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MANUFACTURING | Staff Reporter, Singapore

Best World International profits up 62.4% to $12m in Q2

Revenue decline in Taiwan was offset by growth in China.

Best World International shined in Q2 after it reported a 62.4% YoY rise in profit from $7.4m to $12m.

According to its financial statement, revenue grew by 7.2% from $51.6m to $55.3m.

Distribution costs, comprised of freelance commissions and sales-related expenses, fell by 31.4% to $13.5m due to high commissions last year, thanks to strong revenue from its Taiwan market.

Half-year revenue from its Direct Selling segment contributed 51.8% to the total at $28.6m, 27.7% lower than last year's. No thanks to slower revenue from Taiwan, one of the group's key markets.

However, Best World's Export segment's contribution surged up by 121.7%, giving $46.1m, or 46.1% to the total revenue. The company attributed this to growing consumers’ demand for DR’s Secret skin care range in China.

DBS analysts Carmen Tay and Lee Keng Ling commented, "Riding on strong local interest following the recent award of an uncommon direct selling licence and growing popularity of its flagship Dr’s Secret skincare range, China will likely remain Best World’s fastest-growing market over FY16-FY18F."

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