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Challenger profits climb

by Stuart Wilson, Tuesday 6 November 2012

Singapore-based ICT and consumer electronics (CE) retailer Challenger has reported third quarter 2012 sales of S$88.6m (US$72.4m), up 10% year-on-year. Challenger’s after tax profits were up 21% year-on-year at S$4.1m (US$3.35m) – a profit margin of 4.6%. Challenger currently operates 28 stores in Singapore and four outlets in Malaysia.

The third quarter figures pushed Challenger’s revenues for the first nine months of 2012 to S$246.4m (US$201.3m) – a 3% year-on-year climb. After tax profits were up 2% for the same period at S$11.5m (US$9.4m).

Challenger’s sales growth has been attributed to the impact of its new store openings in both Singapore and Malaysia. For the third quarter of 2012, Challenger’s retail sales in Singapore alone were up S$7.7m (US$6.3m) year-on-year.

Loo Leong Thye, CEO at Challenger, said: “We saw improvements in the third quarter sales this year compared with the same period last year. This has made up for the flat sales noted for the first half of this year compared with 2011.”

He added: “We hope that the launch of several new products, coupled with the traditional year-end buying and gifting season, will increase our sales in the fourth quarter.”

Established in 1984, listed on the SGX-Sesdaq in January 2004 and upgraded to the SGX Mainboard in August 2007, Challenger is a leading IT products and services provider in Singapore and Malaysia with a network of strategically located retail outlets. Today, Challenger has approximately 338,000 customers who regularly use its stores.

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