Aspial’s net profit plunged 78.9% to $13m in FY15

Due to lower jewelry sales.

Aspial reported profit before tax of S$13.0 million in FY2015, a 78.9% decrease compared to S$61.7 million in FY2014.

The Group’s FY2015 turnover declined 9.0% to S$464.1 million from S$510.1 million in FY2014, due to lower revenue recognised from ongoing development projects and lower revenue from the Group’s jewellery business which consolidated its retail network in FY2015.

Conversely, the Group’s financial service business recorded another year of good revenue growth in FY2015 to S$121.1 million, 10.5% higher than the S$109.6 million recorded in FY2014, driven by a rise in interest income earned and sales from the retail and trading of pre-owned jewellery and watches. The Group continued to grow its pledge book in FY2015 and achieved over S$200.0 million of loans as at end-FY2015.