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OSIM Q4 profit plunges 66pc to USD6.3m

Lifestyle products group OSIM International reported a net profit of SGD9 million (USD6.3m) for its fourth quarter ended on 31 Dec 2015, down 66 percent compared to SGD27 million a year ago.

Lower profits were due to slower sales, a one-off SGD5.6 million loss from the closing down of subsidiary ONI Australia and legal fees of SGD3.4 million related to TWG Tea.

Revenue fell 5 per cent to SGD169 million from SGD178 million a year ago.