?
Koda's nearly fourfold rise in net profit for the third quarter was primarily due to growing exports and increased sales of its Commune brand. This growth resulted in a net profit of $1.2 million for the period.
Q.How much has Koda's net profit grown for the first nine months of the year?
How much has Koda's net profit grown for the first nine months of the year?
Koda's net profit for the first nine months soared by 60.4 per cent, reaching $3.6 million. This figure is approaching the $4.05 million net profit achieved for the entire previous year to the end of June.
Q.What are Commune's expansion plans for China and its current presence there?
What are Commune's expansion plans for China and its current presence there?
Commune aims to have 100 stores in China by 2020, a plan currently well on track. It already operates 45 stores in China, alongside outlets in Singapore, Malaysia, and Australia.
Q.Which organisations have supported Koda's growth strategies?
Which organisations have supported Koda's growth strategies?
Koda has received support for its growth strategies from Enterprise Singapore and the Info-communications Media Development Authority. This assistance has contributed to their expanding operations, particularly in China.
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