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Courts Asia bucks five-quarter earnings slide with 19% profit growth in Q1
Profit rose to $6m thanks to Malaysia sales.
Courts Asia managed to escape its persistent profit downtrend in the second quarter, with its bottomline growing 19% to $6m.
According to CIMB, the group's Malaysia sales rose 5.4% year-on-year, offsetting the 2.4% decline in Singapore sales.
"The strong results came from positive growth in Malaysia and higher service charge income, mitigated by lacklustre Singapore sales and start-up losses in Indonesia. Courts’s share price has fallen 21% over the last three months after persistent earnings disappointments, but we think its fortunes could be changing," said CIMB.
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